Finance
Silicon Valley Bank’s Bidding Process Extended by the FDIC
- Both banks and other firms with bank partners can make offers
- FDIC cites ‘substantial interest from multiple parties’
Customers outside of a Silicon Valley Bank branch in Wellesley, Massachusetts.
Photographer: Sophie Park/BloombergThis article is for subscribers only.
The Federal Deposit Insurance Corp. extended the bidding process for Silicon Valley Bank after receiving “substantial interest” from multiple potential buyers.
To simplify the process and expand the pool of potential bidders, the FDIC will allow parties to submit separate offers for Silicon Valley Bridge Bank NA and its Silicon Valley Private Bank subsidiary, the regulator said. Both insured banks and banks with nonbank partners will be able to submit offers for all of SVB, or they can bid on deposits or assets.