Silicon Valley Bank successor’s auction extended by FDIC
The bidding process for the successor of Silicon Valley Bank is being extended by the Federal Deposit Insurance Corp. to give more time to work out a potential deal, according to an Associated Press report.
The FDIC said Monday that there’s been “substantial interest” from multiple parties for Silicon Valley Bridge Bank. The agency said it’s going to allow parties to submit separate bids for Silicon Valley Bridge Bank and its subsidiary Silicon Valley Private Bank in order to simplify the bidding process and expand the pool of possible bidders.
Qualified insured banks and qualified insured banks working with non-bank partners will be able to submit whole-bank bids or bids on the deposits or assets of the institutions. Bank and non-bank financial firms will be allowed to bid on asset portfolios.
Bids for Silicon Valley Bridge Bank must be submitted by 8 p.m. ET on Friday, while bids for Silicon Valley Private Bank are due by 8 p.m. ET on Wednesday.