Valley National Bancorp and First Citizens BancShares Inc. are both vying for Silicon Valley Bank after its collapse earlier this month, according to people familiar with the matter.
The two regional banks submitted separate bids for Silicon Valley Bank to the Federal Deposit Insurance Corp. before a Friday night deadline, said the people, who asked to not be identified because the matter isn’t public. The FDIC, which seized the lender and has been seeking to sell it for about two weeks now, is expected to choose a winner in the sales process as early as this weekend, the people said. ...
