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| First Citizens BancShares Inc considers bid for Silicon Valley Bank, sources say |
According to anonymous sources, First Citizens BancShares Inc is considering making an offer for Silicon Valley Bank, a collapsed lender that was recently taken over by the Federal Deposit Insurance Corp (FDIC). The FDIC had asked interested banks to submit bids for Silicon Valley Bank and another collapsed lender, Signature Bank, by March 17. This is the second attempt by the FDIC to sell Silicon Valley Bank, following a failed effort a week earlier.
The collapse of these mid-sized lenders has created concern over potential contagion in global financial markets. At least one other party is also reportedly considering making an offer for Silicon Valley Bank. Both Silicon Valley Bank and First Citizens BancShares declined to comment on the matter.
