PNC Bank

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PNC Bank is the banking division of the PNC Financial Services Group, a Pittsburgh, Pennsylvania-based company which entered the Birmingham market through acquisitions. Its Northern and Central Alabama division operates from administrative offices on the 9th floor of One Federal Place, having relocated in 2020 from the Woodward Building. Nick Willis was named the regional division president in 2017.

In 2011 PNC Bank acquired RBC Bank, the Raleigh, North Carolina-based US subsidiary of the Royal Bank of Canada for $3.62 billion. RBC Bank had bought branches in Tuscaloosa, Huntsville and Mobile out of the 2006 AmSouth/Regions merger, and had acquired Alabama National BanCorp's former First American Bank, a successor to the original National Bank of Commerce.

In June 2021, PNC Bank acquired BBVA, the Houston, Texas-based US division of Spain's Banco Bilbao Vizcaya Argentaria for $11.6 billion. BBVA had purchased Birmingham's Compass Bank in 2007 and initially used Birmingham as the headquarters of its US operations. The bank maintained significant administrative and technical operations in Birmingham, split between the Daniel Building and the Harry B. Brock Administrative Center in Lakeview. With the acquisition, PNC became the 5th largest bank in the United States with $560 billion in assets.

PNC Bank announced that it would add the Brock Service Center in Birmingham to its cadre of "technology centers" to help serve its growing regional presence. BBVA accounts were transitioned to PNC Bank by October 2021. Prior to the transition, PNC announced that it was raising its minimum wage from $15 to $18 per hour.

In 2023 PNC Financial Services Group made a bid to acquire the failed First Republic Bank of San Francisco, California at auction from the FDIC. JPMorgan Chase and Co. submitted the winning bid.

Locations

References

  • Coker, Angel (July 29, 2019) "PNC to relocate Alabama regional headquarters." Birmingham Business Journal
  • Coker, Angel (February 14, 2020) "PNC Alabama leader on new HQ, branches and more." Birmingham Business Journal
  • "PNC to buy BBVA's U.S. operations for $11.6B." (November 16, 2020) Birmingham Business Journal
  • Thornton, William (November 17, 2020) "What does PNC’s acquisition of BBVA mean for Birmingham." The Birmingham News
  • Thornton, William (June 2, 2021) "PNC completes $11.6 billion acquisition of BBVA, announces Alabama leadership." The Birmingham News
  • Thornton, William (June 3, 2021) 'PNC’s new Alabama regional president: What $11.6 billion BBVA merger means for Birmingham." The Birmingham News
  • Coker, Angel (July 20, 2021) "PNC to close, consolidate additional branches related to BBVA USA acquisition." Birmingham Business Journal
  • Thornton, William (August 30, 2021) "PNC boosting minimum pay to $18 an hour." The Birmingham News
  • Tascarella, Patty (April 28, 2023) "PNC closing 30 more branches nationwide, including two in metro area." Pittsburgh Business Times / Birmingham Business Journal
  • Thornton, William (May 1, 2023) "PNC Bank reportedly tried to buy failed First Republic Bank in FDIC auction." AL.com

External links

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