First Citizens Bank is reportedly nearing a deal to acquire the failed Silicon Valley Bank through an auction held by the Federal Deposit Insurance Corporation.
could soon be acquired through an auction by First Citizens Bank with a deal being announced as early as Sunday, according to reports.
The FDIC has been marketing SVB as two entities for prospective bidders – the Silicon Valley Bridge Bank, which holds its consumer deposits, and the Silicon Valley Private Bank, which offers wealth management services for high-net-worth clients. Bids in thefor Silicon Valley Private Bank were due Wednesday, while bids for Silicon Valley Bridge Bank were due Friday.
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