Customers Bancorp weighs making an offer for Silicon Valley Bank

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Customers Bancorp weighs making an offer for Silicon Valley Bank - Bloomberg News

Published Mar 23, 2023 07:41PM ET Updated Mar 23, 2023 08:41PM ET

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Customers Bancorp weighs making an offer for Silicon Valley Bank - Bloomberg News

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(Reuters) -Customers Bancorp Inc is exploring a deal for all or part of the failed Silicon Valley Bank, Bloomberg News reported on Thursday, citing people familiar with the matter.

The Pennsylvania-based lender has been seeking potential co-investors for a deal for Silicon Valley Bank, according to the report.

The Federal Deposit Insurance Corp (FDIC), which controls the Silicon Valley Bank's assets, declined to confirm or comment on the identities of potential bidders when contacted by Reuters. Customers Bank did not immediately respond to request for a comment.

U.S. regional bank Citizens Financial (NYSE:CFG) Group Inc is working on a bid to acquire the private banking business of failed Silicon Valley Bank, two sources told Reuters earlier in the day.

The FDIC tried to sell SVB's private banking business alongside Silicon Valley Bank over the last two weekends, however, it failed to clinch 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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