New Jersey bank said to be first choice to buy Silicon Valley Bank

Robert Besser
29 Mar 2023, 16:30 GMT+10

Bloomberg News has reported that New Jersey-based Valley National Bancorp is bidding to purchase Silicon Valley Bank
A bid has been submitted to the Federal Deposit Insurance Corp, which now controls the Silicon Valley Bank assets, the report added
Valley National Bancorp has not responded to a request for comment, while the FDIC has refused to confirm or comment on names being reported as potential bidders for SVB

NEW YORK CITY, New York: Bloomberg News has reported that New Jersey-based Valley National Bancorp is bidding to purchase Silicon Valley Bank.

A bid has been submitted to the Federal Deposit Insurance Corp (FDIC), which now controls the Silicon Valley Bank assets, the report added.

Valley National Bancorp has not responded to a request for comment, while the FDIC has refused to confirm or comment on names being reported as potential bidders for SVB.

Reuters earlier reported that First Citizens BancShares, one of the largest buyers of failed US lenders, has also submitted a bid for Silicon Valley Bank.

The FDIC has asked for separate offers for the bank and its private arm by 24th March, after it failed to sell SVB's private banking business alongside Silicon Valley Bank over the last two weeks.

It is expected to announce a new owner as early as this weekend.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Herald Globe.

More Information

62 ℉

Cloudy in Wenatchee

International

Section

Amtrak nearly at pre-COVID-19 ridership levels, says official

WASHINGTON D.C.: Amtrak CEO Stephen Gardner said this week that despite projected losses of $800 million for the current budget ...

US to pay $570 million to eliminate dangerous rail sites

WASHINGTON D.C.: The Biden administration has announced that it is providing grants worth $570 million to eliminate many dangerous railroad ...

No confirmation, as reports say King Charles going to France in fall

PARIS, France: According to a report by BFM TV, Britain's King Charles is considering a visit to France in September, ...

US to get tough as drone disrupts Pittsburgh airport

WASHINGTON D.C.: The Federal Aviation Administration has said that a drone sighting disrupted some flights at Pittsburgh International Airport this ...