According to Axios, following its acquisition of Silicon Valley Bank out of FDIC receivership at the end of March, First Citizens Bank fired approximately 500 employees brought over as part of the acquisition this week.
Reuters reported that First Citizens Bank filed a lawsuit against HSBC after it hired “dozens” of former Silicon Valley Bank employees in April. According to Reuters, First Citizens is alleging that HSBC “violated federal law by hiring away the workers.”
Flux Power, a developer of lithium-ion energy storage solutions for the electrification of commercial and industrial equipment, renewed the available credit under its existing $14 million facility with First Citizens Bank.
According to Reuters, David Sabow, the former head of technology and healthcare in North America for Silicon Valley Bank, is leading a team of “dozens” of former Silicon Valley Bank employees in joining HSBC’s U.S. division.
First Citizens Bank entered into an agreement with the Federal Deposit Insurance Corporation to purchase out of FDIC receivership substantially all loans and certain other assets and assume all customer deposits and certain other liabilities of Silicon Valley Bridge Bank.
According to Timothy Burniston, a regulatory compliance expert at Wolters Kluwer Compliance Solutions, markets should be reassured by the response of federal regulators to maintain stability in the U.S. banking system in the wake of the collapse of Silicon Valley Bank and Signature Bank.
Last week, 11 banks, including Bank of America, Citigroup, JPMorgan Chase and Wells Fargo, combined to make $30 billion in uninsured deposits in First Republic Bank to display confidence in the U.S. banking system following the collapse of Silicon Valley Bank.
Socure, a provider of digital identity verification and fraud solutions, entered into a $95 million, three-year credit facility with J.P. Morgan, Silicon Valley Bank and KeyBanc Capital Markets.
Direct Digital Holdings, an advertising and marketing technology platform, entered into the $5 million revolving credit facility with Silicon Valley Bank.
Silicon Valley Bank has increased the secured line of credit for CareCloud, a provider of healthcare technology solutions for medical practices and health systems nationwide, to $25 million to support future growth.