The U.S. Federal Deposit Insurance Corp (FDIC) has started requesting bids from banks interested in acquiring failed lenders Silicon Valley Bank and Signature Bank — but whoever bids on Signature cannot have any ties to the crypto industry, according to Reuters.
“Any buyer of Signature must agree to give up all the crypto business at the bank,” two sources familiar with the bank told Reuters. The sources asked to remain anonymous due to the confidentiality of the matter.
The FDIC declined to provide a statement, not only for SVB but also on their behalf. There was no immediate response to requests for comment from Signature and Piper Sandler.
FDIC scheduled to attempt second sale
As per the sources, the FDIC will is scheduled to organize its second attempted sale of both banks on March 17, after the first attempted sale on March 12 failed to find a bidder.
Crypto claims refuted
Crypto coming together to save one of these banks, conditional on a no-action waiver, with a mandate to make the first global crypto bank would be so dope rn.
— Ryan Zurrer (@kukulabanze) March 15, 2023