When Silicon Valley Bank collapsed after a bank run earlier this month, it became the second biggest bank failure in the US. Now, one of NC's oldest family-owned banks is picking up the pieces.

On Monday, March 27, Raleigh-based First Citizens Bank purchased the California-based lender. First Citizens' acquisition of all SVB deposits and loans doubled its size. Here's what else you need to know:

Fast facts

SVB customers' funds are protected — even amounts not insured by the Federal Deposit Insurance Corporation.
SVB customers automatically became First Citizens customers on Monday.
There will be no immediate changes to the accounts of SVB customers.
First Citizens will share SVB's debt with the FDIC.
With the help of the FDIC, First Citizens has acquired more than 20 small failed banks since 2008.
First Citizens was founded in 1898 and is celebrating 125 years.
SVB was established in 1983 with a focus on the tech industry.

By the numbers

First Citizens assumed $110 billion in assets, $56 billion in deposits, and $72 billion in loans with the deal.
The FDIC still retains approx. $90 billion of SVB assets.
According to WRAL Techwire, the deal caused the local bank's shares to increase 52% on Monday.
On Monday, SVB's 17 banks opened as First Citizens branches.
Before the acquisition, First Citizens was worth $109 billion.
Now, First Citizens is worth more than $219 billion and is one of the 20 largest banks in America with 500+ branches in 23 states.

Read more about the acquisition and listen to a breakdown of SVB's closing.