Insiders: Silicon Valley Bank's first auction failed yesterday, and the FDIC plans to attempt the auction again

2023-03-14 07:52:11

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ChainCatcher news, according to informed sources, Silicon Valley Bank (SVB) was first auctioned off on Sunday afternoon but ultimately failed, and the Federal Deposit Insurance Corporation (FDIC) is planning to attempt the auction again. According to the Wall Street Journal, regulators have designated SVB's failure as a potential threat to the financial system, thereby providing the FDIC with more options for selling the company, such as offering insurance to depositors above the $250,000 insurance limit and providing better terms.

Previous report, the FDIC took over SVB last Friday and initiated the auction process, with final bids set to close on Sunday afternoon local time. (CoinDesk)

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Silicon Valley Bank FDIC asset auction

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