First Citizens in talks to acquire Silicon Valley Bank

US mulls more support for banks while giving First Republic time - Bloomberg News

First Citizens in talks to acquire Silicon Valley Bank - Bloomberg News

Stock Markets Mar 18, 2023 11:55PM ET

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First Citizens in talks to acquire Silicon Valley Bank - Bloomberg News

(Reuters) -First Citizens BancShares Inc is evaluating an offer for Silicon Valley Bank, Bloomberg News reported on Saturday, citing people familiar with the matter.

At least one other suitor is making a serious consideration for the collapsed lender, the report said.

SVB and First Citizens did not immediately respond to Reuters' request for comment outside of business hours.

Reuters reported earlier this week that the Federal Deposit Insurance Corp had asked banks interested in acquiring Silicon Valley Bank and Signature Bank (NASDAQ:SBNY) to submit bids by March 17.

The auctions followed the FDIC taking over Silicon Valley Bank last Friday and Signature Bank on Sunday, as the collapses of the two U.S. mid-sized lenders whipsawed global financial markets over fears of a contagion.

This will be the FDIC's second attempt at selling SVB after a failed effort a week ago. The FDIC had retained investment bank Piper Sandler Cos to run a new auction, the sources told Reuters.

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Comments (1)

Jeff Gordon Mar 18, 2023 11:46PM ET

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Shareholders? I lost a bunch as a middle class family guy making a living. So happy no one gives a crap about us like we deserve it.

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B L Mar 18, 2023 11:46PM ET

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in a Plutocracy, only oligarchs and the donor class matters. you appear to be neither.

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Brad Albright Mar 18, 2023 11:46PM ET

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There are lawmakers giving a crap about middle class, but they are Democrats.

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First Citizens in talks to acquire Silicon Valley Bank - Bloomberg News

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