: FDIC’s Silicon Valley Bank will likely be sold to another bank: report
The U.S. government will likely sell Silicon Valley Bank to another regulated bank, not a private-equity firm, according to a report Wednesday by TheInformation.com. Citing people described as familiar with the situation, the report said the development will likely rule out private-equity and venture-capital firms that have been circling Silicon Valley Bank’s loan book. The California Department of Financial Protection and Innovation closed Silicon Valley Bank last Friday and appointed the Federal Deposit Insurance Corp. as receiver. Some of the ways a new bank focusing on Silicon Valley’s niche could emerge include the emergence of a new owner for Silicon Valley Bank; or pieces of the collapsed bank could be bought up; or another, smaller bank could pivot to fill the void.
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