First Citizens in advanced talks to acquire Silicon Valley Bank

SVB became the biggest US lender to fail in more than a decade when it collapsed this month

A First Citizens Bank branch in Georgia. The US bank is seeking to buy Silicon Valley Bank from the Federal Deposit Insurance. Bloomberg

First Citizens BancShares is in advanced talks to acquire Silicon Valley Bank after its collapse earlier this month.

First Citizens could reach a deal as soon as Sunday to acquire SVB from the Federal Deposit Insurance Corporation, sources said.

No final decision has been made and talks could fall through, said the source.

A representative for the FDIC declined to comment. First Citizens did not immediately respond to requests for comment.

Silicon Valley Bank became the biggest US lender to fail in more than a decade, unravelling in less than 48 hours after abandoning a plan to shore up capital.

The bank took a huge loss on sales of its securities as interest rates climbed, unnerving investors and depositors who rapidly began pulling their money.

As of Friday, North Carolina-based First Citizens had a market value of $8.4 billion.