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Share to Twitter Share to Linkedin Topline First Citizens Bank said Monday it has agreed to acquire Silicon Valley Bank and assume control of all its deposits and loans, weeks after the lender’s historical collapse and after the Federal Deposit Insurance Corporation failed to find a buyer in an earlier auction. Key Facts As part of the deal, North Carolina-based First Citizens Bank has agreed to purchase $72 billion worth of SVB’s assets at a $16.5 billion discount from the FDIC . First Citizens Bank will take control of $56 billion in deposits, the lender said in a statement . Starting Monday, 17 branches of Silicon Valley Bank will begin operating as “Silicon Valley Bank, a division of First Citizens Bank,” however, there will be no immediate changes to customer accounts. The FDIC said it will continue to retain receivership of around $90 billion worth of SVB’s assets—including securities. The federal agency will also … [Read more...] about Silicon Valley Bank Acquired By First Citizens After Failure

Ben Cohen of Ben & Jerry’s is telling me a story about smoking pot. We’re on Zoom, and he says: “The idea came about when I was on a camping trip with a friend of mine, sitting around a fire, smoking a joint. And we were saying, ‘Wouldn’t it be nice to have pot like the old days?’” The idea Cohen is referring to is his latest venture, the eponymously named Ben’s Best Blnz , or B3. The just-launched company is a bright, bold cannabis brand that offers low-THC pre-rolls and full-spectrum vapes. Much like his endeavors in ice cream, Cohen set out to use B3’s platform as a conduit for what he refers to as “social benefit.” B3 is registered as a nonprofit, with 100% of its profits split between three entities: 10% will go to the Last Prisoner Project , an organization dedicated to freeing individuals impacted by cannabis criminalization; another 10% will be donated to the Vermont Racial Justice Alliance , whose mission is to “secure sustainable power, ensure … [Read more...] about Ben of Ben & Jerry trades ice cream for cannabis

Laurenti Dyogi and Zaijian Jaranilla. Screengrab from Instagram / @direklauren True to his word, Zaijian Jaranilla took ABS-CBN Head of TV Productions Lauren Dyogi out on a ride in his first car, a promise that the former child star made just a year ago. Dyogi shared his riding experience on Instagram through a short video on Monday, wherein Jaranilla fetched him from his office and offered to take him for a drive around the block in his brand-new car, which has been with him for just over a year. “Isang karangalang makisakay sa pinaghirapang sasakyan ng isang mahusay na batang artista (It’s an honor to be riding in the car of a talented young artist). Last year, I was teasing Zaijian who was back then planning to get his own vehicle he could already drive to work. He promised he will let me ride his new car,” said Dyogi in the caption. “This week, promise fulfilled by him and am very honored and proud to share a ride with Zaijian who is destined to be a very important actor … [Read more...] about Promise fulfilled: Zaijian Jaranilla takes Laurenti Dyogi for a drive in his first car