First Citizens Reportedly Nearing Acquisition of Silicon Valley Bank

First Citizens BancShares Inc is said to be in advanced negotiations to purchase Silicon Valley Bank, according to an anonymous source who spoke with Reuters on Sunday.

As reported by Bloomberg News, the acquisition deal between First Citizens and Silicon Valley Bank, which is currently under the control of the Federal Deposit Insurance Corp (FDIC), could be finalized as early as Sunday. First Citizens boasts approximately $109 billion in assets and total deposits of $89.4 billion.

Neither the FDIC nor First Citizens immediately responded to Reuters' requests for comments on the matter.

In the past two weekends, the FDIC attempted to sell SVB Private alongside Silicon Valley Bank but was unsuccessful in striking a deal for both entities. As a result, the FDIC has requested separate offers for SVB Private and Silicon Valley Bank by March 24.

A separate Bloomberg report on Saturday revealed that Valley National Bancorp (VLY.O) was also in the running as a potential bidder for Silicon Valley Bank.