Another interested party is being added to the banks bidding for Silicon Valley Bank.
After its collapse earlier this month, Valley National Bancorp has submitted a bid for Silicon Valley Bank, according to Bloomberg.
Valley National joins First Citizens BancShares as a competing bidder for SVB.
The two regional banks submitted separate bids to the Federal Deposit Insurance Corp. before the Friday night deadline.
The FDIC seized the lender and has been trying to sell it for about two weeks.
People familiar with the situation tell Bloomberg that a winner is expected to be chosen in the sales process as early as this weekend.
FOX Business reached out to Valley National and First Citizens for comment.
First Citizens had a market value of $8.4 billion at the end of the week, while Valley National's valuation was $4.7 billion.
First Citizens participated in the FDIC's sales process earlier for Silicon Valley Bank, submitting a very low bid that was reportedly rejected.
Silicon Valley Bank, the nation's 17th largest, was shut down by the move to protect customers as it faced a crunch due to a $2 billion loss.
It was the largest bank failure since the financial crisis.