First Citizens Reportedly in Advanced Talks to Acquire Silicon Valley Bank

Silicon Valley Bank could soon be acquired through an auction by First Citizens Bank with a deal being announced as early as Sunday, according to reports.

First Citizens, which previously placed a bid to buy Silicon Valley Bank (SVB) through the auction held by Federal Deposit Insurance Corporation (FDIC), is reportedly in advanced talks to acquire the failed bank according to a report by Bloomberg that cited sources familiar with the matter.

The FDIC has been marketing SVB as two entities for prospective bidders – the Silicon Valley Bridge Bank, which holds its consumer deposits, and the Silicon Valley Private Bank, which offers wealth management services for high-net-worth clients. Bids in the latest auction for Silicon Valley Private Bank were due Wednesday, while bids for Silicon Valley Bridge Bank were due Friday.

Read the source article at yahoo.com