PNC Financial Services Group (NYSE:PNC) has decided not to bid on Silicon Valley Bank (NASDAQ:SIVB) after holding initial discussions with the Federal Deposit Insurance Corp (FDIC) and conducting due diligence, according to a CNBC report.
The regulators were trying to find a buyer for SVB’s assets over the weekend, after the bank was seized on Friday and its deposits were closed in the largest U.S. banking failure since the 2008 financial crisis, and the second-largest ever.
Also Read: Silicon Valley Bank Depositors Will Have Access To All Their Money, Say Regulators
Although an auction for SVB was conducted over the weekend with final bids due on Sunday, the FDIC announced on Sunday evening that the Federal Reserve and Treasury Department had made a plan to guarantee that uninsured depositors at SVB get their money back.
This suggests that other potential buyers also decided not to bid on the bank.
The regulators also announced the closure of New York-based Signature Bank (NASDAQ:SBNY), becoming the third financial institution to be shuttered after the collapse of SVB and Silvergate Capital Corp (NYSE:SI).
However, depositors at Signature Bank will have full access to their deposits, according to the regulators.
Now Read: EXCLUSIVE: Fed Steps In To Save Depositors Following SVB Failure; Is The Time To Buy Shares Of Regional Banks?
