After about two weeks of auction, First Citizens BancShares Inc. is close to finalizing a deal with the Federal Deposit Insurance Corp. to acquire Silicon Valley Bank, which became the largest bank in the United States to collapse since 2008, from the latter. The FDIC has not confirmed the deal, but the purchase of SVB's loans and deposits by First Citizens BancShares along with giving the FDIC equity appreciation rights in its stock has given fragile markets some relief for now. Despite the successful bid for SVB, the market's attention is drawn to the larger issue of guaranteeing deposits in other regional banks in the country, adding to investors' concern. The cost of SVB's failure to the FDIC's deposit insurance fund is estimated to be around $20bn. According to the FDIC's statement, First Citizens BancShares will acquire about $72bn in SVB assets at a discount of $16.5bn. With this acquisition, First Citizens has bought 20 failed banks since 2009. Seventeen former SVB branches will be converted into First Citizen branches shortly. Investors await further developments as indicators of financial market stress continue to flash globally.