Bloomberg Law
March 19, 2023, 3:01 AM

First Citizens Weighing Takeover of Silicon Valley Bank

Matthew Monks
Matthew Monks
Bloomberg News
Ed Hammond
Ed Hammond
Bloomberg News

First Citizens BancShares Inc. is evaluating an offer for Silicon Valley Bank, according to people familiar with the matter.

The Raleigh, North Carolina-based lender is among the handful of potential buyers in the data room for the auction process for the failed bank, said the people, who asked not to be identified because the matter isn’t public.

Offers are due Sunday morning, said the people. The Federal Deposit Insurance Corp. will decide on Sunday whether to pursue a full sale or breakup, depending if any bids come in, one of the people said. At least one other suitor is ...