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The FDIC allegedly began an auction procedure for Silicon Valley Bank late on March 11. Bids were only going to be accepted for a few hours.
The United States Federal Deposit Insurance Corporation (FIDC) began an auction procedure for Silicon Valley Bank on March 11, according to Bloomberg report, citing unnamed sources. Bids were only supposed to be open for a few hours until the process closed on March 12.
Over the weekend, the FDIC looked for a buyer for the California bank, ahead of the market opening on March 13. However, no final decision has been made, and it is possible that an agreement will not be reached.
The United States Federal Deposit Insurance Corporation (FIDC) began an auction procedure for Silicon Valley Bank on March 11. Bids were only supposed to be open for a few hours until the process closed on March 12.
A venture capital investor said “I’ve had a few companies sell 90 cents on the dollar to make sure they make payroll. All of these companies have the SVB effect.”
On March 10, California’s financial watchdog shut down Silicon Valley after it announced a massive sale of assets and stocks aimed at obtaining $2.25 billion in money to shore up operations.