An auction process is reportedly underway to find a buyer for Silicon Valley Bank
A sign is posted in front of the Silicon Valley Bank (SVB) headquarters in Santa Clara, California on March 10, 2023.
Justin Sullivan | Getty Images
Federal regulators are conducting an auction for Silicon Valley Bank, with final bids due Sunday, according to a report by Bloomberg News.
The bank was shut down by regulators on Friday after massive withdrawals sparked a bank run a day earlier. According to the report, the Federal Deposit Insurance Corporation took control of the bank on Friday and started an auction process on Saturday night.
It is still possible that no agreement will be reached, the report said.
The collapse of SVB, which was a major player in the world of tech startups, is the largest bankruptcy by a US bank since Washington Mutual in 2008. That bank was then bought by JPMorgan Chase in a deal that restored uninsured deposits.
A full or partial takeover by another bank is one of the options regulators are exploring this weekend. Many Wall Street and Silicon Valley investors are expecting an announcement sometime Sunday to outline the next steps in the SVB crisis.
Read the complete Bloomberg News report here.
https://www.cnbc.com/2023/03/12/auction-process-is-reportedly-underway-to-find-a-buyer-for-silicon-valley-bank.html An auction process is reportedly underway to find a buyer for Silicon Valley Bank