(NEWSnet/AP) — The bidding process for the successor of Silicon Valley Bank is being extended by the Federal Deposit Insurance Corp. to give more time to work out a potential deal.

The FDIC said Monday that there's been “substantial interest” from multiple parties for Silicon Valley Bridge Bank. The agency said it's going to allow parties to submit separate bids for Silicon Valley Bridge Bank and its subsidiary Silicon Valley Private Bank in order to simplify the bidding process.

On Friday the parent of Silicon Valley Bank filed for Chapter 11 bankruptcy protection.

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