Auction process is reportedly underway to find a buyer for Silicon Valley Bank
Publishing timestamp: 2023-03-12 12:44:17
Summary
Silicon Valley Bank was taken over by regulators after a bank run caused by massive withdrawals. The Federal Deposit Insurance Corporation is conducting an auction for the bank, with final bids due on Sunday. The collapse of SVB is the largest U.S. bank failure since Washington Mutual in 2008. Regulators are exploring options for a total or partial acquisition by another bank. An announcement on next steps is expected on Sunday.
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