Exclusive: Regulators at the U.S. Federal Deposit Insurance Corp have asked banks interested in acquiring failed lenders Silicon Valley Bank and Signature Bank to submit bids by March 17
Any buyer of Signature must agree to give up all the crypto business at the bank, the two sources added.
The sources requested anonymity because the matter is confidential. The FDIC declined to comment, both on its own behalf and for SVB. Signature and Piper Sandler did not immediately respond to requests for comment. U.S. President Joseph Biden has said that U.S. taxpayers will not bear the cost of salvaging SVB and Signature because any capital shortfalls would be covered by a government fund that can place a levy on other banks. Successful sales, however, would help minimize such shortfalls.
SVB became last week the biggest U.S. bank to fail since the 2008 financial crisis, spreading jitters across the banking sector and raising doubt about the future of startups that turned to the technology-focused lender for financial services. Among the banks that studied but decided against an offer during last weekend's auction for SVB were PNC Financial Services
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