First Citizens plans to bid for SVB businesses -source
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FILE PHOTO: A security guard stands outside of the entrance of the Silicon Valley Bank headquarters in Santa Clara, California, U.S., March 13, 2023. REUTERS/Brittany Hosea-Small
NEW YORK (Reuters) - First Citizens Bancshares will submit bids to the Federal Deposit Insurance Corp (FDIC) to acquire parts of Silicon Valley Bank, one source with knowledge of the matter said on Monday.
The bank, which has around $109 billion in assets and total deposits of $89.4 billion, also delivered a bid on Sunday to the FDIC for the full SVB. Bloomberg reported earlier on Monday First Citizens' interest in SVB.
(Reporting by Tatiana Bautzer; Editing by Leslie Adler)
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