PNC decides not to bid on SVB as regulators struggle to find rescue buyers, source says

PNC Financial Group has decided against bidding on Silicon Valley Bank arsenic regulators struggled to find a purchaser for the failed bank's assets, according to a root acquainted with the matter.

The Pittsburgh, Penn.-based slope sent an archetypal announcement of involvement to the Federal Deposit Insurance Corp for a woody for SVB and held little and preliminary discussions with the agency, the root said.

However, aft conducting archetypal owed diligence, PNC informed the FDIC connected Saturday that it decided not to determination forward, the root said.

The FDIC is conducting an auction for SVB this weekend, with last bids owed Sunday, according to a study from Bloomberg News. The regulators shuttered SVB connected Friday and seized its deposits successful the largest U.S. banking nonaccomplishment since the 2008 fiscal situation — and the second-largest ever.

A full oregon partial acquisition by different slope is one of the options regulators are exploring. They could besides usage the FDIC's systemic hazard objection instrumentality to backstop the uninsured deposits astatine SVB.