SVB is still looking for a buyer. Here is what we know so far.
The government stepped in to help SVB depositors Sunday night, but the search is still on for a buyer. SVB might be sold piecemeal. Here are the banks that could be possible buyers.
The Federal Deposit Insurance Corp, which was put in charge of the bank by California regulators on Friday, held an auction over the weekend, hoping to find a buyer by Sunday afternoon that would assume its deposits. Panic surged, particularly among startup founders who needed those deposits to make payroll.
While SVB Financial and the FDIC would have liked to have sold the bank as one unit, it's becoming clear that it will be sold in pieces: the commercial bank and the non-bank assets.The FDIC received and turned down at least one bid for SVB, the agency told US Senate Republicans in a Monday meeting, a source familiar with the conversation told Insider.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
JPMorgan, PNC among suitors for SVB Financial in deal excluding SVB Bank - AxiosJPMorgan Chase & Co and PNC Financial Service Group Inc are among those in talks about acquiring SVB Financial Group in a deal that would exclude its commercial banking unit Silicon Valley Bank that is currently under U.S. control, Axios reported on Monday citing sources.
Read more »
SVB collapse: The Treasury must make whole SVB investorsThe Treasury Department is right to ensure that investors at Silicon Valley Bank have access to their deposits.
Read more »
No Federal Bailout for SVB, But FDIC Auction Is UnderwayThe auction process for the financially-distressed bank is set to end Sunday afternoon.
Read more »
FDIC holds auction for SVB amid growing uncertaintyThe Treasury Department, Federal Reserve and FDIC Sunday said depositors of failed Silicon Valley Bank will have access to all their money starting Monday
Read more »
U.S. regulator planning another SVB auction - WSJU.S. regulators are planning to try again to auction failed Silicon Valley Bank , after they were unable to find a buyer over the weekend, the Wall Street Journal reported on Monday, citing people familiar with the matter.
Read more »
SVB Financial mulls strategic options, hires restructuring veteranDefunct startup-focused lender SVB Financial Group said on Monday that it was planning to explore strategic alternatives for its businesses including the holding company, SVB Capital and SVB Securities.
Read more »