PNC is Proud to Announce
the Acquisition of BBVA USA

 

 

 

 

Bill Demchak
PNC Chairman, President & CEO

 


 

I am pleased to announce PNC’s agreement to acquire BBVA USA Bancshares, Inc., and its U.S. banking subsidiary, BBVA USA, a deal through which PNC will become a top five U.S. bank with a coast-to-coast national franchise. I could not be more excited about this acquisition and the many opportunities it presents for our company and for our stakeholders. I also am incredibly grateful for our customers, communities, employees and shareholders, whose trust has enabled us to become who we are today.

Over the last few years, we have focused on organic growth, including the ongoing expansion of our middle market corporate banking business and our digitally-led efforts to expand retail banking nationally. While we have made tremendous progress, accelerating our national scale is critical for us to effectively compete with our largest competitors. And that is precisely our intent with BBVA USA.

BBVA USA provides commercial and retail services through 637 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. When the acquisition is complete in the third quarter next year, we will have a presence in 29 of the nation’s top 30 markets.

Our integration with BBVA USA will not impact the level of service that PNC customers receive today. BBVA USA customers will continue to be provided services by BBVA USA until the second half of 2021. The closing of the transaction is subject to regulatory approval and customary closing conditions.

We will continue to share updates with you as they become available. In the meantime, you may find more information in our related news release.

Thank you for your support, your trust and your business.

Frequently Asked Questions

We are committed to keeping you informed as we have additional information. Be sure to check back regularly as we will provide updates as they become available.

Important Legal Disclosures and Information

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This website contains forward-looking statements regarding our outlook or expectations with respect to the planned acquisition of BBVA USA Bancshares, Inc., the combination of BBVA USA Bancshares, Inc. 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 on this website speak only as of the date made, 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. As a result, we caution against placing undue reliance on any forward-looking statements.

Forward-looking statements on this website 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 Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA, going forward may not perform as we currently project or in a manner consistent with historical performance. As a result, the anticipated benefits, including estimated cost savings, 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 BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA, with that of PNC and PNC Bank may be more difficult to achieve than anticipated or have unanticipated adverse results relating to BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA, 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 2019 Form 10-K and 2020 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 website.

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