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The
Federal Deposit Insurance Corporation (FDIC) had given a Sunday
afternoon deadline for bids for the failed bank, one of the
sources said. Reuters could not determine which banks had bid.
The banks and the FDIC declined comment.
The FDIC has been trying to find a buyer for Silicon Valley Bank
this weekend after taking control of it on Friday so that the
bank's corporate clients that had their money frozen can meet
their payroll obligations. But a deal on a tight timeline has
proven to be hard. Bids were due for SVB at 2:00 pm ET 1800
GMT), two of the sources said.
PNC, one of the 10 largest U.S. banks by assets, wanted to
pursue a bid for the entirety of Silicon Valley Bank, one of the
sources added, but then studied a bid for parts of Silicon
Valley Bank. A separate source familiar with the matter said PNC
had decided to withdraw from any further talks.
RBC also explored a takeover of Silicon Valley Bank but it was
unlikely to pursue it, three sources said. One of the sources
added that RBC has struggled to get comfortable with the risks
involved and the complexities of justifying the deal to
regulators in its home country of Canada. RBC bought City
National Bank in 2015. It is the eighth largest bank by deposits
in California, according to FDIC data.
The sources requested anonymity because the matter is
confidential.
U.S. Treasury Secretary Janet Yellen on Sunday ruled out a
government bailout of Silicon Valley Bank and said she was
working with regulators to find a solution.
(Reporting by Megan Davies, Anirban Sen and David French in New
York and Peter Schroeder in Washington and Lananh Nguyen;
Editing by Paritosh Bansal, Bill Berkrot, Lisa Shumaker and
Diane Craft)
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