The Federal Deposit Insurance Corporation (FDIC) announced on Monday that the bidding process for remaining assets at the defunct Silicon Valley Bank would be extended due to “substantial interest” from possible acquirers.
Silicon Valley Bank, one of the largest financial institutions in the United States, collapsed earlier this month as depositors rushed to withdraw their funds and the company suffered heavy losses from the liquidation of a long-term bond portfolio. The FDIC now directs holdings maintained by Silicon Valley Bank, which California state regulators closed on March 10, as well as Signature Bank in New York, which was closed two days later.
FDIC officials established Silicon Valley Bridge Bank and appointed new senior management in the wake of the firm’s implosion.
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