PNC says it is not in talks to acquire Silicon Valley Bank

PNC Financial Services has surfaced in reports to be among the potential suitors in talks to acquire SVB Financial Group.

However, the Pittsburgh-based bank on Monday said that talks are not taking place.

“PNC is not in talks to acquire SVB Financial or Silicon Valley Bank,” the bank said in a statement to the Tribune-Review.

PNC is the sixth-largest bank in the country with $552.31 billion in assets, according to Bankrate.com.

Axios reported that PNC had joined JPMorgan and other institutions in discussions to buy SVB Financial in a deal that would exclude the commercial bank currently under U.S. government control.

SVB Financial Group is the holding company that has several segments, including Silicon Valley Bank.

U.S. regulators worked through the weekend to find a buyer for the failed California-based Silicon Valley Bank, which had more than $200 billion in assets and catered to tech startups, venture capital firms, and well-paid technology workers.

In a speech Monday, President Joe Biden assured Americans that the country’s financial systems were safe and their deposits would “be there when you need them.”

The president called for SVB’s management to be fired while pressing for better oversight of larger banks. He also said no losses would be covered by taxpayers.

On Friday, U.S. regulators shut down Silicon Valley Bank when it experienced a bank run. It is the second-largest bank failure in U.S. history, behind only the 2008 failure of Washington Mutual. New York-based Signature Bank also failed. At more than $110 billion in assets, Signature Bank is the third-largest bank failure in U.S. history.