SVB Collapse
FDIC Auction for Failed SVB Underway, Final Bids Due Sunday
- Final bids due, winner may only be known late Sunday
- FDIC is racing to sell SVB assets before branches open Monday
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The Federal Deposit Insurance Corp. kicked off an auction process late Saturday for Silicon Valley Bank, with final bids due by Sunday afternoon, according to people familiar with the matter.
The FDIC is aiming for a swift deal but a winner may not be known until late Sunday, according to one person, who asked to not be identified because the matter isn’t public. No final decision has been made and it’s possible that no deal will be reached, said the people.