• FDIC officials established Silicon Valley Bridge Bank and appointed new senior management in the wake of the firm’s implosion.
• The government-backed corporation will permit other banks, as well as non-bank financial companies, to submit offers for the acquisition of Silicon Valley Bridge Bank or propose bids on particular deposits and assets.
• “There has been substantial interest from multiple parties, and the FDIC and the bidders need more time to explore all options in order to maximize value and achieve an optimal outcome,” the FDIC said in a press release, which added that bids for Silicon Valley Bridge Bank must be submitted by Friday.

Tagged: Banks