June 17, 2024
FDIC extends bidding for Silicon Valley Private Bank, Silicon Valley Bridge Bank

FDIC extends bidding for Silicon Valley Private Bank, Silicon Valley Bridge Bank

The Federal Deposit Insurance Corp. said Monday it’s extending the bidding for former units and assets of Silicon Valley Bank, which has been renamed Silicon Valley Bridge Bank since the government took it over on March 10. “There has been substantial interest from multiple parties, and the FDIC and the bidders need more time to explore all options in order to maximize value and achieve an optimal outcome,” the FDIC said. The FDIC said it will allow parties to submit separate bids for Silicon Valley Bridge Bank and its Silicon Valley Private Bank units. Qualified, insured banks, and qualified, insured banks in alliance with nonbank partners will be able to submit whole-bank bids or bids on the deposits or assets of the institutions, the FDIC said. Bank and non-bank financial firms will be permitted to bid on the asset portfolios. Bids for Silicon Valley Private Bank are due by 8 pm Eastern time on March 22, and on March 24 for Silicon Valley Bridge Bank.

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