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The Federal Deposit Insurance Corp. reportedly began an auction for Silicon Valley Bank late on Saturday night, with the final bids required by Sunday afternoon.
What Happened: Late on Saturday night, an auction process for Silicon Valley Bank was initiated by the FDIC — which that took control of the bank on Friday — and final bids were required to be submitted by Sunday afternoon, reported Bloomberg, citing people familiar with the matter.
See Also: Silicon Valley Bank Employees Offered 45 Days Of Employment At 1.5 Times Pay Following Collapse
Even though the FDIC is aiming for a quick deal, the winner may not be known until late Sunday, stated the report, citing a person who requested to remain anonymous because the matter isn’t public yet. According to the Bloomberg’s sources, no final decision has been made, and it’s possible that an agreement may not be reached, stated the report.
Silicon Valley Bank, a subsidiary of the SVB Financial Group SIVB, collapsed on Friday, following which the FDIC assumed control of the bank.
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Image and article originally from www.benzinga.com. Read the original article here.