The bidding process for the successor of Silicon Valley Bank is being extended by the Federal Deposit Insurance Corp. to give more time to work out a potential deal. siliconvalleybank kprc2 click2houston
FILE - The Silicon Valley Bank logo is seen at an open branch in Pasadena, Calif., on March 13, 2023. The bidding process for the successor of Silicon Valley Bank is being extended by the Federal Deposit Insurance Corp. to give more time to work out a potential deal. The FDIC said Monday, March 20, 2023 that theres been substantial interest from multiple parties for Silicon Valley Bridge Bank.
Trading in First Republic shares was halted numerous times due to the volatility. The shares have dropped around 88% in the past two weeks.received a $30 billion rescue package from 11 of the biggest U.S. banks last week in an effort to prevent its collapse.
In other banking news, the bidding process for the successor of Silicon Valley Bank is being extended by the Federal Deposit Insurance Corp. to give more time to work out a potential deal. Qualified insured banks and qualified insured banks working with non-bank partners will be able to submit whole-bank bids or bids on the deposits or assets of the institutions. Bank and non-bank financial firms will be allowed to bid on asset portfolios.
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