First Citizens BancShares Inc FCNCA agreed to buy the troubled Silicon Valley Bank.

What happened: Based in Raleigh, North Carolina, First Citizens have agreed to purchase all of SVB’s deposits and loans, according to a statement from the bank.

First Citizens was among the two applicants vying for the SVBseized by federal authorities.

The other was Valley National Bancorp VLY.

It was previously reported that First Citizens was nearing completion of the SVB takeover.

First Citizens Bank will also receive a line of credit from the FDIC for conditional liquidity purposes, the statement said. It is not yet clear whether First Citizens has taken over SVB’s private banking business.