RALEIGH – First Citizens Bank, which is based in Raleigh, could become the owner of failed Silicon Valley Bank, according to various media reports over the weekend.
Bloomberg, Reuters and Fox News were among the media outlets saying First Citizens could acquire SVB which was seized by federal regulators on March 10.
Reuters reported just before 3 p.m. Sunday that the Federal Deposit Insurance Corp is planning to relaunch the sale process “after failing to attract buyers in its latest auction.”
Bids were originally to be made by March 17, according to Reuters.
“The lender based in North Carolina is among the handful of potential buyers for the auction process for the failed bank, said a person familiar with the situation,” reported Bloomberg.
The news service noted that such a deal for SVB would not be unprecedented, noting First Citizens bought CIT Group last year for more than $2 billion.
“Our merger with CIT marked a major milestone for First Citizens and established us as a top 20 US bank based on asset size. Joining forces enables us to serve a broader spectrum of businesses and individuals, while offering even more convenience, scale and value,” First Citizens says at its website.
Neither First Citizens nor SVB responded to requests for comment, Reuters reported.
First Citizens ranks among the top 20 financial institutions in the U.S. with more than $100 billion in assets, more than 10,000 employees and more than 500 branches spread across 22 states, according to its website.
The bank was founded in 1898 in Smithfield.
