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 an agreement as early as Sunday to acquire Silicon Valley Bank from the Federal Deposit Insurance Corp., according to Bloomberg News, which first reported the development.
After giving up on a plan to raise money, Silicon Valley Bank collapsed within 48 hours, becoming the largest US lender to fail in over a decade. The bank suffered a significant loss on the sale of its securities as interest rates increased, which alarmed investors and depositors, who quickly started pulling their money.
As of Friday, Raleigh, North Carolina-based First Citizens had a market value of $8.4 billion.
