CORRECTION (March 27, 12:51 UTC): Corrects to remove deal price from headline, story. Adds loans and deposit amounts assumed by First Citizens Bank.

A deal has been completed for whatrs left of Silicon Valley Bank.

The Federal Deposit Insurance Corp. announced late Sunday that it had closed a deal with Raleigh, N.C.-based First Citizens Bank to acquire the deposits and loans of the failed Silicon Valley Bank, an institution that catered to tech startups, including crypto firms.

Bloomberg had initially reported that a deal was nearing completion and could be announced as early as Monday morning.

In a statement, the FDIC said that all depositors of Silicon Valley Bridge Bank, the bridge bank set up by the FDIC after SVBrs failure, will automatically become depositors of First-Citizens Bank a Trust Co. (FCNCO). All deposits assumed by First-Citizens Bank a Trust will continue to be insured by the FDIC up to the insurance limit.

As of March 10, Silicon Valley Bridge Bank reported roughly $167 billion in assets and nearly $119 billion in deposits. Total assets acquired by First Citizens were $110.1 billion, which included $72.1 billion in loans, while liabilities assumed included $56.5 billion in deposits and $34.6 billion in other borrowings, the bank said in a presentation.

About $90 billion in securities and other assets will stay in the receivership, awaiting disposition by the FDIC, according to the statement.

The FDIC also said it has acquired equity appreciation rights for the common shares of First Citizens BancShares, the parent of First Citizens Bank, which are potentially worth up to $500 million.

Initial estimates from the FDIC say that Silicon Valley Bankrs failure cost its deposit insurance fund around $20 billion. The precise cost will be established once the FDIC concludes the receivership.

It's unclear how many former customers of Silicon Valley Bank will remain with First Citizens. Many established banks like Citigroup (C) and First Republic Bank (FRC), as well as online banks, poached Silicon Valley Bank's customers during the chaotic days after a run on the bank.

Edited by Greg Ahlstrand.