Banking Turmoil: Executives Sell Stock as FDIC Extends Silicon Valley Bank Auction.

The FDIC has extended the bidding process for Silicon Valley Bridge Bank, National Association, Santa Clara, California, due to substantial interest from multiple parties. The FDIC will allow parties to submit separate bids for Silicon Valley Bridge Bank, N.A., and its subsidiary Silicon Valley Private Bank. The FDIC is seeking bids on Silicon Valley Private Bank by March 22, 2023, and on Silicon Valley Bridge Bank, N.A. by March 24, 2023. Silicon Valley Bridge Bank, N.A., continues to operate as a nationally chartered bank, and vendors and counterparties with contracts with the bridge bank are legally obligated to continue to perform under the contracts.