First Citizens BancShares In Advanced Talks To Acquire Silicon Valley Bank : Report

(RTTNews) - First Citizens BancShares Inc., which previously placed a bid to buy Silicon Valley Bank through the auction held by Federal Deposit Insurance Corporation, is in advanced talks to acquire the failed bank, Bloomberg reported citing people familiar with the matter.

According to the report, First Citizens could reach a deal as soon as Sunday to buy Silicon Valley Bank from the FDIC. No final decision has been made and talks could fall through.

Earlier this month, the California-based Silicon Valley Bank was closed by regulators, and its assets had been seized due to inadequate liquidity and insolvency.

The California Department of Financial Protection and Innovation appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of Silicon Valley Bank.

The seizure of Silicon Valley Bank's assets marked the largest bank failure since Washington Mutual during the height of the 2008 financial crisis.