FDIC moves bid deadline for Silicon Valley Private Bank to Friday
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.
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.
Advisors need to review cash options in wake of SVB’s collapse
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