First Citizens Bank to buy Silicon Valley Bank after the collapse, says FDIC

First Citizens Bank has agreed to buy Silicon Valley Bank, which collapsed after a bank run, the Federal Deposit Insurance Corp. said. Sunday.

All 17 Silicon Valley Bank branches will open Monday as First Citizens branches, the FDIC said in a press release.

The announcement that First Citizens, based in Raleigh, NC, would buy the Northern California bank is a major step in efforts to quell the chaos that ensued after Silicon Valley Bank collapsed this month, sparking more turmoil in the global financial sector.