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First Citizens Bank to purchase assets of Silicon Valley Bank

Published Fri, 07 Feb 2025 19:29:29 GMT

(CNN) — First Citizens Bank is buying most of the business of Silicon Valley Bank, the US tech lender that failed earlier this month.The Federal Deposit Insurance Corporation (FDIC) said in a statement late Sunday it had agreed that First-Citizens Bank & Trust Company would buy all of SVB’s deposits and loans that regulators had transferred to a bridge bank in the wake of its collapse.Seventeen former branches of SVB will begin operating as “Silicon Valley Bank, a division of First Citizens Bank,” on Monday, First Citizens said. SVB customers should continue to use their current branch until they receive notice from First Citizens that systems have been converted to allow full service at its wider branch network, FDIC added.SVB was shut down by regulators on Friday, March 10, after clients withdrew $42 billion in a single day. It was the second-largest bank failure in US history, after Washington Mutual in 2008. The FDIC agreed to guarantee all depos...

Malcolm Brogdon: Celtics ‘want the No. 1 seed’ after losing top spot to Bucks

Published Fri, 07 Feb 2025 19:29:29 GMT

From Nov. 14 to Feb. 26, the Celtics held the top seed in the Eastern Conference for all but just five days. But after their loss to the Knicks on Feb. 27, and coupled with the Bucks’ 16-game winning streak, lost its grip on the No. 1 spot and a slide that included four losses in five games put them even further behind.The Celtics suddenly found themselves three games behind the Bucks on March 14 and even briefly slid to third behind the 76ers.According to Malcolm Brogdon, it was a wake-up call.Some Celtics have dismissed the importance of getting the No. 1 seed. But they look focused entering the final stretch. Boston earned an impressive win at Sacramento to finish its road trip last week and carried that momentum back home, where they strung together dominant victories over the Pacers and Spurs. Brogdon thinks they’re carrying some extra motivation after losing hold of the No. 1 seed – and it’s their goal to get it back.“I think we’re getting more and more locked in,” Brogd...

Pedestrian dead after being struck by two vehicles in Mississauga

Published Fri, 07 Feb 2025 19:29:29 GMT

Peel police are investigating after a pedestrian was fatally struck by two vehicles in Mississauga.The crash happened at Creditview and Bristol roads just after 11 p.m. SundayInvestigators tell CityNews a pedestrian was attempting to cross the street on a red light when he was struck by a vehicle. He was knocked into the path of another vehicle and then dragged a considerable distanceThe man was pronounced dead at the scene.Both drivers involved in the crash remained on scene.Roads are closed in the area as the investigation continues.

Prince Harry in court for privacy suit against tabloid

Published Fri, 07 Feb 2025 19:29:29 GMT

LONDON (AP) — Prince Harry was in a London court on Monday as the lawyer for a group of British tabloids prepared to ask a judge to toss out lawsuits by the prince, Elton John and several other celebrities who allege phone tapping and other invasions of privacy. The hearing involves one of several lawsuits Harry, also known as the Duke of Sussex, has brought against the media. It is expected to last four days.Harry’s presence at the High Court in London is a sign of the importance he places on the case. Associated Newspapers, which publishes titles including the Daily Mail, is asking the High Court to end claims brought by a collection of high-profile individuals who are seeking damages for misuse of private information. Other plaintiffs include John’s husband, David Furnish, and actresses Liz Hurley and Sadie Frost.The Associated Press

First Citizens acquires troubled Silicon Valley Bank

Published Fri, 07 Feb 2025 19:29:29 GMT

NEW YORK (AP) — North Carolina-based First Citizens will buy Silicon Valley Bank, the tech industry-focused financial institution that collapsed earlier this month, rattling the banking industry and sending shockwaves around the world. The deal could reassure investors at a time of shaken confidence in banks, though the Federal Deposit Insurance Corp. and other regulators had already taken extraordinary steps to head off a wider banking crisis by guaranteeing that depositors in SVB and another failed U.S. bank would be able to access all of their money.Customers of SVB will automatically become customers of First Citizens, which is headquartered in Raleigh. The 17 former branches of SVB will open as First Citizens branches Monday, the FDIC said.European shares opened higher Monday, with German lender Commerzbank AG up 2.4% and BNP Paribas up 1.2%. Investors worry that other banks also may crumble under the pressure of higher interest rates. On Friday, much of the focus was on Deutsc...

