Auction process is reportedly underway to find a buyer for Silicon Valley Bank
A sign is posted in front of the Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. Justin Sullivan | Getty Images Federal regulators are conducting an auction for Silicon Valley Bank, with final bids due Sunday, according to a report from Bloomberg News. The bank was closed by regulators on Friday after massive withdrawals a day earlier created a bank run. The Federal Deposit Insurance Corporation took control of the bank on Friday, and started an auction process on Saturday night, according to the report . It is still possible that no deal is reached, the report said. The collapse of SVB, which was a key player in the technology start-up world, is the largest U.S. bank failure since Washington Mutual in 2008. That bank was then purchased by JPMorgan Chase in a deal that restored the uninsured deposits. A total or partial acquisition by another bank is one of the options regulators are exploring this weekend. Many investors on Wall Street and Silic...