Why Bank Of America (BAC) Shares Are Rising

Bank of America Corp BAC shares are trading higher in sympathy with Silicon Valley Bank SIVB after First Citizens BancShares Inc (Delaware) Class A FCNCA announced it will purchase all loans and certain other assets of SVB. The news is possibly providing relief to recent concerns in the banking sector.

See Also: What To Watch As First Republic, Bank Of America Pop Higher In This Trend

So What Happened?

Our Benzinga team reported Raleigh, North Carolina-based regional bank First Citizens announced early Monday that it has entered into an agreement with the Federal Deposit Insurance Corporation, or FDIC, to purchase out of its receivership, all loans and certain other assets and assume all customer deposits and certain other liabilities of SVB.

The transaction is structured as a whole bank purchase with loss share coverage. The sale was done through a competitive bidding process...Read More

According to data from Benzinga Pro, BAC has a 52-week high of $44.39 and a 52-week low of $26.32.