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First Citizens agrees to buy Silicon Valley Bank

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First Citizens BancShares of Raleigh, N.C. has agreed to buy the commercial banking business of Silicon Valley Bank, which recently collapsed and was seized by the U.S. government.

Why it matters: This is a step toward stabilizing America's regional banking sector, after a month of tumult.

Details: SVB's 17 branches will reopen under the First Citizens brand on Monday, and all SVB depositors will become depositors of First Citizens, according to a Federal Deposit Insurance Corporation (FDIC) press release.  

Under terms of the deal, First Citizens will purchase around $72 billion of SVB assets "at a discount of $16.5 billion." 

The transaction does not include SVB's private banking business, which the FDIC also is seeking to sell. 

The FDIC, which could receive up to around $500 million of First Citizens common stock via the transaction, says it expects to book around a $20 billion loss once it is eventually done disposing of all SVB assets. While the FDIC is part of the U.S. government, the losses are funded by a pool of capital that is provided by insured banks. 

The bottom line: First Citizens came into the year as America's 30th largest bank and now, it is poised to absorb an institution that had been America's 16th largest bank.

Editor's note: This article has been updated with additional details throughout.

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This is a step toward stabilizing America's regional banking sector, after a month of tumult.

Brinks truck outside a Silicon Valley Bank office.

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With residents of Mississippi and portions of Alabama reeling from the damage sustained during Friday night's deadly tornado outbreak, more severe weather is occurring across the Southeast. 

The big picture: The NWS issued a rare high-risk outlook for excessive rainfall in Alabama and Georgia through Monday morning, including parts of Atlanta, and warned of potentially catastrophic flooding in these areas. Parts of Mississippi, Alabama and Louisiana also faced the threat of tornadoes overnight.

There's a moderate risk of severe weather from central Louisiana east through south-central Mississippi and central Alabama, "where supercell thunderstorms may produce a few strong tornadoes and very large hail," the National Weather Service said in a weather discussion on Monday morning.

This is a level 4 out of 5 on the storm threat scale.

By the numbers: More than 2.7 million people live in the excessive rainfall high-risk area, including parts of metro Atlanta.

Threat level: The Storm Prediction Center warned of the likelihood of "several tornadoes" that could include "a few strong tornadoes" of EF-2 intensity or greater in southern Mississippi, Alabama and Georgia into Sunday night.

The SPC said on Monday morning that the severe threat of tornadoes in the region had "diminished somewhat." 

A screenshot of an NWS tweet warning of potentially "catastrophic" localized flooding in Alabama and Georgia.

Photo: National Weather Service Atlanta/NWS Weather Prediction Center/Twitter

State of play: At least one tornado caused damage in Georgia on Sunday morning, per a storm report to the SPC. Georgia Gov. Brian Kemp (R) declared a state of emergency.

Hail larger than two inches was reported in the Jackson-area of Mississippi Sunday evening.

Forecasters warned wind shear, which refers to winds blowing in different directions and/or speed with height, would  be maximized as storms move into Mississippi and Alabama later on Sunday. This is a key ingredient for tornado formation that was in abundance on Friday night. 

.Yes, but: The key difference from this storm threat is the affected region is farther south than some of the hardest-hit communities from Friday's deadly event.

Communities in the region with the highest risk for tornadoes Sunday included Jackson and Hattiesburg, Mississippi, Auburn, Alabama, and Alexandria, Louisiana.

Of note: The long-lived, devastating tornado that caused extreme damage in communities such as Rolling Fork and Silver City, Mississippi, on Friday night has received a preliminary intensity rating of EF-4, with winds of between 166 mph to 200 mph. 

That tornado had a path length of at least 59 miles, lasting for 1 hour and 10 minutes, according to the NWS. It was three-quarters of a mile wide, based on the preliminary storm damage survey conducted Saturday. 

More surveys were under way Sunday, but the full path length of the supercell thunderstorm that spawned the single or multiple tornadoes appears to have traveled at least 100 miles.

