The North Carolina-based bank will acquire US$56.5 billion in deposits and about US$72 billion in loans at a US$16.5-billion discount from the U.S. Federal Deposit Insurance Corporation, which took over SVB when the tech-focused lender collapsed earlier this month. The sale excludes about US$90 billion in SVB securities and other assets, which remain under the FDIC’s control. (The Logic)

Talking point: SVB had about US$175 billion in deposits before the bank run started on March 9. The steep drop in cash held in SVB accounts has been a boon for larger competitors. The Globe and Mail reported that Canadian banks began pitching their business to SVB customers in the days immediately following its failure. Some customers have since returned cash to SVB—the FDIC’s promise to make all its deposits available beyond the insurable US$250,000 makes holding cash there safe, at least in the short term. But the second-biggest bank collapse has spooked many customers, some of whom are, for the first time, diversifying their banking and exploring other treasury management strategies to limit their losses in the event of a future collapse.