FDIC explores sale and breakup of Silicon Valley Bank amidst banking turmoil.
TL;DR Summary
The Federal Deposit Insurance Corporation (FDIC) is reportedly considering breaking up Silicon Valley Bank (SVB) into at least two components and relaunching the sale process after the initial auction failed to attract buyers. Under the potential plan, SVB's private bank would be a separate entity with a Wednesday deadline for auction, while SVB's depositary bank would be put up for sale in a separate auction with bids due Friday. SVB was taken into receivership by the FDIC on March 10, 2023, after it failed amid a bank run and liquidity crunch.
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