PITTSBURGH, May 14, 2021 /PRNewswire/ -- The PNC
Financial Services Group, Inc. (NYSE: PNC) today announced receipt
of regulatory approval from the Board of Governors of the Federal
Reserve System and the Office of the Comptroller of the Currency to
complete the previously announced acquisition of BBVA USA Bancshares, Inc., including its U.S.
banking subsidiary, BBVA USA. The
regulatory approval process also included approvals from the
Banking Departments of the States of Alabama and Texas. No further regulatory approvals are
required to complete the acquisition and merger of PNC Bank and
BBVA USA.
The acquisition is anticipated to close June 1, 2021, pending satisfaction of customary
closing conditions. Upon closing, PNC will be the fifth largest
U.S. commercial bank with over $560
billion in assets and a presence in 29 of the 30 largest
markets in the U.S.
After closing, PNC will provide BBVA USA customers comprehensive information
relating to the anticipated conversion of their accounts in
October 2021. Until conversion,
customers will continue be served through their respective BBVA
USA and PNC branches, website and
mobile apps.
"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 PNC Financial Services Group, Inc. 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 BBVA USA Bancshares, Inc.
("BBVA USA Holdco"), the
combination of BBVA USA Holdco
into PNC and BBVA USA into PNC
Bank, and the impact of the transaction on PNC's future
performance. Forward-looking statements are necessarily subject to
numerous assumptions, risks and uncertainties, which change over
time. Future events or circumstances may change our outlook and may
also affect the nature of the assumptions, risk and uncertainty to
which our forward-looking statements are subject. The
forward-looking statements in this press release speak only as of
the date of this press release, and we assume no duty, and do not
undertake any obligation, to update them. Actual results or future
events could differ, possibly materially, from those that we
anticipated in these forward-looking statements. As a result, we
caution against placing undue reliance on any 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 BBVA
USA Holdco, including BBVA
USA, going forward may not perform
as we currently project or in a manner consistent with historical
performance and, as a result, the anticipated benefits of the
transaction may be significantly more difficult or take longer to
achieve than expected or may not be achieved in their entirety; the
combination of BBVA USA Holdco,
including BBVA USA, with PNC and
PNC Bank, respectively, may be more difficult to achieve than
anticipated or have unanticipated adverse results; and completion
of the transaction is dependent on the satisfaction of customary
closing conditions, which cannot be assured.
These forward-looking statements are also subject to the
principal risks and uncertainties applicable to our businesses
generally that are disclosed in PNC's 2020 Form 10-K and first
quarter 2021 Form 10-Q 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
media.relations@pnc.com
INVESTORS:
Bryan
Gill
(412) 768-4143
investor.relations@pnc.com
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SOURCE The PNC Financial Services Group, Inc.