Mar 23, 2023
Sidhu’s Customers Bancorp Weighs Making an Offer for Silicon Valley Bank
(Bloomberg) -- Customers Bancorp Inc., a small Pennsylvania lender whose holding company is led by Jay Sidhu, is exploring a deal for all or part of the failed Silicon Valley Bank, according to people familiar with the matter.
The bank has been seeking potential co-investors for a deal for Silicon Valley Bank, said the people, who asked to not be identified because the matter isn’t public. A final decision hasn’t been made and Customers Bancorp could opt against pursuing a deal, the people added.
The Federal Deposit Insurance Corp., which seized Silicon Valley Bank this month, has been seeking to unload the lender for about two weeks now. The FDIC is seeking bids this Friday for the company, people familiar with the matter said this week.
Representatives for Customers Bancorp and the FDIC declined to comment.
First Citizens BancShares Inc., one of the biggest buyers of failed US lenders, is also exploring a deal for Silicon Valley Bank, Bloomberg News reported this week.
Customers Bancorp, with a market value of $549 million, has a regional bank that offers business and home loans in the Northeastern US and also operates nationally through its corporate specialty banking and digital banking units, according to an investor presentation in January.
Sidhu used to run Sovereign Bancorp, a large regional bank in the Northeastern US now owned by Spain’s Banco Santander SA.
(Updates with FDIC response in fourth paragraph)
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