People familiar with the matter said that First Citizens BancShares FCNCA and Valley National Bancorp VLY have tabled separate bids for Silicon Valley Bank.
The Federal Deposit Insurance Corporation FDIC has tried to sell the tainted bank for the last two weeks. The federal agency will likely announce the potential winner among the two bids as early as this weekend, but could also choose to ignore the two bids and wait for another suitor.
Previously owned by SVB Group, Silicon Valley Bank was taken over by the FDIC earlier this month after a bank run led to the collapse of the lender. The bank was the 16th largest bank in the U.S. before its downfall. Its collapse marked the second-biggest bank failure in U.S. banking history.
First Citizens Bank is a Raleigh, North Carolina-based bank holding company with First Citizens Bank among its subsidiaries. It had a market value of $8.42 billion as of Friday.
Valley National has $43 billion in assets in Wayne, New Jersey. It has a market cap of $4.73 billion.
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