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First Citizens in advanced talks to buy Silicon Valley Bank -source

© Reuters. FILE PHOTO: First Citizens BancShares logo is seen in this illustration taken March 19, 2023. REUTERS/Dado Ruvic/Illustration

(Reuters) -First Citizens BancShares Inc was in advanced talks to acquire Silicon Valley Bank, a person familiar with the matter told Reuters on Sunday.

First Citizens could reach a deal as soon as Sunday to acquire Silicon Valley Bank from the Federal Deposit Insurance Corp (FDIC), according to Bloomberg News, which first reported the development.

First Citizens and FDIC did not immediately respond to Reuters requests for comment.


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