Valley National Bancorp is vying to buy Silicon Valley Bank, Bloomberg News reported on Saturday. | Reuters
Valley National Bancorp is vying to buy Silicon Valley Bank, Bloomberg News reported on Saturday.
The regional bank has submitted a bid to the Federal Deposit Insurance Corp , the report said, citing people familiar with the matter.The FDIC which now controls the Silicon Valley Bank assets, when asked for a comment on the report said it is not confirming or commenting on names being reported as potential bidders for SVB. Valley National Bancorp did not immediately respond to a request for comment.
First Citizens BancShares Inc, one of the biggest buyers of failed U.S. lenders, has also submitted a bid for all of Silicon Valley Bank, a source told Reuters earlier this week.
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