First Citizens Bank will buy about $72 billion in assets from the failed Silicon Valley Bank, the Federal Deposit Insurance Corporation said.

Silicon Valley Bank, a regional lender with about $210 billion in assets, collapsed earlier this month. The bank had been the 16th largest bank in the country.

"Today's transaction included the purchase of about $72 billion of Silicon Valley Bridge Bank, National Association's assets at a discount of $16.5 billion," FDIC officials said in a press release.

About $90 billion of Silicon Valley Bank's assets will remain in receivership with the FDIC, the regulator said.

This is a developing story. Please check back for updates. ABC News' Max Zahn contributed to this story.