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 on March 10, 2023 in Santa Clara, California.
Justin Sullivan | Getty Images
Federal regulators are conducting an auction for Silicon Valley Bank, with final bids due Sunday, according to a report from Bloomberg News.
The bank was closed by regulators on Friday after massive withdrawals a day earlier created a bank run. The Federal Deposit Insurance Corporation took control of the bank on Friday, and started an auction process on Saturday night, according to the report.
It is still possible that no deal is reached, the report said.
The collapse of SVB, which was a key player in the technology start-up world, is the largest U.S. bank failure since Washington Mutual in 2008. That bank was then purchased by JPMorgan Chase in a deal that restored the uninsured deposits.
A total or partial acquisition by another bank is one of the options regulators are exploring this weekend. Many investors on Wall Street and Silicon Valley expect an announcement at some point on Sunday to detail the next steps in the SVB crisis.
Read the complete Bloomberg News report here.
