Collapsed Silicon Valley Bank Gets Two Suitors After Being On The Block For Weeks: Report

First Citizens BancShares (Nasdaq: FCNCA) and Valley National Bancorp (NASDAQ: VLY) have tabled separate bids for Silicon Valley Bank, Bloomberg has reported, citing people familiar with the matter.

For the last two weeks, the Federal Deposit Insurance Corporation (FDIC) has been trying to sell the tainted bank. The federal agency will likely announce the potential winner among the two bidders as early as this weekend but could also choose to ignore the two bids and wait for another suitor.

Previously owned by SVB Group, Silicon Valley Bank was taken over by the FDIC earlier this month after a bank run led to the lender's collapse. Before its downfall, the bank was the 16th largest in the U.S. Its collapse marked the second-biggest bank failure in U.S. banking history.

First Citizens is a Raleigh, North Carolina-based bank holding company, with First Citizens Bank among its subsidiaries. It had a market capitalization of $8.42 billion as of Friday.

Valley National is headquartered in Wayne, New Jersey, with about $43 billion in assets. It boasts a market cap of $4.73 billion.

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