FirstCitizens has agreed to buy Silicon Valley Bank in a multi-billion dollar deal

 
First Citizens BancShares has officially agreed to buy Silicon Valley Bank.

SVB was seized by regulators following a run on the lender.

First Citizens has now entered into a purchase and assumption agreement for all deposits and loans.

The deal includes the purchase of about $72 billion SVB assets at a discount of $16.5 billion.

The CEO of First Citizens says the deal “has been a remarkable transaction that should instil confidence in the banking system.”

Just two weeks ago, few people outside the tech industry had even heard of Silicon Valley Bank.

The midsize California lender imploded – shaking the foundations of the entire global financial system.

As clients withdrew $42 billion in the span of a single day, state and federal regulators were forced to swoop in and help. #trending #featured

Passenger activates emergency slide on a Delta Air flight bound for Seattle

 
A scary situation for those passengers onboard Delta Air Flight 1714 after a passenger activated one of the aircraft’s emergency slides.

An individual has been arrested after opening one of the plane’s doors and exiting via the emergency exit slide as the crew prepared for takeoff from Los Angeles to Seattle.

The incident on the Delta flight took place around 10:40 a.m. local time on Saturday, while the plane was stationary at LA’s international airport.

The Boeing 737 was on the runway holding to taxi for takeoff when the passenger exited the aircraft.

The individual was initially detained by Delta staff before being arrested by local law enforcement.

The Federal Aviation Administration says customers are being reaccommodated on a new aircraft – apologising for any inconvenience and delay. #trending #featured

First Citizens BancShares reportedly in talks to acquire Silicon Valley Bank following the collapse of the tech-heavy lender

First Citizens BancShares is in advanced talks to acquire Silicon Valley Bank following the collapse of the tech-heavy financial lender.

First Citizens could reach a deal before the day ends to purchase SVB from the Federal Deposit Insurance Corp.

Executives are yet to confirm or deny the reports.

Sources say no final decision has been made and talks could still fall through.

Of course, just a few weeks ago, few people outside the tech industry had even heard of Silicon Valley Bank.

The midsize California lender imploded – shaking the foundations of the entire global financial system.

As clients withdrew $42 billion in the span of a single day, state and federal regulators swooped in.