The Federal Deposit Insurance coverage Corp. introduced late Sunday that First Residents Financial institution will purchase the deposits, loans and branches of failed Silicon Valley Financial institution, an establishment that catered to tech startups, together with crypto corporations. Bloomberg had initially reported {that a} deal was nearing completion and could possibly be introduced as early as Monday morning. In an announcement, the FDIC stated that each one depositors of Silicon Valley Bridge Financial institution, the bridge financial institution arrange by the FDIC after the collapse of Silicon Valley Financial institution, will mechanically change into depositors of First-Residents Financial institution & Belief Co. (FCNCO). All deposits assumed by First Residents Financial institution, a regional financial institution primarily based in Raleigh, N.C., will proceed to be insured by the FDIC as much as the insurance coverage restrict. As of March 10, Silicon Valley Bridge Financial institution reported roughly $167 billion in belongings and practically $119 billion in deposits.