PNC Bank announced a definitive agreement to acquire Ambassador Financial Group, Inc., a provider of balance sheet management, investment banking and capital markets services to banks, insurance companies, and other financial institutions.
The company has been an advisor in the buying and selling of financial institutions. The transactions generate lucrative fees.
Upon the closing of the transaction, which is subject to customary conditions, AFG will become a subsidiary of PNC Bank within the Capital Markets Financial Institutions Group.
Ambassador has no operations in Delaware. PNC has banking and financial services operations in the First State.
“This combination represents an opportunity to deliver tailored end-to-end solutions and positions us to offer a full product platform to banks and other financial institutions,” saidCharlotte McLaughlin, CEO of PNC Capital Markets. “We look forward to expanding our advisory services with enhanced merger and acquisition and capital markets capabilities in the financial institutions group space, and deepening relationships with clients.”
Founded in 2006, Ambassador Financial Group, Inc. is headquartered inAllentown, PA.The transaction is expected to close in the second quarter of 2019. Terms were not disclosed.