(Bloomberg) — The Federal Deposit Insurance coverage Corp. prolonged the bidding course of for Silicon Valley Financial institution after receiving “substantial curiosity” from a number of potential patrons.

To simplify the method and develop the pool of potential bidders, the FDIC will enable events to submit separate presents for Silicon Valley Bridge Financial institution NA and its Silicon Valley Personal Financial institution subsidiary, the regulator stated. Each insured banks and banks with nonbank companions will have the ability to submit presents for all of SVB, or they’ll bid on deposits or property.

Associated: The Fallout After SVB and What’s Subsequent

“There was substantial curiosity from a number of events, and the FDIC and the bidders want extra time to discover all choices with a purpose to maximize worth and obtain an optimum consequence,” the FDIC stated in a assertion Monday. Bids for Silicon Valley Personal Financial institution are due by 8 p.m. New York time Wednesday, and for Silicon Valley Bridge Financial institution by the identical time Friday.

US regulators have been transferring towards a breakup answer for Silicon Valley Financial institution after failing to line up an appropriate purchaser for your complete firm, Bloomberg Information reported Sunday, citing folks acquainted with the matter. 

Associated: SVB’s Wealth Unit Will Be Offered as A part of FDIC’s Public sale

Silicon Valley Financial institution collapsed into FDIC receivership earlier this month, after its long-established buyer base of tech startups grew involved and yanked deposits.

The bridge financial institution was arrange by the FDIC to take receivership of SVB’s property and liabilities. SVB Personal Financial institution contains the remnants of Boston Personal, the wealth-oriented financial institution SVB acquired in 2021. The FDIC had tried to promote them collectively over the weekend with bids initially due Sunday.