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.
We will be communicating with customers well in advance of any conversion activity to ensure a smooth transition.
PNC has extensive experience with successful acquisitions and integrations. Clients and employees are at the forefront of PNC’s planning. You can feel comfortable knowing that PNC and BBVA USA leadership and integration teams are working closely to make sure we plan appropriately and have the proper resources in place to manage the conversion and post-conversion efforts.
Be sure to check back regularly as we will provide updates as they become available.
The conversion will take place in the second half of 2021 after legal close of the transaction. We will be communicating with customers well in advance of the conversion to ensure a smooth transition. PNC has extensive experience with successful acquisitions and integrations. Clients and employees are at the forefront of PNC’s planning. You can feel comfortable knowing that PNC and BBVA USA leadership and integration teams are working closely to make sure we plan appropriately and have the proper resources in place to manage the conversion and post-conversion efforts.
Not at this time. PNC has not yet acquired BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA, and until the transaction receives all required approvals and the legal closing occurs, PNC and BBVA USA are two independent entities and must operate independently as if no transaction were pending.
Please know that our integration of BBVA USA will not impact the level of service that you receive today. Moving forward, we expect to enhance the way we serve our customers through greater geographic coverage and enhanced digital capabilities.
In the future, we look forward to bringing together the best of both companies to further strengthen PNC’s service and financial expertise to help customers meet their financial goals.
At this time, there will be no change to your existing BBVA USA products and services. Between now and legal close of the transaction, which requires regulatory approval, PNC and BBVA USA will work together closely to develop a thoughtful integration plan, inclusive of mapping clients to the products and services that best align with their current solutions. Customers will be notified well in advance of any transition of products and services.
PNC employees may not represent BBVA USA or sell BBVA USA’s products or services until legal close of the transaction, which is anticipated to occur in the second half of 2021.
BBVA USA sales officers cannot sell or promote PNC’s products and services to clients until legal close of the transaction, which is anticipated to occur in the second half of 2021.
We are still early in the evaluation phase and will make decisions about potential future closures based on the outcome of those assessments.
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:
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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