Privacy fears stymie government surveyors as responses dive

Published Fri, 07 Feb 2025 19:29:29 GMT

ORLANDO, Fla. (AP) — Erik Paul didn’t mind answering government questions about where his software development business was located or how many employees it had. But when queries from the U.S. Census Bureau broached the company’s finances, the chief operating officer hesitated.“When you start asking financial questions, I get a little squirrelly,” said Paul, of Orlando, Florida, who recently responded online to the 2022 Economic Census.It’s a problem the Census Bureau and other federal agencies are facing as privacy concerns rise and online scams proliferate, lowering survey response rates in the past decade. The pandemic exacerbated the problem by disrupting in-person follow-up visits. Low response rates introduce bias because wealthier and more educated households are more likely to answer surveys, which impacts the accuracy of data that demographers, planners, businesses and government leaders rely on to allocate resources. Survey skepticism has grow...

Kenya police on alert before expected opposition protests

Published Fri, 07 Feb 2025 19:29:29 GMT

Nairobi, Kenya (AP) — Police in Kenya are on high alert ahead of a second round of anti-government protests organized by the opposition that have been declared illegal by the government.Police chief Japheth Koome insists that Monday’s protests are illegal but opposition leader Raila Odinga says Kenyans have a right to demonstrate.The opposition is protesting against the rising cost of living and calling for President William Ruto’s resignation saying he wasn’t validly elected in last year’s election.More than a dozen civil society groups have in a joint statement expressed concern over police declaring Monday’s protests illegal and urged authorities to uphold people’s constitutional right to peaceful demonstrations. Ruto over the weekend urged Odinga to face him directly and “stop terrorizing the country.”Odinga last week said the protests would be held twice a week, on Mondays and Thursdays.Odinga’s plan in last week’s protests was to march to the pres...

Police investigating pedestrian fatality on I-787

Published Fri, 07 Feb 2025 19:29:29 GMT

ALBANY, N.Y. (NEWS10) -- Police are investigating an auto/pedestrian crash that happened overnight Sunday into Monday on I-787. Police say one pedestrian died in the crash. Get the latest, news, weather, sports and community events delivered right to your inbox! All lanes were shut down as police investigated. Traffic at the time was diverted to the thruway at exit one on the southbound side. Stick with NEWS10 as more information about the crash becomes available.

GasBuddy: Albany prices continue to drop

Published Fri, 07 Feb 2025 19:29:29 GMT

ALBANY, N.Y. (NEWS10) -- Average gasoline prices in Albany have fallen 1.9 cents per gallon in the last week, averaging $3.44/g on Monday, March 27, according to GasBuddy's survey of 546 stations in Albany. Prices in Albany are 4.1 cents per gallon lower than a month ago and stand 84.7 cents per gallon lower than a year ago. The national average price of diesel has fallen 5.9 cents in the last week and stands at $4.19 per gallon. Get the latest, news, weather, sports and community events delivered right to your inbox! According to GasBuddy price reports, the cheapest station in Albany was priced at $3.05/g on Sunday while the most expensive was $3.69/g, a difference of 64.0 cents per gallon. The lowest price in the state on Sunday was $2.79/g while the highest was $4.19/g, a difference of $1.40/g.The national average price of gasoline has fallen 0.3 cents per gallon in the last week, averaging $3.40/g on Monday. The national average is up 7.8 cents per gallon from a month ago and ...

Patroons beat Montreal to win eighth straight game

Published Fri, 07 Feb 2025 19:29:29 GMT

ALBANY, N.Y. (NEWS10) -- The Albany Patroons are 2-0 this weekend after defeating the Montreal Tundra 95-81. Get the latest, news, weather, sports and community events delivered right to your inbox! Early on, the Patroon's offense was in sync, and a prime example of that was when Trey Wyche and Philip Flory hooked up on a fast break for two points that gave them a 15-6 lead. Montreal stayed poised and found some offense as the first quarter ended. Narcisse Kalamba scored on a three-point shot to make it a four-point game.Transitioning to the second quarter, the Tundra kept that momentum going thanks to Jamal Mohammed Mayali knocking down a corner three, giving Montreal a two-point lead. On the other end, Deon Lyle scored on a corner three of his own, and Albany took a four-point advantage.Montreal went into halftime with the lead, but the Patroons made some adjustments and executed in the second half to come out with the win.