A buyer has been found for the collapsed Silicon Valley Bank, the bank whose downfall heralded the financial unrest still being felt across the banking world.

First Citizen Bank, self-described as one of America’s largest family-controlled banks, has bought SVB from US regulator the Federal Deposit Insurance Corporation who took over the lender earlier this month as depositors raced to withdraw money.

The UK arm of SVB was bought by HSBC in the days following the collapse.

All deposits, worth $119bn, and all loans are being taken over by First Citizen Bank who will open 17 former SVB branches as First Citizen Banks on Monday.

But the deposit insurance fund – paid into by banks in case of such a scenario – is down by $20bn (£16.34bn).