PNC Financial Services Group, Inc. announced the completion of its acquisition of BBVA USA Bancshares, Inc., including its U.S. banking subsidiary BBVA USA.
PNC is now the fifth largest U.S. commercial banking organization with over $560 billion that will provide a full range of products and services to retail customers and business clients in 29 of the top 30 largest markets in the country.
PNC, based in Pittsburgh, also ranks as one of the five largest banks in Delaware.
The acquisition of the Spanish bank’s U.S. business gives PNC a coast-to-coast footprint and a presence in fast-growing Sun Belt states.
“Our acquisition of BBVA USA accelerates our national expansion and positions us to increase shareholder value over time by bringing our industry-leading technology and innovative products and services to new markets and clients,” said William S. Demchak, CEO. “We are grateful to our thousands of colleagues across the combined organization who have worked tirelessly to help achieve this major milestone. With a shared commitment to serving our customers and supporting the communities where we live and work, together we will build on this strong combination for years to come.”
Until conversion of bank systems and branches, expected to occur in October 2021, PNC and BBVA USA customers will continue to be served through their respective PNC and BBVA USA branches, websites and mobile apps, financial advisors and relationship managers.
For information about PNC, visit www.pnc.com.