Valley Nationwide, First Residents bidding for Silicon Valley Financial institution- Bloomberg Information By Reuters

© Reuters. FILE PHOTO: Destroyed SVB (Silicon Valley Financial institution) emblem is seen on this illustration taken March 13, 2023. REUTERS/Dado Ruvic/Illustration/File Picture

(Reuters) – Valley Nationwide Bancorp (NASDAQ:) and First Residents BancShares Inc. are each vying to purchase Silicon Valley Financial institution, Bloomberg Information reported on Saturday.

The 2 regional banks have submitted separate bids to the Federal Deposit Insurance coverage Corp (FDIC), the report stated, citing individuals acquainted with the matter.

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