Zoom out: President Biden approved a federal disaster declaration on Saturday for Mississippi, which speeds the release of government aid to the state.

"There's still a lot of damage out there. There's a lot of work to be done at this point," Mississippi Gov. Tate Reeves (R) said of recovery efforts at a press briefing Sunday, noting that federal, state, and local officials were presenting a "united front" to address the situation.

"We are prepared," Reeves added of the potential for more severe weather Sunday but warned that parts of the state are facing "significant risks."

Rolling Fork Mayor Eldridge Walker vowed at the briefing thanked volunteers for their work, observing that some came from as far away as Arkansas, Tennessee and Louisiana, as he vowed the city would come back "bigger and better than ever before."

A screenshot of a Tweet by Mississippi Gov. Tate Reeves, stating "The devastation here in Rolling Fork is heartbreaking.  Thankful to our federal partners for being here on the ground to see the impact of this tornado.  The character and generosity of Mississippians is on full display with the countless volunteers and donations being offered."

Photo: Mississippi Gov. Tate Reeves/Twitter

Context: Tornadoes are more common in the South and Southeast during March than in the Plains states, known informally as "Dixie Alley." 

Warmer than average ocean temperatures in the Gulf of Mexico and any lingering atmospheric effects from a recently diminished La Niña event could be aggravating factors in increasing storm risks.

La Niña is known to bring more weather disturbances to the region during spring. The landmark tornado outbreaks in April 2011 occurred during a La Niña spring. 

Milder than average ocean temperatures add to the atmospheric moisture, and therefore energy, available for severe thunderstorms in the South and Southeast. 

Editor's note: This is a breaking news story. Please check back for updates.

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Additional "strong tornadoes" are possible Sunday in a region hit hard Friday night.

A man sits among damage from an EF-4 tornado in Rolling Fork, Miss., on March 25. Photo: Will Newton/Getty Images

Extreme weather

Parts of a Twitter code used to run the social network were leaked online, the company said in a court filing first reported by the New York Times on Sunday.

Driving the news: Twitter said in a Friday filing with the U.S. District Court of the Northern District of California against Github, a Microsoft-owned software collaboration platform, that the leak included the "[p]roprietary source code for Twitter's platform and internal tools."

The San Francisco-based company said that the code was shared without permission by a poster identified as "FreeSpeechEnthusiast — a name that's an apparent reference to Elon Musk's public pledges to a free speech-first Twitter.

Twitter also sought a subpoena seeking to have Github disclose information in regards to the leak.

Meanwhile, Github has since complied with Twitter's takedown request, according to a post on its website.

What they're saying: A spokesperson for Github said in an emailed statement early Monday that the company does not generally comment on decisions to remove content.

"However, in the interest of transparency, we share every DMCA takedown request publicly," the spokesperson added.

Representatives for Twitter did not immediately respond to Axios' request for comment.

Go deeper... Elon Musk vs. Twitter: Cracks in the Empire

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Twitter the code was shared without permission by a Github poster identified as "FreeSpeechEnthusiast."

Elon Musk Twitter account seen on Mobile with Elon Musk in the background on screen, seen in this photo illustration. On 19 February 2023 in Brussels, Belgium.

An illustration of Twitter account seen on mobile with the company's CEO Elon Musk in the background on screen. Photo illustration: Jonathan Raa/NurPhoto via Getty Images

Big Tech

Florida Gov. Ron DeSantis' biggest political asset is that he's viewed favorably by nearly all of the Republican Party's voters — across the ideological spectrum.

Yes, but: His biggest challenge is that those sky-high approval numbers are likely to falter now that he's sparring with former President Trump — and as he makes tough decisions on where he stands on hot-button national issues.

Why it matters: So far in his public pronouncements, DeSantis has left little daylight between himself and Trump on policy — on Ukraine (at first), his combative tone on cultural fights and skepticism toward COVID-19 vaccines (where he's positioned himself to Trump's right).

But by siding with the MAGA wing of the party, he risks alienating traditional Republicans, who still make up a majority of the GOP electorate.

