Valley National, First Citizens bidding for Silicon Valley: report

The banks bidding for Silicon Valley Bank have added another interested party.

Valley National Bancorp has reportedly submitted a bid for Silicon Valley Bank after its collapse earlier this month, according to Bloomberg.

Valley National joins First Citizens BancShares as a competing bidder for SVB.

The two regional banks submitted separate bids to the Federal Deposit Insurance Corp. before a Friday night deadline.

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The FDIC seized the lender and has been seeking to sell it for about two weeks.

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A winner is expected to be chosen in the sales process as early as this weekend, people familiar with the situation tell Bloomberg.

FOX Business has reached out to both Valley National and First Citizens for comment.

At the end of the week, First Citizens had a market value of $8.4 billion, while Valley National’s valuation stood at $4.7 billion.

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First Citizens participated in the FDIC’s sales process earlier for Silicon Valley Bank, submitting a very low bid that was reportedly rejected.

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Silicon Valley Bank, the nation’s 17th largest, was shut down by the FDIC as regulators moved to protect customers as it faced a liquidity crunch following a $2 billion loss.

It became the largest bank failure since the financial crisis.