First Citizen in talks to takeover Silicon Valley Bank

First Citizen in talks to takeover Silicon Valley Bank

But no final decision has been made, there is also a possibility that the bank may decide to opt out of making the bid.

FPJ Web DeskUpdated: Sunday, March 19, 2023, 10:54 AM IST
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First Citizen in talks to takeover Silicon Valley Bank | Twitter

First Citizens BancShares Inc is considering an offer for Silicon Valley Bank, reported Bloomberg News, citing people familiar with the matter.

The North Carolina-based lender is among one of the handful of banks that were present in the auction process. But no final decision has been made, there is also a possibility that the bank may decide to opt out of making the bid.

FDIC to sell Silicon Valley Bank

The Federal Deposit Insurance Corp had earlier this week asked banks interested in acquiring Silicon Valley Bank and Signature Bank to submit their bids by March 17.

The auction comes after FDIC took over SVB and Signature Bank last Friday and Sunday as the collapse of the two lenders sent shockwaves across the globe over fear of contagion.

This is FIDCs second attempt at selling Silicon Valley Bank after its failed attempt last week. First Citizen had earlier submitted a very low bid for the acquisition of the SVB but it was rejected by the FDIC.

First Citizen acquires CIT Group

Last year First Citizens had acquired commercial lender CIT Group Inc for over $2 billion.

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