First Citizens in advanced talks to buy Silicon Valley Bank

According to people familiar with the matter, Bloomberg First Citizens BancShares Inc. is in advanced talks to acquire Silicon Valley Bank after its collapse earlier this month.

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First Citizens could reach a deal as soon as Sunday to purchase Silicon Valley Bank from the Federal Deposit Insurance Corp., said the people who asked not to be identified because the matter isn't public. There is no final decision on the matter, and talks could fall through, the people said.

Read more: Valley National, First Citizens Said to Bid on Silicon Valley

A FDIC official didn't want to make a statement. First Citizens didn't respond immediately to requests for comment.

Silicon Valley Bank was the biggest US lender to fail in more than a decade, unravelling in less than 48 hours after abandoning a plan to shore up capital. As interest rates went up, the bank took a huge loss on sales of its securities, which caused investors and depositors to start pulling their money.

As of Friday, First Citizens had a market value of $8.4 billion.

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