© Reuters. FILE PHOTO: Destroyed SVB (Silicon Valley Bank) logo is seen in this illustration taken March 13, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) – Valley National Bancorp (NASDAQ:) and First Citizens BancShares Inc. are both vying to buy Silicon Valley Bank, Bloomberg News reported on Saturday.

The two regional banks have submitted separate bids to the Federal Deposit Insurance Corp (FDIC), the report said, citing people familiar with the matter.

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