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FDIC Planning to Try Auctioning Silicon Valley Bank Again: WSJ
The designation of SVB’s failure as a potential systemic threat gives the FDIC more options to sell the bank.
The Federal Deposit Insurance Corp is planning to try again to auction off failed Silicon Valley Bank (SVB) after an unsuccessful attempt to do so over the weekend, according to the Wall Street Journal, which spoke to people familiar with the matter.
Regulators have designated SVB’s failure a potential threat to the financial system, giving the FDIC more options to sell the company such as opting to cover depositors above the usual $250,000 insurance cap and offering better terms, according to the Journal.
STORY CONTINUES BELOW
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The FDIC took receivership of SVB on Friday, and then did the same for crypto-friendly Signature Bank on Sunday.
Grant Butler, an attorney at the K&L Gates law firm, told CoinDesk the SVB receivership is structured differently from the Signature Bank receivership. SVB has been structured to try and liquidate its assets, while Signature was set up with the apparent expectation of a buyer, which allowed for operations to remain uninterrupted.
Nikhilesh De contributed reporting.
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
