First citizens in talks to acquire Silicon Valley Bank

Early Citizens BancShares Inc is considering an offer for Silicon Valley Bank Bloomberg News reported on Saturday, citing people familiar with the matter.
At least one other suitor is giving the collapsed lender serious consideration, the report said.
svb and First Citizens did not immediately respond to Reuters’ outside-hours request for comment.
Reuters reported earlier this week that the Federal Deposit Insurance Corp had asked banks interested in acquiring Silicon Valley Bank and Signature Bank to submit bids by March 17.
The auctions followed the FDIC’s takeover of Silicon Valley Bank on Friday and Signature Bank on Sunday, as the collapses of the two midsize US lenders engulfed global financial markets on fears of contagion.
This will be the FDIC’s second attempt to sell SVB after a failed attempt a week ago. The FDIC had kept the investment bank Piper Sandler So to run a new auction, the sources told Reuters.


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