Bloomberg: First Citizens Bank may buy bankrupt Silicon Valley
North Carolina bank holding company First Citizens may buy out bankrupt Silicon Valley Bank. About it Bloomberg said sources familiar with the data of the Silicon Valley bankruptcy process.
The US Federal Deposit Insurance Corporation will decide on Sunday, March 19, whether to sell the bank in whole or in parts, depending on what offers come in, one of the sources said. At least one other bidder is considering buying Silicon Valley Bank, he said.
Silicon Valley Bank filed for bankruptcy on March 10. It is the 16th largest startup-focused bank in the US. The bankruptcy was the largest since the 2008 crisis and the second largest in US history after the bankruptcy of Washington Mutual Bank. Since the beginning of the month, the six largest Wall Street banks lost almost $165 billion in market capitalization.
According to the newspaper The New York Times, The US Department of Justice launched an investigation into the bankruptcy of Silicon Valley Bank. According to Reutersthe shareholders of Silicon Valley Bank filed a fraud lawsuit against the parent company, SVB Financial Group.
Read more about the consequences of bankruptcy - in the material "Investors doubt Wall Street".