A sign is displayed outside the headquarters of Silicon Valley Bank (SVB) on March 10, 2023 in Santa Clara, California.
Justin Sullivan | Getty Images
According to a report by Bloomberg News.
The bank was closed by regulators Friday after massive withdrawals a day earlier created a bank run. The Federal Deposit Insurance Corporation took control of the bank on Friday and began an auction process Saturday night, according to the report.
It is still possible that no deal will be reached, according to the report.
The collapse of SVB, which was a key player in the world of tech start-ups, is the biggest US bank failure since Washington Mutual in 2008. This bank was then purchased by JPMorgan Chase in a deal that restored uninsured deposits.
A total or partial acquisition by another bank is one of the options regulators are exploring this weekend. Many Wall Street and Silicon Valley investors are expecting an announcement at some point on Sunday detailing the next steps in the SVB crisis.
Read all Bloomberg News report here.
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