FDIC extends bid deadline for failed Silicon Valley Bank amidst break-up plan.

The Federal Deposit Insurance Corporation (FDIC) has decided to break up Silicon Valley Bank (SVB) and hold two separate auctions for its traditional deposits unit and its private bank after failing to find a buyer for the failed lender last week. The parent company of the lender SVB Financial Group had on Friday filed for a reorganization under Chapter 11 bankruptcy protection and sought buyers for its assets after steps to shore up investor confidence failed. The FDIC will seek bids for Silicon Valley Private Bank until March 22 and for the bridge bank until March 24.