The US Federal Deposit Insurance Corporation (FIDC) kicked off the auction process for Silicon Valley Bank, Bloomberg, on the evening of March 11th. report Citing an unnamed source. The auction is said to be open for only a few hours before the process ends later this Sunday.
The FDIC is looking for buyers for California banks over the weekend ahead of the market opening on March 13, according to Bloomberg sources.
U.S. Treasury Secretary Janet Yellen said in an interview today that she is working with regulators to address the Silicon Valley bank failure and protect investors, but is not envisioning a large-scale bailout. , the regulator said, “We want to ensure that problems that exist at one bank do not spread to other healthy banks.”
Acquisition of Cherokee, a trading platform in bankruptcy cases Said Some customers are being offered between 55 cents and 65 cents on the dollar for unsecured deposits, according to the Financial Times. A second source said other customers received offers of 70 to 75 cents per dollar on deposits held at the bank.
This is a work in progress and more information will be added as it becomes available.