3/20, 2:20 PM (Source: TeleTrader)
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FDIC extends window to bid for Silicon Valley bridge bank

The Federal Deposit Insurance Corporation (FDIC) extended the bid window for the Silicon Valley bridge bank on Monday, arguing it needs additional time but that there has been an interest in Silicon Valley Bank from various parties.

The FDIC revealed it will allow separate bids on Silicon Valley private bank and bridge bank to increase the pool of bidders, with bids for private bank applicable until Wednesday evening and for bridge bank until Friday. "In the meantime, Silicon Valley Bridge Bank continues to operate as a nationally chartered bank. Depositors will continue to have full access to all of their money through Silicon Valley Bridge Bank," the FDIC noted.

SVB Financial Group, the parent company of Silicon Valley Bank, filed for bankruptcy last week following the collapse that has spread insecurity into the banking sector worldwide.

Baha Breaking News (BBN) / ND