PNC completed its acquisition of BBVA USA Bancshares, including its U.S. banking subsidiary, BBVA USA. Through this transaction, PNC is now the fifth largest U.S. commercial banking organization, with more $560 billion in assets and a presence in 29 of the top 30 largest markets in the country.
“Our acquisition of BBVA USA accelerates our national expansion and positions us to increase shareholder value over time by bringing our industry-leading technology and innovative products and services to new markets and clients,” William S. Demchak, chairman, president and CEO of PNC, said. “We are grateful to our thousands of colleagues across the combined organization who have worked tirelessly to help achieve this major milestone. With a shared commitment to serving our customers and supporting the communities where we live and work, together we will build on this strong combination for years to come.”
Until conversion of bank systems and branches, expected to occur in October 2021, PNC and BBVA USA customers will continue to be served through their respective PNC and BBVA USA branches, websites, mobile apps, financial advisors and relationship managers. PNC will provide information to BBVA USA customers prior to the conversion.
In connection with the acquisition, PNC developed its community benefits plan, which will provide $88 billion in loans, investments and other financial support to bolster economic opportunity for low- and moderate-income individuals and communities, people and communities of color, and other underserved individuals and communities over a four-year period beginning on Jan. 1, 2022.