Multiple Banks Compete for Acquisition of Silicon Valley Bank

Valley National Bancorp has reportedly submitted a bid for Silicon Valley Bank after its collapse earlier this month, joining First Citizens BancShares as a competing bidder for SVB. The FDIC seized the lender and has been seeking to sell it for about two weeks, with a winner expected to be chosen in the sales process as early as this weekend. Silicon Valley Bank was shut down by the FDIC as regulators moved to protect customers as it faced a liquidity crunch following a $2 billion loss, becoming the largest bank failure since the financial crisis.