The PNC Financial Services Group Inc. (NYSE: PNC) on June 1 announced the completion of its acquisition of BBVA USA Bancshares Inc., including its U.S. banking subsidiary BBVA USA.
The transaction makes PNC the fifth largest U.S. commercial banking organization with over $560 billion in assets with a coast-to-coast national franchise 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. The acquisition will give PNC a larger presence in Texas, where BBVA USA has operations in all major population centers.
“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, PNC’s chairman, president and chief executive officer. “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. PNC will provide comprehensive information to BBVA USA customers prior to the conversion.