First Citizens reportedly in advanced talks to buy Silicon Valley Bank

First Citizens Bank is reportedly in advanced talks to purchase Silicon Valley Bank, and a transaction could be finalized as early as Sunday (U.S. time), according to reports from Reuters and Bloomberg citing sources familiar with the matter.

First Citizens earlier submitted a bid to acquire Silicon Valley Bank (SVB) during the auction staged by the Federal Deposit Insurance Corporation (FDIC), which now owns the bank’s assets.

First Citizens has approximately $109 billion in assets and $89.4 billion in total deposits.

Both SVB Private and Silicon Valley Bank had been on the market for sale by the FDIC for the previous two weekends, but no agreement could be reached. Since then, it has requested separate bids for SVB Private and Silicon Valley Bank by March 24.

According to a separate Bloomberg report from earlier on Saturday, Valley National Bancorp was also interested in purchasing Silicon Valley Bank.