First Citizens could reach an agreement as early as Sunday to acquire Silicon Valley Bank, according to Bloomberg News.
First Citizens did not immediately respond to Reuters requests for comment.
In early March, Silicon Valley Bank announced that it needed to raise $2 billion to cover losses. After the news broke, SCB clients withdrew more than $40 billion from the bank.
Less than a week later, the parent company of lender SVB Financial Group filed for a reorganization under Chapter 11 bankruptcy protection and was seeking buyers for its assets after measures to shore up investor confidence failed.
With information from Reuters.
