The assets and loans of failed American lender Silicon Valley Bank (SVB) are being purchased by rival First Citizens BancShares.

According to a statement from the Federal Deposit Insurance Corp., the Raleigh, North Carolina-based bank entered into a purchase and assumption arrangement for all of SVB’s deposits and debts.

The deal includes the purchase of Silicon Valley Bridge Bank, N.A. assets at $110 bn, deposits worth $56 bn, and loans worth $72 bn.

The FDIC will also provide First Citizens Bank with an open line of credit for contingency liquidity.

The transaction is structured as a whole bank buy with loss share coverage.

First Citizens Chairman and CEO Frank B. Holding, Jr. stated, “First Citizens has a reputation for financial strength, exceptional customer service and prudent lending that spans 125 years. We have partnered with the FDIC to successfully complete more FDIC-assisted transactions since 2009 than any other bank, and we appreciate the confidence the FDIC has placed in us once again. We look forward to building relationships with our new customers and positioning our company for continued success as we affirm our commitment to support the integrity of our nation’s banking system.”

First Citizens was chosen to complete this deal after a competitive bidding process.

This arrangement combines the complementary strengths of both banks’ middle market commercial banking and private banking operations by using shared platforms, vendor partners, and technologies.

Furthermore, First Citizens will be able to expand on its experience with innovation hubs by leveraging Silicon Valley Bank’s expertise in serving the private equity, venture capital, and technology sectors.

The 17 current Silicon Valley Bank, a division of First Citizens Bank, branches will start operating business.

Customers’ current accounts won’t change right away, and they can continue to access them through the same websites, mobile apps, and branch locations they currently use. They can keep using their cards and checks, and they will still have access to their accounts through ATMs and online. Any upcoming account changes will be disclosed to customers in advance.

“First Citizens has a proud history of growing organically and through strategic acquisitions that build our core capabilities in a careful and deliberate manner,” said Holding.

“This transaction leverages our solid foundation to add significant scale, geographic diversity, compelling digital capabilities and most importantly, meaningful solutions for customers throughout their lifecycle. Specifically, we are committed to building on and preserving the strong relationships that legacy SVB’s Global Fund Banking business has with private equity and venture capital firms. This transaction also will accelerate our expansion in California and introduce wealth capabilities in the Northeast. SVB’s Private Wealth business is a natural fit for our high-touch and sophisticated level of high-net-worth customer service and approach.”