First Citizens BancShares Inc bought all the loans and deposits of SVB and gave the Federal Deposit Insurance Corp equity appreciation rights in its stock worth as much as $US500 million ($A752 million) in return, the FDIC said in statement.
Seventeen former SVB branches will open as First Citizen branches on Monday.
First Citizen acquires about $US72 billion ($A108 billion) in SVB assets at a discount of $US16.5 billion ($A24.8 billion) and the estimated cost of SVB's failure to FDIC's deposit insurance fund is about $US20 billion ($A30 billion), the FDIC said.
North Carolina-based First Citizens said in a statement it did not buy other assets or debts of SVB Financial Group, the former parent company of Silicon Valley Bank.
The deal has given markets some respite as it was the first weekend in several weeks that did not bring news of fresh banking collapses, rescue deals or emergency help from authorities to shore up confidence.
"You sweep Silicon Valley off to another buyer, which is good, but the bigger issue is guaranteeing deposits at all those other (regional) banks," IG Markets analyst Tony Sycamore said in Sydney.
"It's a little bit of calm before the next storm."
Last week ended with indicators of financial market stress flashing and Germany's biggest lender Deutsche Bank in the crosshairs, with its shares down 8.5 per cent on Friday and the cost of insuring its bonds against default up sharply.
On Monday, bank shares in Asia were mixed - steady in Australia and Tokyo but slipping in Hong Kong , where Standard Chartered shares fell four per cent.
S&P 500 futures rose 0.5 per cent and European futures rose one per cent.
The collapse of SVB a little more than two weeks ago has reverberated around the world, sending US depositors fleeing smaller banks for larger cousins.
The hit to confidence also forced Credit Suisse into the arms of rival UBS.
In March, the Stoxx index of European bank shares is down more than 18 per cent and the US KBW regional bank index has lost 21 per cent, with investors on edge about what's next.
The sudden spike in tensions for banks has raised questions about whether major central banks will continue to pursue aggressive interest rate hikes to tamp down inflation and whether tightened lending will hurt the global economy.
In Europe, bank bonds are under pressure and credit default swaps, or the cost of insurance against defaults, uneasily high.
Deutsche Bank's five-year CDS hit its highest since late 2018 on Friday, data from S&P Global Market Intelligence showed.
In the US, where flows into money market funds have risen by more than $US300 billion ($A451 billion) in the past month to a record atop $US5.1 ($A7.7) trillion, focus is on depositors' confidence in regional lenders - which could take some salve from an SVB sale.
The SBV deal comes after several weeks of looking for a suitor and after the FDIC called for separate offers for SVB Private and SVB.
Some $US90 billion ($A135 billion) in securities remains with the FDIC for sale, it said.
First Citizens said it wants to build on SVB's venture capital business and will accelerate an expansion in California.
"Effectively you're going to get a combination of carrots, sticks, and acronyms in order to ensure you get the outcome you want and that allows (authorities) to still use interest rates to combat inflation," Rabobank strategist Michael Every said.
"This seems to be part and parcel of that."
