People familiar with the matter: FDIC starts auction process for Silicon Valley Bank, final bidding will close on Sunday afternoon

According to Bloomberg News, people familiar with the matter said that the Federal Deposit Insurance Corporation (FDIC) launched the auction process for Silicon Valley Bank on Saturday night, and the final quotation will be closed on Sunday afternoon local time. The FDIC aims to reach an agreement quickly, but has not yet made a final decision and may not reach any agreement. Currently, the FDIC is selling assets and providing uninsured deposits to some customers on Monday, and will provide 100% protected deposits when Silicon Valley Bank branches reopen on Monday.

Babbitt News

Related Posts