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First Citizens in advanced talks to buy Silicon Valley Bank
March 27, 2023
First Citizens submitted a bid for SVB immediately after its collapse and was also active in the data room the FDIC set up for another sale process.
First Citizens BancShares Inc was in advanced talks to acquire Silicon Valley Bank, Reuters reported on March 26.
First Citizens BancShares Inc was in advanced talks to acquire Silicon Valley Bank, Reuters reported on March 26.
First Citizens could reach a deal soon to acquire Silicon Valley Bank from the Federal Deposit Insurance Corp (FDIC), according to Bloomberg News, which first reported the development.
The company is one of the biggest buyers of failed US lenders.
First Citizens has around $109 billion in assets and total deposits of $89.4 billion.
The FDIC, which now controls the Silicon Valley Bank assets, and First Citizens did not immediately respond to Reuters requests for comment.
According to a Bloomberg report, First Citizens submitted a bid for SVB immediately after its collapse and was also active in the data room the FDIC set up for another sale process.
As per the Federal Reserve data, First Citizens was the 30th largest commercial bank in the US by assets at the end of 2022.
The FDIC had tried to sell SVB Private alongside Silicon Valley Bank over the last two weekends but it failed to reach a deal to sell them both together. It has since asked for separate offers for SVB Private and Silicon Valley Bank by March 24.
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