PNC Bank signed a definitive agreement to acquire Ambassador Financial Group, a provider of balance sheet management, investment banking and capital markets services to banks, insurance companies and other financial institutions.

Upon the closing of the transaction, AFG will become a subsidiary of PNC Bank within the Capital Markets Financial Institutions Group in the Corporate & Institutional Banking business.

“This combination represents an opportunity to deliver tailored end-to-end solutions and positions us to offer a full product platform to banks and other financial institutions,” said Charlotte McLaughlin, president and CEO of PNC Capital Markets. “We look forward to expanding our advisory services with enhanced merger and acquisition and capital markets capabilities in the financial institutions group space, and deepening relationships with clients.”

“It is an exciting time for Ambassador as we are thrilled to be joining the PNC family. Our business model has always been to deliver strong capital markets execution with main street customer service through customized client-specific strategies and solutions,” said Rob Pachence, Ambassador co-founder and managing partner. “Combining our process within PNC’s robust Capital Markets Financial Institutions Group resources will create a first-class platform dedicated to serving our clients’ needs.”

Matt Resch, Ambassador co-founder and managing partner, added, “This is a logical evolution of Ambassador’s business model and a natural fit partnering with PNC. We have had the opportunity to work closely with each other over the years on client projects and share similar cultural philosophies. Together we are creating a one-of-a-kind platform that will deliver tailored client centric solutions to assist them achieve their strategic objectives. We will accomplish this by leveraging PNC’s balance sheet, resources, and expertise with our advisory approach.”

The transaction is expected to close in the second quarter of 2019, subject to customary conditions. Terms of the acquisition will not be disclosed.

Founded in 2006, Ambassador Financial Group is headquartered in Allentown, PA.