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 and expand the pool of possible bidders.

Qualified insured banks and qualified insured banks working with non-bank partners will be able to submit whole-bank bids or bids on the deposits or assets of the institutions. Bank and non-bank financial firms will be allowed to bid on asset portfolios.

Bids for Silicon Valley Bridge Bank must be submitted by 8 p.m. ET Friday, while bids for Silicon Valley Private Bank are due by 8 p.m. ET Wednesday.

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

SVB Financial Group is no longer affiliated with Silicon Valley Bank after its seizure by the FDIC. Its collapse was the second-biggest bank failure in U.S. history after the demise of Washington Mutual in 2008.

Silicon Valley Bridge Bank was not included in the Chapter 11 filing.

First Republic Bank received a $30 billion rescue package from 11 of the biggest U.S. banks in an effort to prevent its collapse.

First Republic Bank has since been downgraded by S&P Global Ratings, which said the package should ease near-term liquidity pressures, but may not solve the substantial business, liquidity, funding and profitability challenges that it believes the bank is facing.