Valley National Bank and First Citizens BancShares have reportedly submitted bids for the failed Silicon Valley Bank following it's collapse earlier this month.
The FDIC seized the lender and has been seeking to sell it for about two weeks.
A winner is expected to be chosen in the sales process as early as this weekend, people familiar with the situation tell Bloomberg.At the end of the week, First Citizens had a market value of $8.4 billion, while Valley National’s valuation stood at $4.7 billion.First Citizens participated in the FDIC’s sales process earlier for Silicon Valley Bank, submitting a very low bid that was reportedly rejected.
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