Bank news is moving quickly on Sunday morning.
According to Bloomberg, the Federal Deposit Insurance Corp (FDIC) is preparing to break up Silicon Valley Bank.
Sources who wished to remain anonymous stated that the FDIC plans to sell SVB in at least two parts. “Bids are due Friday for the so-called “bridge bank” that the FDIC set up to take receivership of SVB’s assets and liabilities,” the people said. In a separate auction, FDIC will begin taking bids Wednesday for SVB Private Bank. Bank regulators attempted to sell them all together on Sunday, but they told potential buyers the deadline was moved to increase the size of the buyer pool.Bloomberg reported earlier First Citizens BancShares was evaluating an offer for SVB.* * *Two weeks after seizing control of SVB Financial , the parent of Silicon Valley Bank, the Federal Deposit Insurance Corp (FDIC) is still in the process of […]
Read the Whole Article From the Source: www.zerohedge.com
- Gold SKYROCKETED during Trump’s first term and is poised to do it again. Find out how Genesis Precious Metals can help you secure your retirement with a proper self-directed IRA backed by physical precious metals.