PITTSBURGH, Jan. 14, 2019 /PRNewswire/ -- PNC Bank today
announced a definitive agreement to acquire Ambassador Financial
Group, Inc. ("AFG"), a provider of balance sheet management,
investment banking and capital markets services to banks, insurance
companies, and other financial institutions.
Upon the closing of the transaction, which is subject to
customary conditions, AFG will become a subsidiary of PNC Bank
within the Capital Markets Financial Institutions Group in the
Corporate & Institutional Banking business.
"This combination represents an opportunity to deliver tailored
end-to-end solutions and positions us to offer a full product
platform to banks and other financial institutions," said
Charlotte McLaughlin, president and
chief executive officer of PNC Capital Markets. "We look forward to
expanding our advisory services with enhanced merger and
acquisition and capital markets capabilities in the financial
institutions group space, and deepening relationships with
clients."
"It is an exciting time for Ambassador as we are thrilled to be
joining the PNC family. Our business model has always been to
deliver strong capital markets execution with main street customer
service through customized client-specific strategies and
solutions," said Rob Pachence,
co-founder and managing partner, AFG. "Combining our process within
PNC's robust Capital Markets Financial Institutions Group resources
will create a first-class platform dedicated to serving our
clients' needs."
Matt Resch, co-founder and
managing partner, AFG, further stated, "This is a logical evolution
of Ambassador's business model and a natural fit partnering with
PNC. We have had the opportunity to work closely with each other
over the years on client projects and share similar cultural
philosophies. Together we are creating a one-of-a-kind platform
that will deliver tailored client centric solutions to assist them
achieve their strategic objectives. We will accomplish this by
leveraging PNC's balance sheet, resources, and expertise with our
advisory approach."
Founded in 2006, Ambassador Financial Group, Inc. is
headquartered in Allentown,
PA. The transaction is expected to close in the second quarter
of 2019, and the terms will not be disclosed.
About Ambassador Financial Group, Inc.
Ambassador
Financial Group, Inc. is a FINRA registered broker‐dealer which
offers a comprehensive suite of strategic, customized solutions to
banks and thrifts and other financial institutions nationwide,
including balance sheet management, investment banking and capital
markets services.
About PNC
PNC Bank, National Association is a member
of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one
of the largest diversified financial services institutions in
the United States, organized
around its customers and communities for strong relationships and
local delivery of retail and business banking including a full
range of lending products; specialized services for corporations
and government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit www.pnc.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
This press release contains forward-looking statements regarding
our outlook or expectations with respect to the planned acquisition
of AFG, the combination of AFG into PNC Bank, and the impact of the
transaction on PNC's future performance.
Forward-looking statements are subject to numerous assumptions,
risks and uncertainties, which change over time. The
forward-looking statements in this press release speak only as of
the date of the press release, and we assume no duty, and do not
undertake, to update them. Actual results or future events could
differ, possibly materially, from those that we anticipated in
these forward-looking statements.
Forward-looking statements in this press release are subject to
the following risks and uncertainties related both to the
acquisition transaction itself and to the integration of the
acquired business into PNC after closing:
- The business of AFG going forward may not perform as we
currently project or in a manner consistent with historical
performance. As a result, the anticipated benefits of the
transaction may be significantly harder or take longer to achieve
than expected or may not be achieved in their entirety as a result
of unexpected factors or events, including those that are outside
of our control.
- The combination of AFG's business with that of PNC may be more
difficult to achieve than anticipated or have unanticipated adverse
results relating to AFG's or our existing businesses.
- Completion of the transaction is dependent on the satisfaction
of customary closing conditions, which cannot be assured. The
timing of completion of the transaction is dependent on various
factors that cannot be predicted with precision at this point.
These forward-looking statements are also subject to the
principal risks and uncertainties applicable to our businesses
generally that are disclosed in PNC's 2017 Form 10-K and 2018 Form
10-Qs and in PNC's subsequent SEC filings. Our SEC filings are
accessible on the SEC's website at www.sec.gov and on our corporate
website at www.pnc.com/secfilings. We have included these web
addresses as inactive textual references only. Information on these
websites is not part of this document.
CONTACTS:
MEDIA:
Marcey
Zwiebel
(412) 762-4550
corporate.communications@pnc.com
INVESTORS:
Bryan Gill
(412) 768-4143
investor.relations@pnc.com
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SOURCE PNC Bank