Pittsburgh-based PNC Financial Services Group has won regulatory approval for its acquisition of BBVA USA.
The deal is expected to close June 1, leaving PNC as the nation’s fifth largest bank. BBVA customers will transition to PNC in October.
Approval for the deal came Friday from the Board of Governors of the Federal Reserve System and the Comptroller of the Currency.
“We are pleased to have received regulatory approval of our acquisition that will accelerate our growth trajectory and drive long-term shareholder value,” said William S. Demchak, PNC chairman, president and chief executive officer. “With common cultures and values and a shared commitment to our customers, employees and communities, we look forward to bringing PNC’s industry-leading technology and innovative products and services to new markets and clients.”
The deal was estimated at $11.6 billion when it was announced in late 2020.
Both banks are key players in Alabama.
PNC moved here with the purchase of Royal Bank of Canada (USA) in 2011.
BBVA purchased Birmingham’s Compass Bancshares in 2007. It became BBVA USA in 2019. BBVA ranked second in the state for market share, following Regions.