Valley National and First Citizens want to buy Silicon Valley Bank
The recent collapse of Silicon Valley Bank (SVB) has resulted in a potential bidding war between Valley National Bancorp and First Citizens BancShares Inc.
According to sources familiar with the matter, both Valley National and First Citizens submitted their bids to the Federal Deposit Insurance Corporation (FDIC) by the March 24 deadline. The FDIC had previously taken over SVB and has been in the process of finding a buyer for the past two weeks. The agency is expected to announce the winning bidder by the end of this week. However, a final decision has not yet been made, meaning the FDIC may still choose to keep control of SVB or sell it to another party altogether.
While Valley National has yet to comment on the situation, First Citizens has chosen to remain silent on the rumor, indicating that they do not wish to reveal any information prematurely. Representatives for Valley National and the FDIC have also refrained from responding to press inquiries.
The potential purchase of SVB by either Valley National or First Citizens represents a significant shift in the banking industry. SVB is a California-based bank that specializes in serving technology and innovation-focused customers. Its acquisition by another bank could signal a change in direction for the company and the businesses it serves.
The future of Silicon Valley Bank remains uncertain. With two strong contenders vying for its ownership, the FDIC will have to carefully consider each party's proposal before making a final decision.
Valley National and First Citizens want to buy Silicon Valley Bank
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