PNC to acquire BBVA in $11.6B deal, rebrand branches

PITTSBURGH — PNC Financial Services Group Inc. (NYSE: PNC) announced Monday an agreement to purchase BBVA USA Bancshares Inc. for $11.6 billion. Should the deal be finalized, BBVA locations throughout Boulder Valley and Northern Colorado will be transitioned into PNC-branded locations. 

BBVA, which was about $104 billion in assets, operates 637 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. Locally, the bank has locations in Boulder, Fort Collins, Greeley, Lafayette, Longmont, Loveland and Westminster. 

The acquisition will allow PNC to expand its presence from coast to coast, the company said in a news release.

“This is a very positive transaction for all sides. PNC has recognized the great value of our unique client franchise and of our great team in the U.S., which will be part of a leading financial services group in the country,” said BBVA Group executive chairman Carlos Torres Vila. “The deal enhances our already strong financial position. We will have ample flexibility to profitably deploy capital in our markets, strengthening our long-term growth profile and supporting economies in the recovery phase, and to increase distributions to shareholders.”  

PNC plans to buy BBVA with cash and expects the ink to dry on the deal by mid-2021.

UPDATE 3.31.2021 – See related story – PNC’s acquisition of BBVA banks still pending

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