On March 26, the FDIC announced a settled deal according to which First-Citizens acquired all of SVB’s deposits and loans at a discount of $16.5 billion. The 17 acquired branches are scheduled to open Monday as First Citizens Bank and Trust Company.

SVB filed for bankruptcy protection on March 17, and although it didn’t offer fiat on-ramps to crypto exchanges as Silvergate and Signature, its customers included companies such as Circle. According to the FDIC announcement, all 17 former SVB branches will open on March 27, with all deposits automatically transferred.

As of March 10, Silicon Valley Bridge Bank’s assets were reported at approximately $167 billion, with nearly $119 billion in deposits. According to the FDIC, the bank’s assets, worth approximately $72 billion, were acquired at a discount of $16.5 billion. However, securities and other assets will remain in receivership and will be disposed of by the FDIC at a later date.

In addition, the FDIC received equity appreciation rights in First Citizens BancShares, Inc., Raleigh, North Carolina, common stock with a potential value of up to $500 million.

Following the collapse of SVB Bank on March 10, the FDIC called an auction for the bank’s assets. The auction was divided into two parts: one for the bank’s traditional deposit division and one for the private bank, which operates within the retail division and provides services to high-net clients.

Related: Circle USDC recovers amid SVB and Signature collapses

As Bloomberg reported on March 20, First Citizens was already planning a bid for SVB on March 18. At the time, however, First Citizens’ spokesman declined to comment on “market rumors or speculation.”

The FDIC estimates the cost of the SVB collapse to its Deposit Insurance Fund at about $20 billion. The exact cost will be determined when the FDIC completes receivership.