First Citizens Nears Deal to Buy Silicon Valley Bank, Sources Say
- SVB became the biggest US lender to fail in more than a decade
- A deal to buy SVB could be reached as soon as Sunday
This article is for subscribers only.
First Citizens BancShares Inc. is in advanced talks to acquire Silicon Valley Bank after its collapse earlier this month, according to people familiar with the matter.
First Citizens could reach a deal as soon as Sunday to acquire Silicon Valley Bank from the Federal Deposit Insurance Corp., said the people, who asked to not be identified because the matter isn’t public. No final decision has been made and talks could fall through, the people added.