First Citizens could reach a deal as soon as Sunday to acquire SVB from the Federal Deposit Insurance Corporation, sources said.
No final decision has been made and talks could fall through, said the source.
A representative for the FDIC declined to comment. First Citizens did not immediately respond to requests for comment.
Silicon Valley Bank became the biggest US lender to fail in more than a decade, unravelling in less than 48 hours after abandoning a plan to shore up capital.
The bank took a huge loss on sales of its securities as interest rates climbed, unnerving investors and depositors who rapidly began pulling their money.
As of Friday, North Carolina-based First Citizens had a market value of $8.4 billion.