FDIC seeks sale of Silicon Valley Bank and Signature Bank portfolios, including crypto clients.
The Federal Deposit Insurance Corporation (FDIC) has hired advisers to sell the securities portfolios of failed banks Silicon Valley Bank and Signature Bank, which were rejected by their new owners due to low yields. The portfolios carry a face value of around $90 billion and $26 billion, respectively. The FDIC estimates the sale of the banks will cost the deposit fund $20 billion and $2.5 billion, respectively. The FDIC has also hired Newmark Group to sell about $60 billion of Signature Bank's loans it retained.