First Citizens emerges as possible suitor for Silicon Valley Bank

First Citizens made a previous offer for Silicon Valley Bank which was rejected for being too low

The Federal Deposit Insurance Corp. will decide on Sunday whether to pursue a full sale or breakup of Silicon Valley Bank.

One financial institution that may be throwing its hat in the ring is First Citizens BancShares, according to Bloomberg.

The firm is reportedly evaluating making an offer for SVB.

The lender based in North Carolina is among the handful of potential buyers for the auction process for the failed bank, said a person familiar with the situation.

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First Citizens bancShares

In this photo illustration, First Citizens Bank logo is seen on a smartphone screen in front of First Citizens Bancshares logo in the background.  ((Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images) / Getty Images)

At least one other suitor is making a serious consideration for Silicon Valley Bank, the person told Bloomberg.

It is always possible that First Citizens could opt against making a bid.

First Citizens acquired commercial lender CIT Group Inc. for more than $2 billion in a deal that closed last year.

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svb

A sign for Silicon Valley Bank (SVB) headquarters is seen in Santa Clara, Calif., Mar. 10, 2023.  (Reuters/Nathan Frandino / Reuters Photos)

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FOX Business has reached out to First Citizens BancShares for comment.

First Citizens participated in the FDIC’s sales process earlier for Silicon Valley Bank, submitting a very low bid that was rejected, the people added. 

Ticker Security Last Change Change %
FCNCO FIRST CITIZENS BANCSHARES INC DEL 5.625% NON-CUM PERPETUAL PF 22.68 +0.07 +0.31%

Silicon Valley Bank, the nation’s 17th largest, was shut down by the FDIC a week ago as regulators moved to protect customers as it faced a liquidity crunch following a $2 billion loss.

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It became the largest bank failure since the financial crisis.