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North Carolina-based First Citizens Bank is set to acquire all deposits and loans of Silicon Valley Bank, according to a statement from the Federal Deposit and Insurance Corporation.

Under the March 26 purchase and assumption agreement, 17 former branches of Silicon Valley Bank will open as First Citizens Bank and Trust Company on Monday, March 27, and all Silicon Valley Bank depositors will automatically become depositors of First Citizens Bank.

“Today’s transaction included the purchase of about $72 billion of Silicon Valley Bridge Bank, National Association’s assets at a discount of $16.5 billion,” the FDIC said in a statement.

Approximately $90 billion in securities and other assets will remain in the receivership for disposition by the FDIC. In addition, the FDIC received equity appreciation rights in First Citizens BancShares, Inc. common stock with a potential value of up to $500 million.

The North Carolina-based bank is the 30th largest commercial bank in the United States, with $167 billion in total assets and $119 billion in deposits as of March 10.

Silicon Valley Bank collapsed on March 10 after rumors of a severe liquidity crisis at the bank prompted a bank run. The FDIC was then appointed as the receiver of the failed bank and attempted to auction off the fallen bank.

The process included two separate auctions for SVB’s assets, one for its traditional deposits unit and the other for its private bank, which was housed within its retail operations and catered to high-net-worth individuals.

Several firms were understood to have either been planning or had submitted bids for the collapsed U.S. bank.

First Citizens was reported by Bloomberg to have been planning an SVB bid as early as March 18. Three days later, it reportedly submitted a bid for all of SVB. At the time, a First Citizens spokesperson declined to comment on “market rumors or speculation.”

Another regional bank, Valley National Bancorp, is also understood to have submitted a bid for the collapsed bank.

Meanwhile, Reuters reported on March 24 that a third U.S. regional bank, Citizens Financial Group, had been preparing to submit an offer for SVB’s private banking arm.

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