Amid bank failures, PNC positioned to buy, but will it?

PNC Financial Services Group Inc. confirmed on Monday that it is not in talks to acquire SVB Financial Group or its subsidiary Silicon Valley Bank.

Pittsburgh’s largest bank remains tightlipped on details. It did not comment on whether it was in negotiations over the weekend, as was reported by Reuters and others. PNC would not say if it is talking to or may have interest in anyone else.

But SVB isn’t the only bank to fail. The Federal Deposit Insurance Corp. closed Signature Bank on Sunday, created a successor entity, Signature Bridge Bank, and put a former CEO of Fifth Third Bancorp at the helm.

Read more at Pittsburgh Business Times.

Biden says ‘banking system is safe’ following collapse of 2 U.S. banks

©2023 Cox Media Group