Before Friday night’s deadline, the two companies submitted separate offers for Silicon Valley Bank to the Federal Deposit Insurance Corp. Bloomberg. The FDIC, which seized the bank and has been trying to sell it for about two weeks, is expected to pick a winner in the sale process as early as this weekend.
First Citizens declined to comment on “market rumors or speculation,” and representatives of Valley National and the FDIC did not respond to requests for comment.
Silicon Valley Bank was the largest US bank to fail since 2008 after being run over by depositors and forced to liquidate its bond portfolio at a significant loss.
First Citizens has a market capitalization of $8.4 billion and Valley National has a market capitalization of $4.7 billion.
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