PITTSBURGH, Oct. 12, 2021 /PRNewswire/ --The PNC Financial Services Group, Inc. (NYSE: PNC) today announced it has completed the conversion of 2.6 million customers, 9,000 employees and nearly 600 branches across seven states from BBVA USA to PNC Bank.
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The simultaneous conversion of BBVA USA customers and employees to PNC's network and platforms was completed, and BBVA USA branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico reopened October 12, as PNC Bank locations.
"Since the announcement of our definitive agreement last November, we have been looking forward to today – and to introducing PNC as a strong national competitor in all areas of our business," said PNC Chairman, President and CEO William S. Demchak. "To have achieved this milestone in less than a year is noteworthy and is thanks to the tireless collaboration between PNC and BBVA USA teams. Beginning today, we move forward together as PNC Bank, extending our Main Street model by offering our innovative products and services to even more clients and customers across the country, supporting our new and expanded communities, and ultimately, building and growing strong relationships."
With the completion of this acquisition PNC now has a coast-to-coast franchise and a presence in 29 of the 30 largest markets in the U.S., providing a network of approximately 2,700 branch locations and 19,000 ATMs, offering PNC customers free access to their cash.
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release contains forward-looking statements regarding our outlook or expectations with respect to the combination of BBVA USA into PNC Bank and the impact of the transaction on PNC's future performance. Forward-looking statements are necessarily subject to numerous assumptions, risks and uncertainties, which change over time. Future events or circ*mstances may change our outlook and may also affect the nature of the assumptions, risk and uncertainty to which our forward-looking statements are subject. The forward-looking statements in this press release speak only as of the date of this press release, and we assume no duty, and do not undertake any obligation, to update them. Actual results or future events could differ, possibly materially, from those that we anticipated in these forward-looking statements. As a result, we caution against placing undue reliance on any forward-looking statements.
Forward-looking statements in this press release are subject to the following risks and uncertainties: the business of BBVA USA (now as PNC Bank) going forward may not perform as we currently project or in a manner consistent with historical performance and, as a result, the anticipated benefits of the transaction may be significantly more difficult or take longer to achieve than expected or may not be achieved in their entirety; the combination of BBVA USA with PNC Bank may have unanticipated adverse results relating to BBVA USA (now as PNC Bank) or our legacy businesses.
These forward-looking statements are also subject to the principal risks and uncertainties applicable to our businesses generally that are disclosed in PNC's 2020 Form 10-K and first and second quarter 2021 Form 10-Q and in PNC's subsequent SEC filings. Our SEC filings are accessible on the SEC's website at www.sec.gov and on our corporate website at www.pnc.com/secfilings. We have included these web addresses as inactive textual references only. Information on these websites is not part of this document.
CONTACTS
MEDIA:
Marcey Zwiebel
(412) 762-4550
media.relations@pnc.com
INVESTORS:
Bryan Gill
(412) 768-4143
investor.relations@pnc.com
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SOURCE The PNC Financial Services Group, Inc.
FAQs
PNC Achieves National Expansion With Conversion Of BBVA USA
Did PNC complete the acquisition of BBVA USA? ›
PITTSBURGH, June 1, 2021 /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) today announced the completion of its acquisition of BBVA USA Bancshares, Inc., including its U.S. banking subsidiary BBVA USA.
Will my BBVA account become PNC? ›
If you've been with BBVA, you are converting to a PNC Bank customer in October. Oct. 4, 2021, at 1:24 p.m. BBVA customers will find their branches being converted to PNC Bank.
What is the National City acquisition by PNC? ›
The acquisition was a stock purchase transaction completed before the end of 2008. The deal initially made PNC the largest bank in Pennsylvania, Ohio, and Kentucky, as well as the second largest bank in Maryland and Indiana. It greatly expanded the PNC presence in the Midwest as well as entering the Florida market.
Is PNC going under? ›
The Probability of Bankruptcy of PNC Financial Services Group Inc (PNC) is 5.6% . This number represents the probability that PNC will face financial distress in the next 24 months given its current fundamentals and market conditions.
Is BBVA still in the US? ›
In June 2019, BBVA Compass was renamed BBVA USA. On June 1, 2021 the company was acquired by PNC Financial Services.
What bank owns PNC? ›
The parent company of PNC Bank is PNC Financial Services Group. It is a publicly traded company, using the ticker symbol PNC on the New York Stock Exchange, and it is a component of the large-cap benchmark index known as the S&P 500.
What happens to accounts when banks merge? ›
It's likely that your account numbers will change, which often requires adjustments across your entire banking experience. When this happens, you'll typically need to replace all your credit or debit cards linked to that account.
Is it safe to bank with PNC? ›
PNC always:
Guards Online Banking transactions, including Online Bill Pay with encryption and passwords, and masks all account numbers from online transmission. Limits the amount of ATM withdrawals. Offers zero liability if your PNC Bank Debit Card or PNC Bank Visa Platinum Select Rewards Credit Card is used ...
What happens when a bank is taken over by another bank? ›
There are several common changes that occur when a bank is merged or acquired to become part of another financial institution. These include: New account numbers and ATM cards. You'll eventually receive new account numbers and ATM cards with your new bank's name.
According to the latest TipRanks data, approximately 44.28% of PNC Financial (PNC) stock is held by retail investors. Who owns the most shares of PNC Financial (PNC)? Vanguard owns the most shares of PNC Financial (PNC).
What bank did PNC just buy out? ›
PITTSBURGH, Oct. 3, 2023 /PRNewswire/ -- PNC Bank ("PNC") today announced it has acquired a portfolio of capital commitments facilities from Signature Bridge Bank, N.A. through an agreement with the Federal Deposit Insurance Corporation ("FDIC") as Receiver. The transaction closed Oct. 2, 2023.
What does PNC stand for now? ›
The 1983 merger of Provident National Corporation and Pittsburgh National Corporation to form PNC Financial Services brought together two highly-regarded banks, not just for their business philosophy, but also for their support of their regional culture.
Is PNC at risk of failure? ›
Importantly, PNC and PNC Bank are not in financial distress or in danger of failing.
How stable is PNC Bank? ›
Fitch Ratings - New York - 16 Oct 2023: Fitch Ratings has affirmed PNC Financial Services Group, Inc.'s (PNC) and its primary operating subsidiary PNC Bank, NA's (PNCBNA) Long-Term (LT) and Short-Term (ST) Issuer Default Ratings (IDRs) at 'A+'/'F1'. The Rating Outlook is Stable on the long-term IDRs.
Why are people protesting PNC Bank? ›
The Stop Banking the Bomb campaign against PNC Bank was started because a few Pittsburgh-based anti-war organizers wanted to bring to the public's attention that PNC Bank, which is the nation's seventh largest bank, was a notorious investor in U.S. weapons of mass destruction.
Who are the advisors for PNC BBVA merger? ›
J.P. Morgan Securities plc served as exclusive financial advisor to BBVA, and Sullivan & Cromwell LLP served as legal advisor. Bank of America, Citi, Evercore and PNC Financial Institutions Advisory acted as financial advisers to PNC and Wachtell, Lipton, Rosen & Katz was legal counsel.
Has BBVA been sold? ›
PNC acquires BBVA in $11.6bn deal — Financier Worldwide.
Did PNC Bank merge? ›
PNC is the product of a merger of two distinguished Pennsylvania banks in 1983: Pittsburgh National Corporation and Provident National Corporation based in Philadelphia.
Is PNC Bank all over the US? ›
With a decently large branch network, PNC Bank customers in 28 states and Washington, D.C., can access the in-person service they need. Use the interactive map below to find PNC locations near you.
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