Posted on 03/12/2023 4:29:14 PM PDT by Oldeconomybuyer
PNC Financial Group decided against bidding on Silicon Valley Bank as regulators struggled to find a buyer for the failed bank’s assets over the weekend, according to a source familiar with the matter.
The Pittsburgh, Penn.-based bank sent an initial notice of interest to the Federal Deposit Insurance Corp for a deal for SVB and held brief and preliminary discussions with the agency, the source said.
However, after conducting initial due diligence, PNC informed the FDIC on Saturday that it decided not to move forward, the source said.
The FDIC was conducting an auction for SVB this weekend, with final bids due Sunday, according to a report from Bloomberg News. The regulators shuttered SVB on Friday and seized its deposits in the largest U.S. banking failure since the 2008 financial crisis — and the second-largest ever.
(Excerpt) Read more at cnbc.com ...
Isn’t PNC high on the list of Banks with questionable balance sheet “assets”?
US stock index futures are up between 1 and 2 pct right now ...
SVB would seem to be a good clearing house of financial transactions, but without a solid foundation of financial stability. [Mostly caused by some of its VC associates calling for a run on it.]
Less than nothing. That’s why the government is going to bail it out. Not that it should
“That’s why the government is going to bail it out. Not that it should.”
“Not that it should”, for sure.
1. Silicon Valley creatures were/are the culprits responsible for censoring conservatives’ social media, at the request of the Feds. And they want help from the GOP-majority Congress? I don’t THINK so!
2. Help the poor people in MAGA-majority East Palestine who’ve been abandoned by basically everyone. Get them fixed up, and then we’ll talk helping those elitist Marxist bastards with their little problem.
I hope not. PNC is my bank.
.....I look at the top six people in Biden’s inner circle and I do not see ONE businessman or banker. So, I look at the next 7, AGAIN, not one business man or banker!
What does Kamala Harris know about BIG banking? Or John Kerry, Ron Klain, Jill biden, Sullivan or Blinken!
I would like to say their idiots re a problem of this magnitude but that would be a compliment. Retarded children would be a more apt description.
No problem the CCP will snatch it up. With the blessing of our backstabbing evil anti American government and DC swamp capitol POS!
Mine also. PNC and USAA.
Tesla Bank? Starlink Bank? Or Bank of Twitter?
I don't think so. Where did you hear that?
No.
welcome back ...
I’ve seen all sorts of Bank lists in the last 36 hr.
PNC was on one of them.
A thank you fom Bangkok
Thanks. If you have a link to the list, much appreciated. Have to take a closer look at PNC. Did not know they were on the list. Thanks.
I’m gonna have to go back to review that. PNC are BIG [And have some somewhat distant fam ca$h under management].
Times are somewhat turbulent so attention has to be paid.
Money is funny.
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