{"id":1901282,"date":"2023-03-20T10:57:13","date_gmt":"2023-03-20T14:57:13","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/svb-collapse-fdic-extends-deadline-for-bidding-on-failed-bank\/"},"modified":"2023-03-20T11:01:22","modified_gmt":"2023-03-20T15:01:22","slug":"svb-collapse-fdic-extends-deadline-for-bidding-on-failed-bank","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/svb-collapse-fdic-extends-deadline-for-bidding-on-failed-bank\/","title":{"rendered":"SVB collapse: FDIC extends deadline for bidding on failed bank"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsvb-collapse-fdic-extends-deadline-for-bidding-on-failed-bank%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1901282&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"RichTextArticleBody-body\">\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<div id=\"Brid_79075071\" class=\"brid\" style=\"width:16; height:9;\" itemprop=\"video\" itemscope itemtype=\"http:\/\/schema.org\/VideoObject\">                <meta itemprop=\"name\" content=\"SVB collapse: SVB Financial Group files for Chapter 11 bankruptcy\">               <meta itemprop=\"description\" content=\"SVB Financial Group announced Friday it was filing for Chapter 11 bankruptcy to reorganize under court supervision. The group announced that SVB Securities and SVB Capital's funds and general partner entities would not be included in the Chapter 11 bankruptcy.\">               <meta itemprop=\"duration\" content=\"PT1M55S\">               <meta itemprop=\"uploadDate\" content=\"2023-03-17 17:40:56\">               <meta itemprop=\"thumbnailURL\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/snapshot\/1264633_th_1679075029.jpg\">               <meta itemprop=\"contentUrl\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/sd\/1264633.mp4\">              <\/div>\n<p>               <script type=\"text\/javascript\"> var _bp=_bp||[]; _bp.push({ \"div\": \"Brid_79075071\", \"obj\": {\"id\":\"27789\",\"width\":\"16\",\"height\":\"9\",\"video\":\"1264633\"} }); <\/script>               <script type=\"text\/javascript\" async src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script>              <\/div>\n<\/p><\/div>\n<p><span class=\"ArticlePage-articleBody-firstLetter\">T<\/span>he Federal Deposit Insurance Corporation announced Monday that the sale of <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/silicon-valley-bank\">Silicon Valley Bank<\/a> would be broken into two parts and extended the deadline for bidding. <\/p>\n<p>The <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/fdic\">FDIC<\/a> said that splitting the sale into two parts, with one being SVB\u2019s private bank and the other being its traditional deposits unit, would simplify the process of selling the firm. The move comes just over a week after SVB <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/silicon-valley-bank-fails\">suddenly failed<\/a> and was taken over by regulators. <\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/svb-collapse-ubs-deal-purchase-credit-suisse\">CREDIT SUISSE TO BE BOUGHT BY UBS FOLLOWING RECORD-LOW SHARES<\/a><\/b> <\/p>\n<p>\u201cThere 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,\u201d the FDIC said. \u201cQualified, insured banks, and qualified, insured banks in alliance with nonbank partners, will be able to submit whole-bank bids or bids on the deposits or assets of the institutions. Bank and non-bank financial firms will be permitted to bid on the asset portfolios.\u201d <\/p>\n<p>Bids for SVB\u2019s private bank, which <a class=\"Link\" href=\"https:\/\/www.reuters.com\/business\/finance\/fdic-extends-bidding-window-svb-seeks-separate-sale-private-unit-2023-03-20\/\">caters to<\/a> high-wealth depositors, are due by Wednesday, while bidding for the traditional deposits unit is set to close on Friday. <\/p>\n<p>The parent company of SVB <a class=\"Link\" href=\"https:\/\/www.cnn.com\/2023\/03\/17\/business\/svb-financial-bankruptcy\/index.html\">filed<\/a> for bankruptcy in New York on Friday in a move that had been largely expected. <\/p>\n<p>\u201cThe Chapter 11 process will allow SVB Financial Group to preserve value as it evaluates strategic alternatives for its prized businesses and assets, especially SVB Capital and SVB Securities,\u201d William Kosturos, the chief restructuring officer for SVB Financial Group, said in a statement. <\/p>\n<p>Meanwhile, the fallout from SVB\u2019s collapse is reverberating not only in America&#8217;s banking system, but around the world. <\/p>\n<p>Shares of First Republic Bank fell by over 13% shortly after opening on Monday morning following the news that S&#038;P Global has downgraded the credit rating of the bank once again after previously revising it down last week. First Republic has plunged 60% in the last five days alone. <\/p>\n<p>On Sunday, the S&#038;P downgraded First Republic Bank&#8217;s credit rating to B+ from BB+. That pushes the bank\u2019s rating further even after the country\u2019s biggest banks <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/first-republic-banks-billion-rescue-government\">deposited<\/a> $30 million into First Republic to stabilize the firm. <\/p>\n<p>JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, Morgan Stanley, and Goldman Sachs all pitched into the effort. The move was done to inspire confidence in the U.S. banking system and the markets more broadly. <\/p>\n<p>Also over the weekend, UBS agreed to buy out fellow Swiss competitor Credit Suisse after the latter was suffering in the wake of SVB\u2019s collapse. Under the terms of the proposed purchase, UBS <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/svb-collapse-ubs-deal-purchase-credit-suisse\">agreed to purchase<\/a> Credit Suisse for just over $3 billion, just a fraction of the firm\u2019s estimated value. <\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/b> <\/p>\n<div id=\"dsk-banner-ad-g\"><\/div>\n<p>U.S. Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell released a joint statement on the massive purchase, which Credit Suisse is <a class=\"Link\" href=\"https:\/\/twitter.com\/CreditSuisse\/status\/1637541084631822338\">describing<\/a> as a merger. <\/p>\n<p>\u201cWe welcome the announcement by the Swiss authorities today to support financial stability,\u201d they said. \u201cThe capital and liquidity positions of the U.S. banking system are strong, and the U.S. financial system is resilient. We have been in close contact with our international counterparts to support their implementation.\u201d<\/p>\n<\/p><\/div>\n<p><\/p>\n<hr>\n<p>&#8216;Read More From <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/svb-fdic-extends-deadline-bidding-bank\">&#8220;SVB collapse: FDIC extends deadline for bidding on failed bank&#8221;<\/a>&#8216;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Deposit Insurance Corporation announced Monday that the sale of Silicon Valley Bank would be broken into two parts and extended the deadline for bidding. The FDIC said that splitting the sale into two parts, with one being SVB\u2019s private bank and the other being its traditional deposits unit, would simplify the process of<\/p>\n","protected":false},"author":1,"featured_media":1901283,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[5373,20936,7385,15402,3898,5886,21325,21356],"class_list":["post-1901282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-bank","tag-bidding","tag-collapse","tag-deadline","tag-extends","tag-failed","tag-fdic","tag-svb"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1901282","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1901282"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1901282\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1901283"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1901282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1901282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1901282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}