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.
Many small and mid-sized business owners strongly support vaccinations for COVID-19 and plan to encourage their employees to get the shots, which are central to a return to normalcy, according to the latest PNC semi-annual national small business survey.
JPMorgan Chase Bank acted as lead arranger alongside a syndicate of financial banking institutions, including Wells Fargo Bank, PNC Financial Services Group and Comerica Bank, on a $75 million revolving credit facility for InfuSystem, a national healthcare service provider.
To get a handle on how the asset-based lending industry has traversed a tumultuous 2020 and where it is headed in 2021, ABF Journal spoke with executives from Siena Lending Group, Context Business Lending, PNC and BMO Harris in an exclusive Q&A.
PNC delivered a $135 million asset-based loan to Covia in the company’s recent Chapter 11 emergence. As of emergence, Golden Gate Capital invested in Covia and is now the largest individual shareholder.
PNC provided a $30 million revolving credit facility for Williams Industrial Services, while EIP, CION and CrowdOut Capital together provided a $35 million term loan and a $15 million delayed draw term loan. G2 Capital Advisors served as financial advisor on the debt refinancing.
Middle market investment bank Westlake Securities secured $160 million of committed senior and junior capital, in aggregate, from PNC Bank and The Carlyle Group’s global credit platform for Zippy Shell.
Harold Ford Jr. assumed the role of vice chairman of corporate and institutional banking (C&IB), reporting to Michael Lyons, head of C&IB, at PNC Financial Services Group. Ford has more than 25 years of political and financial experience, serving in Congress from 1997 through 2007.
PNC expanded the leadership roles of Deborah Guild, chief security officer, and Ganesh Krishnan, corporate and institutional bank (C&IB) and staff service technology chief information officer.