Riggs National Corp., the troubled Washington banking company that reportedly attracted interest from M&T Bank and a handful of other prospective buyers, apparently did not sell to the highest bidder.
An industry newspaper, American Banker, cited Securities and Exchange Commission documents that said Riggs in July selected Pittsburgh-based PNC Financial Services Group as the winner, even though another bid was higher.
The newspaper said analysts speculated that Buffalo-based M&T was among the finalists. One analyst named Sovereign Bancorp of Philadelphia as the probable unsuccessful-though-highest bidder
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http://buffalo.bizjournals.com/buffalo/stories/2004/08/16/daily10.html
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