An auction for Silicon Valley Bank was launched by federal regulators over the weekend, with final bids due Sunday, according to Bloomberg News. People familiar with the matter told the outlet that the Federal Deposit Insurance Corp. began the auction on Saturday night in an effort to come to a speedy resolution to the crisis and give uninsured depositors a life raft. The FDIC, which declined to comment on the process, seized control of Silicon Valley Bank’s $209 billion in assets on Friday after a bank run triggered its implosion. Earlier on Sunday, Treasury Secretary Janet Yellen said there were no plans in place to bail out SVB, the nation’s 16th-largest bank.
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