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PNC Financial buys RBC Bank
By Palm Beach Business.com
DELRAY BEACH — PNC Financial, parent of PNC Bank, has agreed to buy RBC Bank, the United States arm of the Royal Bank of Canada for $3.45 billion.
"The addition of RBC Bank provides PNC a great opportunity to enter attractive southeast markets in a way that will create value for our shareholders," PNC CEO James E. Rohr said. "The success of our recent acquisitions demonstrates that when we bring our innovative products and services to new markets we have the proven ability to win clients and take out costs. This transaction represents an outstanding growth opportunity for PNC."
With about $25 billion of assets, Raleigh, N.C.-based RBC Bank has 424 branches in North Carolina, Florida, Alabama, Georgia, Virginia and South Carolina. Combined with its network already in place, PNC will have 2,870 branches, ranking it 5th among U.S. banks.
RBC operates five offices in South Palm Beach County, including one in Boynton Beach, one on Jog Road west of Delray Beach and three in Boca Raton. PNC has operated in Florida, including South Palm Beach County, since buying National City Bank in 2009.
The boards of both banks have approved the deal, which is expected to close in March pending regulatory reviews.