Zoom in: Polling shows that DeSantis' core support is from Republicans who identify themselves as "somewhat conservative." Trump's base is predominantly among those who consider themselves "very conservative."

DeSantis' plan is to peel off some MAGA voters from Trump by questioning the former president's character and competence and positioning himself as a younger, more electable alternative.

That strategy assumes he'll hold more moderate Republicans as he courts Trump's base.

His labeling of Russia's invasion of Ukraine as a "territorial dispute," which drew broad condemnation from Senate Republicans, is an example of the risks of alienating the center-right. (He later backtracked in an interview with Piers Morgan.)

Reality check: With Trump's lead over DeSantis growing over the last month, it's likelier that Trump's support among the MAGA base will be hard to dislodge.

If Trump doesn't falter on his own, trying to out-Trump the former president could become a fruitless strategy.

By the numbers: Polling suggests that a clear majority of GOP voters consider themselves party-first Republicans rather than Trump-first Republicans.

A January NBC News poll found 33% of Republicans identified with Trump more than the GOP, while 62% allied more with the party than the former president.

A new Monmouth poll finds 38% of Republicans consider themselves strong MAGA supporters, 28% support the MAGA movement "somewhat" and 28% don't see themselves as aligned with MAGA.

But Trump holds an iron grip on the most MAGA-oriented Republicans: The Monmouth poll finds that Trump holds a whopping 73%-25% advantage over DeSantis among MAGA devotees.

Our thought bubble: If DeSantis doesn't live up to expectations, the most apt comparison to his campaign could end up being that of Sen. Ted Cruz (R-Texas) in 2016.

Cruz mistakenly assumed that a majority of Republicans would support him as the last candidate standing against Trump. He spent much of the primary holding his fire against Trump before going on the attack.

But many Republicans viewed Cruz as the more ideological candidate and thought Trump was more moderate.

Jeff Roe, Cruz's 2016 campaign manager, recently signed on as a top adviser with the pro-DeSantis super PAC Never Back Down.

The intrigue: If he keeps pandering to the most hardline conservative voters, DeSantis risks being caricatured as too hard-edged, even for some Republicans.

His first congressional endorsement was for Rep. Chip Roy (R-Texas), who hails from the House Freedom Caucus.

Former Virginia Attorney General Ken Cuccinelli, an architect of Trump’s controversial immigration policies, is chairing the Never Back Down super PAC. (Roy and Cuccinelli were both among Cruz's leading supporters in 2016.)

The bottom line: DeSantis has already built up a deep well of credibility with the GOP base because of his opposition to COVID regulations and success in enacting "anti-woke" policies.

Those positions were polarizing but also broadly popular with Floridians. He generated excitement with MAGA voters while winning support with swing voters — underscored by his 19-point re-election victory.

Having built up political capital with the base, DeSantis shouldn't have needed to pander to the MAGA crowd — especially on a topic that divides the GOP like foreign policy.

The fact that his camp feels it still needs to win over the MAGA crowd doesn't bode well for his chances. It means that despite his deep credibility with conservatives, he's still beholden to the populism of a Trumped-up electorate.

The DeSantis conundrum

By siding with the MAGA wing of the party, he risks alienating traditional Republicans.

Tel Aviv

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Israeli Prime Minister Benjamin Netanyahu fired his defense minister on Sunday, a day after Yoav Gallant called for suspending the government's judicial overhaul plan and warned opposition, including within the military, to the legislation was undermining Israel's national security.

Why it matters: The sacking is likely to further enrage anti-government protesters and escalate the instability the country has faced since Netanyahu's right-wing government unveiled the judicial overhaul plan earlier this year.

No Israeli defense minister has ever been fired three months after a government was formed or after warning that Israel was facing a grave national security threat.

Driving the news: Gallant in a televised speech on Saturday called for the immediate suspension of Netanyahu's judicial overhaul legislation, saying it had "created an internal rift that poses a clear and immediate threat for Israel's national security."

