: First Citizens near deal to buy Silicon Valley Bank: report


First Citizens BancShares Inc. is close to a deal to acquire failed Silicon Valley Bank from the Federal Deposit Insurance Corp., according to a report late Sunday.

Bloomberg News reported a deal could be announced as soon as Sunday night, though a final decision has not yet been made.

In an email Sunday, the FDIC said it would not confirm or comment on submitted bids or whether it has selected a bidder. First Citizens did not immediately reply to a request for confirmation or comment.

The FDIC has been trying to auction off Silicon Valley Bank for about two weeks, since it became the largest U.S. bank to go bust since Washington Mutual in 2008.

Last week, Bloomberg reported North Carolina-based First Citizens, which has bought 20 failed banks since 2009, was pursuing an acquisition of Silicon Valley Bank.

First Citizens shares FCNCA, -1.11% have sunk 23% year to date — mostly over the past month — and are down 15% over the past 12 months, compared to the S&P 500’s SPX, +0.56% 3.4% gain in 2023 and 13% decline over the past year.

This article was originally published by Marketwatch.com. Read the original article here.

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