PNC puts bow on BBVA acquisition

PITTSBURGH — PNC Financial Services Group Inc. (NYSE: PNC) completed its $11.6 billion acquisition of BBVA USA Bancshares Inc. as of Tuesday.

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

PNC now holds $5.6 trillion in assets and is the fifth largest commercial bank in the United States. The BBVA deal gives PNC a coast-to-coast bank branch footprint.

“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,” PNC CEO William Demchak said in a prepared statement. “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.”

While the sale is complete, integration of systems still has to occur. So until about October, customers will continue to be served through their respective PNC and BBVA USA branches, websites and mobile apps, financial advisors and relationship managers, PNC said.

BBVA branches are in the process of being rebranded by PNC.

© 2021 BizWest Media LLC

on Facebook on LinkedIn