A deal has been finalized for what’s left of Silicon Valley Bank.

The Federal Deposit Insurance Corp. (FDIC) announced late Sunday U.S. time that it had finalized a deal with Raleigh, N.C.-based First Citizens Bank to acquire the deposits and loans of the failed Silicon Valley Bank. Bloomberg had initially reported that a deal was nearing completion and could be announced as early as Monday morning U.S. time.

In a statement, the FDIC said that all depositors of Silicon Valley Bridge Bank, the bridge bank set up by the FDIC after SVB’s failure, will automatically become depositors of First Citizens Bank & Trust Company. All deposits assumed by First Citizens Bank & Trust Company will continue to be insured by the FDIC up to the insurance limit.

As of March 10, Silicon Valley Bridge Bank reported roughly $167 billion in assets and nearly $119 billion in deposits. The FDIC says the transaction involved purchasing around $72 billion of the bank's assets at a $16.5 billion discount. About $90 billion in securities and other assets will stay in the receivership, awaiting disposition by the FDIC.

The FDIC also says it has acquired equity appreciation rights in First Citizens BancShares common stock, the parent of First Citizens Bank, which is potentially worth up to $500 million pending market conditions.

Initial estimates from the FDIC say that Silicon Valley Bank’s failure cost its Deposit Insurance Fund around $20 billion. The precise cost will be established once the FDIC concludes the receivership.