RESEARCH TRIANGLE PARK – Federal regulators could announce a sale of Silicon Valley Bank as soon as this weekend, according to a report at Barron’s Advisor.
First Citizens Bank in Raleigh has been reported as one of the bidders for SVB, which was seized by regulators two weeks ago.
The bank has declined comment.
“A person familiar with the FDIC’s plans indicates that the banking regulator hopes to present a resolution of the auction over the weekend,” Barron’s Advisor reports.
The FDIC announced on Monday that it had “extended the bidding process” with bids due by Wednesday and by Friday under a two-track process. Both deadlines are now set for Friday, according to media reports.
On Wednesday, news outlets reported that the FDIC was extending the deadline for bids for SVB Private until Friday evening, when bids are also due for the bridge bank. Earlier this week, the FDIC had set Wednesday evening as the bidding deadline for SVB Private.
Reports Barron’s Advisor: “After the rounds of bidding conclude, and before markets reopen on Monday, the FDIC hopes to announce a winner, the person familiar with the plans said.”