valley bank known as svb, and all its all of its deposits and loans. the deal includes about $72 billion of assets. today s pbs former branches will open as first citizens branches as we be failure was the largest in the us since 2008 financial crisis. a warning to the west vladimir putin and prolonging outrage with a provoking outrageous say with the plan to deploy tactical nuclear weapons in belarus, how the world is responding. we re live in moscow. seven people are now dead in pennsylvania after an explosion at a candy factory . the video here is just stunning. we have new details on what happened ahead. i gotta feeling a canister. is an idiot because we invented making has it. people remember ads with the
projecting economic weakness on the world stage may embolden a rising china. the best way to counter all of this is to strengthen america. solve our debt and deficit issues. strengthen our economy. provide better jobs to americans and end inflation. we are going the exact opposite direction under the biden administration. learned this weekend silicon valley bank is going to be scooped up by first citizens in a $72 billion deal and the silicon valley bank collapse appears to have rattled confidence in the economy. soon, lawmakers are hoping to send president biden a bill to regulate banks further. if it ends up that a stress test that would have been applied to these mid-sized banks would have spotted, this of course i would add additional regulation. there was literally $42 billion taken out of this bank in six hours. that s the equivalent of 25 cents on the dollar. i would like to know why some of
first citizens. this is a raleigh, north carolina bank. this is buying up the deposits and loans of svb. what else do we know? christina little bit similar to what we saw, with new york community bancorp getting signature bank in a way similar to youtube s takeover of credit suites. because this is not a normal acquisition, right? this is a regulator choreographed deal, which includes incentives even though first citizen says this came after competitive bidding process. they are getting a number of sweeteners in the deal, for example, they are getting a discount 16.5 billion on a 72 billion portfolio, according to the fda. see first citizens also says they re getting a line of credit . this is a lost share deal whereby they share and some of the gains and losses on those loans that reduces the risk to first citizens allows them in their words to preserve their strong financial position, so there s that this was also according to the structured to minimize disruption to depositors, righ
instill some confidence in the banking sector after the worst bank collapse since 2008 so let me run you through some of the details here. the deal calls for $56 billion in deposits going from silicon valley bank to first citizens $72 billion in loans. i would note at a significant discount also going to first citizens. now as you mentioned there s 17 bank branches from silicon valley bank. those are in california and massachusetts. they are opening now as first citizens f d i c is sharing in potential losses and gains on some of the loans and that there s a better $20 billion estimated lost to the f d i c insurance bond from this bank collapse now $20 billion is nothing to sneeze at . but this could have been a lot worse, given the size of silicon valley bank. and the fears in the industry now, if you look at how regional bank stocks are opening this morning, they re up really across the board. first
and yet here in their citadel, inside the capital, their fortified citadel, they remain defiant, unyielding and confident that with brute force and enough time, they will be able to cement their regime. time for some business news now. market sentiment has been boosted today by a deal in the us to transfer loans and deposits from silicon valley bank, which fell into bankruptcy earlier this month, to another bank. first citizens, which is a family run bank based in north carolina, is taking over svb s assets and is reopening its 17 branches under its own name today. the deal was announced by the federal deposit insurance corporation which has been guaranteeing svb deposits since its collapse earlier this month. first citizens is buying loans worth $72 billion at a $16.5 billion discount. it s offered some relief and optimism to investors after a battering few weeks