First Citizens weighing takeover of Silicon Valley Bank -

First Citizens weighing takeover of Silicon Valley Bank

Posted by Admin March 19, 2023 Bussiness

First Citizens BancShares Inc. is evaluating an offer for Silicon Valley Bank, according to people familiar with the matter.
The Raleigh, North Carolina-based lender is among the handful of potential buyers in the data room for the auction process for the failed bank, said the people, who asked not to be identified because the matter isn’t public.

Offers are due Sunday morning, said the people. The Federal Deposit Insurance Corp. will decide on Sunday whether to pursue a full sale or breakup, depending if any bids come in, one of the people said. At least one other suitor is making a serious consideration for Silicon Valley Bank, the person said.

No final decision has been made and First Citizens could opt against making a bid, according to the people.

Representatives for First Citizens and the FDIC didn’t immediately respond to requests for comment outside of regular business hours.

Silicon Valley Bank collapsed into FDIC receivership this month, after its long-established customer base of tech startups grew concerned and yanked deposits. First Citizens participated in the FDIC’s sales process earlier for Silicon Valley Bank, submitting a very low bid that was rejected, the people added.

First Citizens acquired commercial lender CIT Group Inc. for more than $2 billion in a deal that closed last year.