FDIC to Sell Securities from Former Signature Bank and Silicon Valley Bank

The Federal Deposit Insurance Corporation (FDIC) has announced plans to sell the securities portfolios of the former Signature Bank in New York, and Silicon Valley Bank in California.

With face values of approximately $27 billion and $87 billion respectively, these portfolios primarily consist of Agency Mortgage Backed Securities, Collateralized Mortgage Obligations, and Commercial Mortgage Backed Securities.

BlackRock Financial Market Advisory has been retained by the FDIC to conduct the sales, which will be conducted gradually and orderly to minimize potential market impact.

Small business owners who relied on these banks for financial services may want to monitor the sales process to evaluate potential impacts on their credit options.

To learn more about the sale process and qualifications, interested parties can contact extfdicinquiry@blackrock.com.

This article, "FDIC to Sell Securities from Former Signature Bank and Silicon Valley Bank" was first published on Small Business Trends