Exclusive: Regulators at the U.S. Federal Deposit Insurance Corp have asked banks interested in acquiring failed lenders Silicon Valley Bank and Signature Bank to submit bids by March 17
Any buyer of Signature must agree to give up all the crypto business at the bank, the two sources added.
The sources requested anonymity because the matter is confidential. The FDIC declined to comment, both on its own behalf and for SVB. Signature and Piper Sandler did not immediately respond to requests for comment. U.S. President Joseph Biden has said that U.S. taxpayers will not bear the cost of salvaging SVB and Signature because any capital shortfalls would be covered by a government fund that can place a levy on other banks. Successful sales, however, would help minimize such shortfalls.
SVB became last week the biggest U.S. bank to fail since the 2008 financial crisis, spreading jitters across the banking sector and raising doubt about the future of startups that turned to the technology-focused lender for financial services. Among the banks that studied but decided against an offer during last weekend's auction for SVB were PNC Financial Services
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Exclusive: U.S. regulator eyes Friday bids for SVB, Signature Bank-sourcesRegulators at the U.S. Federal Deposit Insurance Corp (FDIC) have asked banks interested in acquiring failed lenders Silicon Valley Bank and Signature Bank to submit bids by March 17, people familiar with the matter said on Wednesday.
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Signature Bank faced criminal probe before firm’s collapseRegulators were reportedly looking into Signature Bank prior to the firm being shutdown over the weekend.
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KPMG stands by audits of Silicon Valley Bank and Signature Bank - FTKPMG's U.S. boss, Paul Knopp, said the accounting firm stood behind its audits of Silicon Valley Bank and Signature Bank , the Financial Times reported on Tuesday.
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Why Did Silicon Valley Bank and Signature Bank Fail So Fast?A professor of economics explains why the country's banking crisis isn’t over yet.
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Silicon Valley Bank, Signature Bank executives gave thousands to Democrats and RepublicansBefore going down in history as two of the largest bank failures in the U.S., executives for Silicon Valley Bank of California and Signature Bank of New York were political donors who steered their money toward people who influence financial services laws.
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NYC has $60M in Signature Bank accounts, fueling calls for more scrutinyThe New York City government currently has $60 million deposited in accounts at Signature Bank with no plans to move it.
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