FDIC bidding for Silicon Valley Bank is in progress: Report

FDIC bidding for Silicon Valley Bank is in progress: Report

The United States Federal Deposit Insurance Corporation (FIDC) started an auction process on March 11 night for Silicon Valley Bank, Bloomberg reported citing unnamed sources. Bids are allegedly open for just a few hours, before the process closes later this Sunday. 

According to Bloomberg sources, the FDIC is seeking a buyer for the California bank over the weekend, ahead of the markets open on March 13. However, a final decision has not been made, and a deal may not be reached.

Earlier today, the U.S. Treasury Secretary Janet Yellen said during an interview that she is working with regulators to address the Silicon Valley Bank collapse and protect investors, but is not considering a major bailout. She noted that regulators “want to make sure that the troubles

Trending: BREAKING: Name of Judge Presiding Over Trump Case is Revealed… Here’s What Trump Had to Say About Him

Continue reading


Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend