the PNC Financial Services Group, Inc. announced on June 1 the completion of its acquisition of BBVA USA Bancshares, Inc., including its US banking subsidiary BBVA USA.
BBVA United States has two locations in Walker County, Jasper and Sumiton.
AL.com lists the acquisition’s value at $ 11.6 billion, noting that it is the second largest US bank acquisition since the 2008 recession. BBVA has 89 locations in Alabama, while PNC has 50 branches, which means PNC will rank second in the state for deposit market share, the news site said.
Through this transaction, PNC is now the fifth largest commercial banking organization in the United States with more than $ 560 billion in assets with a nationwide franchise from coast to coast that will provide a full range of products and services. services to retail and corporate clients in 29 of the largest 30 largest markets nationwide.
“Our acquisition of BBVA USA accelerates our national expansion and positions us to increase shareholder value over time by bringing our leading technology and innovative products and services to new markets and customers,” said William S. Demchak, president , president and chief of PNC. general manager in a press release. “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 the banking systems and branch conversion, which is expected to take place in October, PNC and BBVA USA customers will continue to be served through their respective PNC and BBVA USA branches, websites and mobile applications, financial advisers and account managers. PNC will provide full information to BBVA USA customers prior to the conversion.
PNC’s commitment to supporting its communities is outlined in its previously announced community benefits plan, which includes providing $ 88 billion in loans, investments and other financial support to enhance economic opportunities for people and communities. low and moderate income (LMI) communities, people and communities of color, and other underserved individuals and communities. This will be done over a four-year period starting January 1.
PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its clients and communities for strong relationships and local delivery of personal and business banking services. , including a full line of loan products; specialized services for businesses and government entities, including business banking, real estate financing and asset-backed loans; wealth management and asset management.