Advertisement
Business

First Citizens emerges as possible suitor for Silicon Valley Bank

The Federal Deposit Insurance Corp. will decide on Sunday whether to pursue a full sale or breakup of Silicon Valley Bank.

One financial institution that may be throwing its hat in the ring is First Citizens BancShares, according to Bloomberg.

The firm is reportedly evaluating making an offer for SVB.

The lender based in North Carolina is among the handful of potential buyers for the auction process for the failed bank, said a person familiar with the situation.

WARREN BUFFETT TALKS BANKING CRISIS WITH BIDEN TEAM

At least one other suitor is making a serious consideration for Silicon Valley Bank, the person told Bloomberg.

It is always possible that First Citizens could opt against making a bid.

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

SILICON VALLEY BANK’S HOLDING COMPANY FILES FOR CHAPTER 11 BANKRUPTCY PROTECTION

svb

PETER THIEL SAYS HE HAD $50M IN SILICON VALLEY BANK WHEN IT SHUT DOWN

FOX Business has reached out to First Citizens BancShares for comment.

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. 

Ticker Security Last Change Change %
FCNCO FIRST CITIZENS BANCSHARES INC DEL 5.625% NON-CUM PERPETUAL PF 17.98 -1.09 -5.72%

Silicon Valley Bank, the nation’s 17th largest, was shut down by the FDIC a week ago as regulators moved to protect customers as it faced a liquidity crunch following a $2 billion loss.

It became the largest bank failure since the financial crisis. 

Read the full article here

Leave a Reply

Your email address will not be published.