{"id":1202173,"date":"2023-03-19T08:10:18","date_gmt":"2023-03-19T12:10:18","guid":{"rendered":"https:\/\/bugaluu.com\/news\/fdic-prepares-to-break-up-silicon-valley-bank-report-says\/1202173\/"},"modified":"2023-03-19T08:10:18","modified_gmt":"2023-03-19T12:10:18","slug":"fdic-prepares-to-break-up-silicon-valley-bank-report-says","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/fdic-prepares-to-break-up-silicon-valley-bank-report-says\/1202173\/","title":{"rendered":"FDIC Prepares To Break Up Silicon Valley Bank, Report Says"},"content":{"rendered":"

FDIC Prepares To Break Up Silicon Valley Bank, Report Says<\/span><\/p>\n

\n

Update (1128ET):\u00a0<\/strong><\/p>\n

Bank news is moving quickly on Sunday morning.\u00a0<\/p>\n

According to Bloomberg, the Federal Deposit Insurance Corp (FDIC) is preparing to break up Silicon Valley Bank.\u00a0<\/p>\n

Sources who wished to remain anonymous stated that the FDIC plans to sell SVB in at least two parts.\u00a0<\/p>\n

\n

“Bids are due Friday for the so-called “bridge bank” that the FDIC set up to take receivership of SVB’s assets and liabilities,” the people said.\u00a0<\/em><\/p>\n<\/blockquote>\n

In a separate auction, FDIC will begin taking bids Wednesday for SVB Private Bank. Bank regulators attempted to sell them all together on Sunday, but they told potential buyers the deadline was moved to increase the size of the buyer pool.<\/p>\n

Bloomberg reported earlier First Citizens BancShares was evaluating an offer for SVB.\u00a0<\/p>\n

*\u00a0 \u00a0*\u00a0 \u00a0*\u00a0<\/p>\n

Two weeks after\u00a0seizing control of SVB Financial<\/a>, the parent of Silicon Valley Bank, the Federal Deposit Insurance Corp (FDIC) is still in the process of auctioning off the bank.\u00a0<\/p>\n

After the failed bank was unable to find a buyer following the March 10 collapse and subsequent takeover by the FDIC, and the inability to sell SVB on March 12, there are reports First Citizens BancShares Inc is evaluating an offer for Silicon Valley Bank,\u00a0Bloomberg<\/a>\u00a0reported, citing people familiar with the matter.\u00a0<\/p>\n

\n

The Raleigh, North Carolina-based lender is among the handful of potential buyers<\/strong> in the data room for the auction process for the failed bank, said the people, who asked not to be identified because the matter isn’t public.<\/em><\/p>\n

Offers are due Sunday morning<\/strong>, said the people. The Federal Deposit Insurance Corp. will decide on Sunday whether to pursue a full sale or breakup<\/strong>, depending if any bids come in, one of the people said. At least one other suitor is making a serious consideration for Silicon Valley Bank, the person said.<\/em><\/p>\n

No final decision has been made and First Citizens could opt against making a bid, according to the people.\u00a0<\/em><\/p>\n<\/blockquote>\n

Reuters noted last week that the FDIC had asked all interest banks in acquiring SVB to submit bids by Sunday.\u00a0<\/p>\n

First Citizens participated in the first round of auctions, submitting a low bid that was rejected, Bloomberg sources said. They made no mention of the current bid.\u00a0<\/p>\n

It’s worth noting there were eager buyers for SVB days after the collapse, but FDIC officials\u00a0prevented the sale<\/a>.<\/p>\n

\n

Kevin Hassett reveals “there were buyers who were willing to step in & buy [SVB, but] the radicals at the @FDICgov<\/a> basically weren\u2019t going to allow that to happen … the Biden Admin had a whitelist of companies that were allowed to buy the failed bank & companies that weren\u2019t.” pic.twitter.com\/Tsp2zPK70t<\/a><\/p>\n

\u2014 Tom Elliott (@tomselliott) March 13, 2023<\/a>\n<\/p><\/blockquote>\n

Last week,\u00a0regulators tapped advisors<\/a>\u00a0at the investment bank Piper Sandler Companies to\u00a0relaunch a failed auction<\/a>\u00a0of SVB. Today’s auction will be the second attempt.\u00a0<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nSun, 03\/19\/2023 – 11:28<\/span><\/p>\n

From:Zerohedge<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FDIC Prepares To Break Up Silicon Valley Bank, Report Says Update (1128ET):\u00a0 Bank news is moving quickly on Sunday morning.\u00a0 According to Bloomberg, the Federal…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1202173","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1202173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1202173"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1202173\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1202173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1202173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1202173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}