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The Federal Deposit Insurance Corp. will decide on Sunday whether to seek a full sale or liquidation of Silicon Valley Bank.
One financial institution that could throw its hat in the ring is BancShares, according to Bloomberg First Citizens.
The company is reportedly considering making a bid for the SVB.
The North Carolina-based lender is among a handful of potential buyers for the failed bank’s auction process, said a person familiar with the situation.
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In this photo illustration, the First Citizens Bank logo is seen on a smartphone screen with the First Citizens Bancshares logo in the background. ((Photo illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)/Getty Images)
At least one other prospect is seriously considering Silicon Valley Bank, the person told Bloomberg.
It is always possible that First Citizens may decide not to place a bid.
First Citizens acquired commercial lender CIT Group Inc. for more than $2 billion in a deal completed last year.
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A sign for Silicon Valley Bank (SVB) headquarters is seen March 10, 2023 in Santa Clara, California. (Portal/Nathan Frandino/Portal photos)
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FOX Business has reached out to First Citizens BancShares for comment.
First Citizens earlier participated in the FDIC’s sale process for Silicon Valley Bank and submitted a very low offer that was rejected, the people added.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FCNCO | FIRST CITIZENS BANCSHARES INC DEL 5.625% NON-CUM PERPETUAL PF | 17.98 | -1.09 | -5.72% |
The Silicon Valley bank, the 17th largest in the country, was shut down by the FDIC a week ago as regulators tried to protect customers as it faced a liquidity crisis after a $2 billion loss.
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It was the biggest bank failure since the financial crisis.