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The banks bidding for Silicon Valley Bank have gained another prospect.
According to Bloomberg, Valley National Bancorp reportedly made a bid for Silicon Valley Bank following its collapse earlier this month.
Valley National Joins First Citizens BancShares as Competing Bidder for SVB.
The two regional banks have the Federal Deposit Insurance Corp. submitted separate bids before the Friday evening deadline.
FIRST CITIZENS ARE RISING AS A POSSIBLE SUITE FOR SILICON VALLEY BANK
Graphic representation of the Valley National and First Citizens logos (Getty Images/Getty Images)
The FDIC seized the lender and has been trying to sell it for about two weeks.
A winner is expected to be chosen this weekend in the sales process, people familiar with the situation told Bloomberg.
FOX Business has reached out to both Valley National and First Citizens for comment.
At the end of the week, First Citizens had a market value of $8.4 billion, while Valley National’s valuation was $4.7 billion.
The SVB (Silicon Valley Bank) logo can be seen in this photo taken on March 19, 2023. (Portal/Dado Ruvic/Fox News)
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First Citizens earlier participated in the FDIC’s sale process for Silicon Valley Bank and submitted a very low bid that was reportedly rejected.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| VLY | VALLEY NATIONAL BANK CORP | 9.32 | +0.26 | +2.87% |
| FIZN | FIRST CITIZEN A | 55 | +10.00 | +22.22% |
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Silicon Valley Bank, the 17th largest in the country, was shut down by the FDIC as regulators tried to protect customers as it faced a liquidity crisis after a $2 billion loss.
It was the biggest bank failure since the financial crisis.