The Federal Deposit Insurance Corp. has moved the bid deadline to Friday for the failed Silicon Valley Bank’s wealth-management bank, according to people familiar with the matter.
The FDIC had said this week that bids were due for Silicon Valley Private Bank at 8 p.m. ET Wednesday. It’s not clear why the regulator moved the deadline. Bids are also still due Friday for the so-called bridge bank that the FDIC set up this month to seize the assets and liabilities of Silicon Valley Bank, said the people, who asked to not be identified because the matter isn’t public.
A representative for the FDIC didn’t immediately respond to requests for comment.
Silicon Valley Private Bank is the successor to Boston Private, the wealth-oriented bank SVB acquired in 2021. Silicon Valley Bank collapsed into FDIC receivership this month, after a run on the bank by its tech startup clients.
U.S. regulators moved toward a breakup solution for Silicon Valley Bank after failing to line up a suitable buyer for the entire company over the weekend, Bloomberg News reported on Sunday.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
