The Federal Deposit Insurance Corp. has extended the bidding process for Silicon Valley Bridge Bank in Santa Clara, Calif.
The FDIC said in a press release that there “has been substantial interest from multiple parties” but the bidders need more time to explore all options “to maximize value and achieve an optimal outcome.”
The FDIC said it will simplify the process and expand the bidder pool by allowing parties to submit separate bids for Silicon Valley Bridge Bank and Silicon Valley Private Bank. Banks and nonbanks are allowed to bid on the asset portfolios of either bank.
Bids for Silicon Valley Private Bank are due by 8 pm on Wednesday. Bids for the bridge bank must be submitted by 8 pm on Friday.