FDIC regulators have asked banks interested in buying failed US lenders such as Silicon Valley Bank (SVB) and Signature Bank to submit bids by March 17. The authority will only accept proposals from banks with an existing bank charter, giving preference to traditional lenders over private capital companies. The FDIC is seeking to sell entire businesses of both SVB and Signature, while bids for parts of the banks may be considered, if bids to purchase the companies as a whole are not forthcoming.
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New York-based Signature is a large, crypto-friendly bank in the United States. The bank is known for many partnerships in the crypto industry, serving companies such as Coinbase Exchange, stablecoin issuer Paxos Trust, crypto custodian BitGo and bankrupt crypto lender Celsius – among others.