A PNC Financial institution department in New York, on Wednesday, Jan. 18, 2023.
Bing Guan | Bloomberg | Getty Photos
PNC Financial Group determined in opposition to bidding on Silicon Valley Bank as regulators struggled to discover a purchaser for the failed financial institution’s belongings over the weekend, in accordance with a supply conversant in the matter.
The Pittsburgh, Penn.-based financial institution despatched an preliminary discover of curiosity to the Federal Deposit Insurance coverage Corp for a deal for SVB and held transient and preliminary discussions with the company, the supply stated.
Nevertheless, after conducting preliminary due diligence, PNC knowledgeable the FDIC on Saturday that it determined to not transfer ahead, the supply stated.
The FDIC was conducting an public sale for SVB this weekend, with last bids due Sunday, in accordance with a report from Bloomberg News. The regulators shuttered SVB on Friday and seized its deposits within the largest U.S. banking failure for the reason that 2008 monetary disaster — and the second-largest ever.
On Sunday night, the Federal Reserve, FDIC and Treasury Division introduced a plan to ensure the uninsured depositors at SVB get their a reimbursement. The transfer means that different potential patrons additionally handed on shopping for SVB.
