Wells Fargo & Co WFC shares closed up3.42% at $37.47 on Monday in sympathy with Silicon Valley Bank after First Citizens BancShares Inc (Delaware) Class Aannounced it will purchase all loans and certain other assets of SVB. The news is possibly providing relief to recent concerns in the banking sector.
So What Happened?
Our Benzinga team reported Raleigh, North Carolina-based regional bank First Citizens announced early Monday that it has entered into an agreement with theFederal Deposit Insurance Corporation,or FDIC,to purchase out of its receivership, all loans and certain other assets and assume all customer deposits and certain other liabilities of SVB.
The transaction is structured as a whole bank purchase with loss share coverage. The sale was done through a competitive bidding process…Read More
According to data fromBenzinga Pro, WFC has a 52-week high of $53.30 and a 52-week low of $35.25.
