The Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency provided regulatory approval of PNC’s previously announced acquisition of BBVA USA Bancshares, including its U.S. banking subsidiary, BBVA USA. The regulatory approval process also included approvals from the Banking Departments of the States of Alabama and Texas. No further regulatory approvals are required to complete the acquisition and merger.
The acquisition is expected to close on June 1, pending satisfaction of customary closing conditions. Upon closing, PNC will be the fifth largest U.S. commercial bank, with more than $560 billion in assets and a presence in 29 of the 30 largest markets in the U.S.
After closing, PNC will provide BBVA USA customers information relating to the anticipated conversion of their accounts in October 2021. Until conversion, customers will continue to be served through their respective BBVA USA and PNC 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, chairman, president and CEO of PNC, said. “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.”
