: Silvergate Capital shares jump as SVB deal news lifts banking shares on Monday
Shares of Silvergate Capital Corp. SI climbed 18% in premarket trading on Monday, in step with a rise for most banking shares following news that failed Silicon Valley Bank has found a buyer. Silvergate Capital is in the process of winding down operations at its subsidiary, Silvergate Bank, a crypto-friendly institution that got caught up in losses and troubles for the cryptocurrency market in recent months. That news has has wiped 90% of the value off Silvergate Capital. The Federal Deposit Insurance Corp. announced earlier on Monday that First Citizens BancShares Inc. FCNCA has entered a deal to assume all loans and deposits of Silicon Valley Bridge Bank, which was created by the FDIC following the closure of Silicon Valley Bank.
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