Last updated: March 26, 2023 at 8:34 PM ET
First posted: March 26, 2023 at 7:57 PM ET
First Citizens BancShares Inc. Closes deal to acquire failed Silicon Valley Bank from Federal Deposit Insurance Corp. , according to a report released late Sunday.
Bloomberg News reported that a deal could be announced as soon as Sunday night, though no final decision has been made yet.
In an email Sunday, the FDIC said it would not confirm…
First Citizens BancShares Inc. Closes deal to acquire failed Silicon Valley Bank from Federal Deposit Insurance Corp. , according to a report released late Sunday.
Bloomberg News reported A deal could be announced as soon as Sunday night, although no final decision has been made yet.
In an email Sunday, the FDIC said it would not confirm or comment on the bids placed or whether it has selected a bidder. First Citizens did not immediately respond to a request for confirmation or comment.
The FDIC has been trying to auction off the Silicon Valley bank for nearly two weeks, since it became the largest US bank to go bankrupt since Washington Mutual in 2008.
Last week, Bloomberg reported that First Citizens of North Carolina, which has bought 20 failed banks since 2009, was seeking to acquire the Silicon Valley bank.
The share of the first citizen
FCNCA
It has sank 23% year-to-date — mostly over the past month — and is down 15% over the past 12 months, compared to the S&P 500.
SPX
3.4% gain in 2023 and 13% decline from last year.
“Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff.”