Gallant, a member of Netanyahu's Likud party, was the most senior minister to publicly call for the suspension of the legislation. A vote on the first part of the judicial overhaul plan is expected on Wednesday.

He had warned Netanyahu that moving forward with the judicial overhaul could lead to more protests among IDF reservists and even inside the regular army. Netanyahu has received similar warnings from the chiefs of the IDF and the Shin Bet domestic security agency.

Behind the scenes: Netanyahu summoned Gallant for a meeting on Sunday evening and told him that he worked behind his back and against the government and the coalition with his speech on Saturday, a senior Netanyahu aide said in a briefing with reporters.

"The Prime Minister told Gallant that he lost confidence in him. Gallant didn't coordinate his speech with the Prime Minister and sabotaged the efforts to reach a solution," Netanyahu's aide said.

What they're saying: "The security of the state of Israel has always been and will always be my life's mission," Gallant said after being fired. 

A White House National Security Council spokesperson said the Biden administration is "deeply concerned by the ongoing developments in Israel..., which further underscores the urgent need for compromise." 

"As the president recently discussed with ... Netanyahu directly, democratic values have always been, and must remain, a hallmark of the U.S.-Israel relationship," the spokesperson added.

The big picture: Shortly after Netanyahu sacked Gallant, protests erupted in several cities across the country. 

Thousands blocked the main highway in Tel Aviv, others rallied against the government in Haifi and thousands of protesters demonstrated outside Netanyahu's residence in Jerusalem.

Asaf Zamir, Israeli consul general in New York, announced his resignation later Sunday, saying: "I can no longer continue representing this government."

Catch up quick: The judicial overhaul plan, presented by the most right-wing government in Israel's history, has deepened political divisions in Israel and prompted mass protests. 

The leaders of some of Israel's closest allies, including President Biden and German Chancellor Olaf Scholz, have expressed concerns about what the plan to weaken Israel's Supreme Court would mean for the country's democracy.

The first part of the plan that is expected to be voted on next week would give the governing coalition an automatic majority on the panel that appoints Supreme Court judges.

This is a developing news story. Please check back for updates. 

Netanyahu sacks defense minister who called for halt to judicial overhaul

The firing of Yoav Gallant is likely to further enrage anti-government protesters.

Defense Minister Yoav Gallant. Photo: Gil Cohen-MagenAFP via Getty

Israel

Dozens of people were killed and homes were destroyed as tornadoes spiraled through parts of Mississippi and Alabama on Friday night.

The big picture: More tornados are expected to hit Mississippi, Alabama and other Southern states Sunday, Axios' Andrew Freedman reports.

Zoom in: In Mississippi, the rural towns of Silver City and Rolling Fork in the southwest and Amory in the northeast all sustained significant tornado damage Friday.

The NWS preliminary damage survey found the tornadoes that struck Rolling Fork and Silver City were about 3/4 a mile wide and lasted for over an hour. It was given a rating of EF-4 — the second highest.

In Amory, businesses and infrastructure were significantly damaged or destroyed.

Aerial view of Rolling Fork, Mississippi before tornado damage. 

An aerial view of Rolling Fork, Miss., from July 13, 2020. Photo: Planet Labs PBC; National Agriculture Imagery Program imagery courtesy of the USDA Farm Service Agency

Aerial view of Rolling Fork, Mississippi after tornado damage.

An aerial view of Rolling Fork, Miss., after tornado damage on March 25. Photo: Planet Labs PBC; National Agriculture Imagery Program imagery courtesy of the USDA Farm Service Agency

Aerial view of homes in Rolling Fork, Mississippi before a tornado. 

Satellite image of homes in Rolling Fork, Mississippi after a tornado. 

Satellite image of homes and businesses in Rolling Fork, Mississippi. 

Satellite image of homes in Rolling Fork, Mississippi after tornado. 

An aerial view showing the damage from a series of powerful storms and at least one tornado is seen on March 25 in Rolling Fork, Miss. Photo: Will Newton/Getty Images

Tornado damage to infrastructure and people walking.

