March 18 (Reuters) – First Residents BancShares Inc (FCNCA.O) is evaluating a proposal for Silicon Valley Financial institution (SIVB.O), Bloomberg Information reported on Saturday, citing folks conversant in the matter.
At the very least one different suitor is making a critical consideration for the collapsed lender, the report mentioned.
SVB and First Residents didn’t instantly reply to Reuters’ request for remark exterior of enterprise hours.
Reuters reported earlier this week that the Federal Deposit Insurance coverage Corp had requested banks keen on buying Silicon Valley Financial institution and Signature Financial institution to submit bids by March 17.
The auctions adopted the FDIC taking on Silicon Valley Financial institution final Friday and Signature Financial institution (SBNY.O) on Sunday, because the collapses of the 2 U.S. mid-sized lenders whipsawed international monetary markets over fears of a contagion.
This would be the FDIC’s second try at promoting SVB after a failed effort per week in the past. The FDIC had retained funding financial institution Piper Sandler Cos (PIPR.N) to run a brand new public sale, the sources instructed Reuters.
Reporting by Lavanya Ahire in Bengaluru; Enhancing by Jacqueline Wong and Lincoln Feast.
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