No one has made a satisfactory bid yet, and the authority therefore chooses to extend the sale and break up the bank’s assets into two parts.
“To simplify the bidding process and expand the number of potential buyers, the FDIC will allow separate bids for Silicon Valley Bridge Bank and Silicon Valley Private Bank,” the FDIC writes in a press release.
Silicon Valley Bridge Bank is the name the FDIC gave the bank when they took it over, and which acts as a bridge until a new owner is found. SVB Private Bank targets the bank’s wealthier customers.