PNC To Buy RBC Bank $3.45B

PNC Financial Services Group Inc. is buying the U.S. retail operations of Royal Bank of Canada for $3.45 billion.

RBC Bank (USA), based in Raleigh, N.C., has 424 branches and about $25 billion of assets.

Pittsburgh-based PNC says the transaction will bring its total to 2,870 branches and make it the fifth biggest among U.S. banks.

It is the second big banking transaction in recent days following the announcement that U.S. bank Capital One Financial Corp. struck a $9 billion deal to buy the online bank of the Dutch financial services company ING.

PNC has the option to pay for the deal with up to $1 billion in common stock.

The acquisition is expected to close in March.

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  • by Resident Location: Greenville on Jun 20, 2011 at 07:25 PM
    Many of those working at RBC will now be out of a job, majority of which are white color workers. There are over 1,000 people in Rocky Mount alone employed by RBC now and the economy there leaves few options for these folks. My heart goes out to them as it does for all unemployed who have been blindsided by this economy. Prayers for them all. And yes to "chick". RBC was RBC Centura, before that Centura and then before that Planters National Bank. It has been around eastern NC for probably 100 yrs or more. So sad...
    • reply
      by Fact Bringer on Jun 20, 2011 at 11:00 PM in reply to Resident
      I actually expect there will be more jobs. RBC is currently not doing well- this purchase is good for the region, assuming they have a well educated labor market for expansion.
  • by chick Location: roper on Jun 20, 2011 at 11:33 AM
    many years ago there was a planters national bank, is there any relations?
    • reply
      by Fact Bringer on Jun 20, 2011 at 03:32 PM in reply to chick
      PNC Financial Services traces its history to the Pittsburgh Trust and Savings Company which was founded in Pittsburgh, Pennsylvania, in 1852. In 1858, the company located its corporate offices at the corner of Fifth Avenue and Wood Street in Pittsburgh where they remain to this day.
  • by I wonder Location: NC on Jun 20, 2011 at 11:23 AM
    Here's a little fact for those who back big corporate tax breaks. in the 1950s Corporations paid 39% of the taxes collected....Individuals paid 61%. Flash Forward to 2000s, Corporations paid 19% of the taxes collected....Individuals paid 81%. Do you folks who vote for the party that backs these corporate crooks enjoy paying so much in taxes? You think social security and welfare and national parks and education drain our coffers? If you do, you think wrong and you live in the brainwashed world of the big money party. If the big money party's ideas on how wealth should work actually worked, we wouldn't be in the mess we're in today. Big corporate DOES NOT WILL NOT NO WAY NO HOW ever pass its profits on to its employees and make life all hunky dorey like they tell you they will. To believe them and their political muppett show is pure insanity.
    • reply
      by Viking on Jun 20, 2011 at 02:08 PM in reply to I wonder
      Don't take umberage.I am not saying this to argue, but I would like to know where you got this information. I prefer to do my own research, not accept a blog as fact.
  • by Mary Location: Greenville on Jun 20, 2011 at 09:35 AM
    Wow. As if PNC didnt already suck enough.
  • by Ken Location: Greenville on Jun 20, 2011 at 08:08 AM
    Another foreign bank selling off it's US assets. It makes me wonder if the US is in deeper trouble than we think.
    • reply
      by Viking on Jun 20, 2011 at 09:38 AM in reply to Ken
      Good, and very scary, point. To those who voted P BO into office, Hope Y'all like the change!
  • by Proud Pittsburgher Location: Greenville on Jun 20, 2011 at 07:24 AM
    Go Pittsburgh National Bank!
  • by Anonymous on Jun 20, 2011 at 06:30 AM
    Join a credit union. Banks are THIEVES!
  • by boo on Jun 20, 2011 at 05:38 AM
    • reply
      by a on Jun 20, 2011 at 06:08 AM in reply to boo

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