PNC Bank
PNC Bank is the banking division of The PNC Financial Services Group, a Pittsburgh, Pennsylvania-based company which entered the Birmingham market through acquisitions.
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. Local operations are overseen by Nick Willis, president of PNC's Northern and Central Alabama division since 2017.
BBVA accounts were transitioned to PNC Bank by October 2021.
References
- "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
External links
- PNC Bank website