The Federal Deposit Insurance coverage Corp. kicked off an public sale course of late Saturday for Silicon Valley Financial institution, with remaining bids due by Sunday afternoon, based on individuals aware of the matter.
The FDIC is aiming for a swift deal however a winner will not be recognized till late Sunday, based on one particular person, who requested to not be recognized as a result of the matter isn’t public. No remaining resolution has been made and it’s doable that no deal shall be reached, stated the individuals.
Representatives for the FDIC didn’t instantly reply to requests for remark exterior common enterprise hours.
Silicon Valley Financial institution collapsed into FDIC receivership on Friday, after its long-established buyer base of tech startups grew involved and yanked deposits. On the finish of final yr, SVB had greater than $175 billion in deposits — the overwhelming majority of that are uninsured — and $209 billion in complete property.
The FDIC is now racing to promote property and make a portion of shoppers’ uninsured deposits accessible as quickly as Monday, individuals with data of the scenario have stated. The company has stated it can make 100% of protected deposits accessible on Monday, when Silicon Valley Financial institution branches reopen.
–With help from Ben Bain.
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