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

(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.