Insiders: The FDIC has initiated the auction process for Silicon Valley Bank, with final bids ending on Sunday afternoon

ChainCatcher news, citing informed sources from Bloomberg, reported that the Federal Deposit Insurance Corporation (FDIC) initiated an auction process for Silicon Valley Bank on Saturday night, with final bids due by Sunday afternoon. The FDIC aims to reach an agreement quickly, but no final decision has been made, and it is also possible that no agreement will be reached. Currently, the FDIC is selling assets and will provide some customers with uninsured deposits on Monday, with 100% protected deposits available when the Silicon Valley Bank branch reopens on Monday. (source link)