For many, many years, Silverymoon has been home to the legendary Fochlucan bardic college (AFAICT, 3.x source material spell the school's name "Foclucan"; 4E books spell it "Fochlucan").
Given that, one might go with the bandore (or bandora)
, since there's a bardic instrument in PHB2 called the Fochlucan Bandore. A magic item with that name has been in the D&D rules since 1E, and I suspect that some D&D or FR writer, years ago, borrowed the name when he created the college.
IC, you might flavor it that the magic instrument was first developed at the college, or that both were named after some legendary bard, or whatever (I can't find any specific references to why the college is named Fochlucan, though it would not surprise me if that info is out there somewhere).
"Of course [Richard] has a knife. He always has a knife. We all have knives. It's 1183, and we're barbarians!" - Eleanor of Aquitaine, "The Lion in Winter"