Workers and community members assess and clear damage on March 25 in Rolling Fork, Miss. Photo: Will Newton/Getty Images

Workers clear damage from a series of powerful storms and a tornado in Rolling Fork, Mississippi.

Workers clear the damage on March 25 in Rolling Fork, Miss. Photo: Will Newton/Getty Images

Woman look at the storm and tornado damage and debris. 

Kenterica Sardin on March 25 looks on from her damaged home after the storms and tornado in Rolling Fork, Miss. Photo: Will Newton/Getty Images

A man repairs a window on his home in Rolling Fork, Mississippi after storms and a tornado.

Eddie Jones repairs a window on his damaged house in Rolling Fork, Miss., after a tornado touched down in the area on March 25. Photo: Chandan Khanna/AFP via Getty Images

The remains of crushed house and cars are seen in Rolling Fork, Mississippi after a tornado touched down in the area.

The remains of a crushed house and cars are seen in Rolling Fork, Miss., on March 25. Photo: Chandan Khanna/AFP via Getty Images

Aerial view of a destroyed neighborhood in Rolling Fork, Miss., after a tornado touched down in the area March 25. Photo: Chandan Khanna/AFP via Getty Images

Aerial view of tornado damage to homes in Rolling Fork, Mississippi. 

Aerial view of a destroyed neighborhood in Rolling Fork, Miss. Photo: Chandan Khanna/AFP via Getty Images

Community members work to distribute water after damage from a series of powerful storms and at least one tornado in Rolling Fork, Mississippi. 

Community members work to distribute water after damage from a series of powerful storms and a tornado on March 25, in Rolling Fork, Miss. Photo: Will Newton/Getty Images

A man fist bumps a person sheltering inside a makeshift clinic and relief center in Rolling Fork, Mississippi after a tornado.

A man fist bumps a person inside a makeshift clinic and relief center in Rolling Fork, Miss., on March 25. Photo: Chandan Khanna/AFP via Getty Images

tornadoes spiraled through parts of Mississippi and Alabama

In photos: Mississippi towns destroyed by deadly tornado

The rural towns of Silver City and Rolling Fork in the southwest and Amory in the northeast all sustained significant tornado damage.

A man on March 25 sits among debris and damage caused by a tornado that tore through Mississippi. Photo: Fatih Aktas/Anadolu Agency via Getty Images

Former President Trump's prediction last weekend that he would be arrested on Tuesday wasn't made up, his lawyer, Joseph Tacopina, told NBC's "Meet the Press" on Sunday.

Driving the news: Manhattan District Attorney Alvin Bragg has been investigating a hush money payment allegedly made to adult film star Stormy Daniels, and reports continue to circulate that an indictment in the case could be imminent.

"No, he didn't make it up, he was reacting toward a lot of leaks coming out of the district attorney's office," Tacopina said, adding that Trump "just assumed based on those leaks that that's what was going to happen."

If indicted, Trump would be the first sitting or former president in U.S. history to face criminal charges.

Catch up quick: Michael Cohen, Trump's ex-personal lawyer, has alleged that Trump directed him to make the hush money payment shortly before the 2016 presidential election.

He said Trump later reimbursed him for the payments through the Trump Organization as legal expenses.

Tacopina argued repeatedly throughout the program that Trump had used "personal funds" for the hush money payment.

The big picture: House Republicans have demanded Bragg's testimony in a newly launched investigation of his office's probe.

Trump didn't make up arrest prediction, his lawyer says

Trump was "he was reacting toward a lot of leaks coming out of the district attorney's office."

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First Citizens agrees to buy Silicon Valley Bank

Southeast faces severe flooding risk as more tornadoes threaten Mississippi

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Netanyahu sacks defense minister who called for halt to judicial overhaul

In photos: Mississippi towns destroyed by deadly tornado

Trump didn't make up arrest prediction, his lawyer says

Rep. Comer: DOJ should handle probe into Trump hush money payment

"Terrible situation" unfolds in Mississippi after violent tornado outbreak

Biden nominee to lead FAA withdraws amid GOP opposition

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