Proactive Investors - The US Federal Deposit Insurance Corp extended the bidding window for former units and assets of Silicon Valley Bank on Monday, the agency announced.
The FDIC, which took over SVB on March 10 and renamed it Silicon Valley Bridge Bank, opted to push the deadline back to 8 pm ET on March 22 for Silicon Valley Private Bank and March 24 for Silicon Valley Bridge Bank.
“There has been substantial interest from multiple parties, and the FDIC and the bidders need more time to explore all options in order to maximize value and achieve an optimal outcome,” the FDIC said.
Qualified, insured banks, as well as qualified, insured banks in alliance with nonbank partners will be able to submit whole-bank bids or bids on the deposits or assets of the institutions.
Last week, SVB Financial Group, the parent company of Silicon Valley Bank, filed for court-supervised reorganization under Chapter 11 bankruptcy to seek buyers for its assets.