First Citizens inches closer to Silicon Valley Bank acquisition: Report

Silicon Valley Bank became the biggest US lender to fail in more than a decade.

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 BancShares and SVB (Silicon Valley Bank) logos. (Reuters)

First Citizens could reach a deal soon to acquire Silicon Valley Bank from the Federal Deposit Insurance Corp., said the people, who asked to not be identified because the matter isn’t public. No final decision has been made and talks could fall through, the people added.

A representative for the FDIC declined to comment. First Citizens didn’t immediately respond to requests for comment.

Silicon Valley Bank became the biggest US lender to fail in more than a decade, unraveling in less than 48 hours after abandoning a plan to shore up capital. The bank took a huge loss on sales of its securities as interest rates climbed, unnerving investors and depositors who rapidly began pulling their money.