© Reuters. FILE PHOTO: The Silicon Valley Financial institution department workplace is pictured in downtown San Francisco, California, U.S., March 13, 2023. REUTERS/Kori Suzuki/File Picture
(Reuters) -The Federal Deposit Insurance coverage Company (FDIC) has moved the bid deadline for Silicon Valley Non-public Financial institution to Friday from Wednesday, in keeping with a supply accustomed to the matter.
The non-public financial institution caters to excessive net-worth people and presents wealth administration companies.
The bids for the unit had been initially due at 8 p.m. ET on Wednesday.
Earlier this week, the FDIC determined to interrupt up Silicon Valley Financial institution and maintain two separate auctions for its conventional deposits unit and its non-public financial institution after failing to discover a purchaser for the failed lender final week.
The FDIC, which has held the lender below its receivership since earlier this month, declined to remark.
The regulator’s transfer was first reported by Bloomberg Information.