Bank / Credit Union

Feds approve PNC acquisition of BBVA USA

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May 18, 2021

The board of governors of the Federal Reserve System and the Office of the Comptroller of the Currency have approved PNC Financial Services Group Inc.'s acquisition of BBVA USA Bancshares Inc. With this acquisition, PNC will have more than $560 billion in assets, according to a press release.

PNC will provide customers with information related to the conversion of their accounts, set to be completed in October 2021. Until that date, existing BBVA customers will be able to use their respective branches, website and mobile apps.

"We are pleased to have received regulatory approval of our acquisition that will accelerate our growth trajectory and drive long-term shareholder value," William S. Demchak, PNC chairman, president and CEO, said in the release. "With common cultures and values and a shared commitment to our customers, employees and communities, we look forward to bringing PNC's industry-leading technology and innovative products and services to new markets and clients."