FDIC auction for SVB said to be underway, final bids due by Sunday afternoon

SVB (Silicon Valley Bank)

The Federal Deposit Insurance Corp. kicked off an auction process late Saturday night for Silicon Valley Bank, with final bids due by Sunday afternoon, according to people familiar with the matter.

The FDIC is aiming for a swift deal but a winner may not be known until late Sunday, according to one person, who asked to not be identified because the matter isn’t public. No final decision has been made, and it’s possible that no deal may be reached, said the people.

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Representatives for the FDIC didn’t immediately respond to requests for comment outside regular business hours.

Silicon Valley Bank collapsed into FDIC receivership on Friday, after its long-established customer base of tech startups grew concerned and yanked deposits.

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