The Daily Money: Silicon Valley Bank gets a buyer

First Citizens is going to purchase Silicon Valley Bank, the troubled institution that went under this month sparking doubts about the health of the broader banking system.

Read in browser Read in browser The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW Mon Mar 27 2023 Charisse Jones |  Economic Opportunity Reporter I know, I know, it's Monday. But hey, Friday is only five days away! It's Charisse Jones with the headlines you should know as you start the week. First Citizens is going to purchase Silicon Valley Bank, the troubled institution that went under this month  sparking doubts about the health of the broader banking system and compelling regulators to take the unusual step of guaranteeing even uninsured deposits. SVB had 17 branches that will become First Citizens locations as of Monday, and SVB customers will become First Citizens depositors. A Northern California-based bank that catered to the tech industry, SVB failed March 10 after its customers began emptying their accounts amid concerns about the bank's solvency.  Later that same week, Signature Bank, an institution that focused on the cryptocurrency industry also collapsed. By the end of the weekend, federal regulators decided that they would back all deposits at the two banks, including those that exceeded the $250,000 maximum guaranteed by the Federal Deposit Insurance Corporation.  Banks may give customers more money for their money After the rough couple weeks that followed the SVB and Signature bank failures, there may be a silver lining for those who have accounts at other institutions: a better return on their money. To calm depositors who've switched their money from regional banks to larger banks they believe may be more stable, some banks are raising their savings account and CD rates to retain customers or attract new ones. "It's likely that concerns about maintaining deposit levels have put upward pressure on some deposit rates at some banks," says Ken Tumin, founder of DepositAccounts.com, which monitors bank savings and CD rates. Financial institutions want to "shore up their deposits to reduce the odds of being hurt by a bank run." A sign to a Silicon Valley Bank Private branch location is shown in San Francisco, Monday, March 13, 2023. Jeff Chiu, AP 📰 More stories you shouldn't miss 📰 Cheaper Midwest gas could cost other states. Eight Midwest states could shift to E15 gas, a cheaper fuel, but it could raise costs for motorists across the U.S. Income taxes 2023: How do they work?   CD rates: What are the best rates being offered this month?   About The Daily Money Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TL;DR version: how decisions by the Federal Reserve, government and companies impact you. Follow Charisse Jones on Twitter: @charissejones. First Citizens to acquire troubled Silicon Valley Bank North Carolina-based First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month. 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