Valley National, First Citizens said to bid on Silicon Valley

Valley National Bancorp and First Citizens BancShares Inc. are both competing for Silicon Valley Bank after its collapse earlier this month, according to people familiar with the matter.

The two regional banks gave separate bids for Silicon Valley Bank to Federal Deposit Insurance Corp. before a Friday night deadline, said the people, who asked not to be identified because the case is not public. The FDIC, which seized the lender and has been trying to sell it for about two weeks now, is expected to pick a winner in the sale process as early as this weekend, the people said.