The US Federal Deposit Insurance Corporation says it has reached a deal to sell the assets and loans of failed Silicon Valley Bank to another bank based in North Carolina.

Silicon Valley Bank, based in California, collapsed on March 10 after a series of interest rate hikes in the country. The deposits and loans of the bank were handed over to the FDIC.

On Sunday, the FDIC announced that it had reached the deal with First Citizens Bank.

The US central bank, the Federal Reserve Board, says that as of the end of last year, First Citizens Bank was the 30th largest commercial bank in the United States.

The FDIC estimates the cost of the failure of Silicon Valley Bank to its Deposit Insurance Fund to be around 20 billion dollars.

As for another failed financial institution Signature Bank, which went under on March 12, the FDIC had already agreed to sell the bank's deposits and loans to Flagstar Bank, a subsidiary of New York Community Bancorp.