The U.S. Federal Deposit Insurance Corporation (FDIC) on Monday decided to break up Silicon Valley Bank (SVB) and hold two separate auctions for its traditional deposits unit and its private bank after failing to find a buyer for the failed lender last week.
It will seek bids for Silicon Valley Private Bank until March 22 and for the bridge bank until March 24. The private bank, which is housed within SVB’s retail operations, caters to high net-worth individuals.
Bank and non-bank financial firms will be allowed to bid on the asset portfolios, the regulator said.
First Citizens BancShares Inc, one of the biggest
