First Citizens in advanced talks to buy Silicon Valley Bank

First Citizens BancShares Inc was in advanced talks to acquire Silicon Valley Bank, a person familiar with the matter told Reuters on Sunday.

First Citizens could reach a deal as soon as Sunday to acquire Silicon Valley Bank from the Federal Deposit Insurance Corp (FDIC), according to Bloomberg News, which first reported the development.

First Citizens has around $109 billion in assets and total deposits of $89.4 billion.

The FDIC, which now controls the Silicon Valley Bank assets, and First Citizens did not immediately respond to Reuters requests for comment.

The FDIC had tried to sell SVB Private alongside Silicon Valley Bank over the last two weekends but it failed to reach a deal to sell them both together. It has since asked for separate offers for SVB Private and Silicon Valley Bank by March 24.

Valley National Bancorp was also a bidder for Silicon Valley Bank, according to a separate Bloomberg report on Saturday.