First Citizens BancShares in advanced talks to acquire Silicon Valley Bank, sources

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27th March 2023 – (New York) First Citizens BancShares, a North Carolina-based bank, is reportedly in advanced talks to acquire Silicon Valley Bank, a renowned tech-focused bank, according to a person familiar with the matter. The acquisition could be announced as soon as Sunday, sources say.

The potential deal could prove to be a significant one for both banks. First Citizens BancShares would gain a foothold in the technology industry, while Silicon Valley Bank could benefit from the financial resources and infrastructure of a larger institution.

Bloomberg News first reported the news, citing anonymous sources, adding that First Citizens could purchase Silicon Valley Bank from the Federal Deposit Insurance Corporation (FDIC). Both First Citizens and FDIC have declined to comment on the matter.

First Citizens BancShares is a publicly traded financial holding company with assets of over US$48 billion. It operates over 500 branches in 19 states, including Washington D.C. and the Virgin Islands. The bank provides a range of financial services, including personal and business banking, wealth management, and insurance.