PITTSBURGH, June 1, 2021 /PRNewswire/ -- The PNC
Financial Services Group, Inc. (NYSE: PNC) today announced the
completion of its acquisition of BBVA USA Bancshares, Inc., including its U.S.
banking subsidiary BBVA USA.
Through this transaction, PNC is now the fifth largest U.S.
commercial banking organization with over $560 billion in assets with a coast-to-coast
national franchise that will provide a full range of products and
services to retail customers and business clients in 29 of the top
30 largest markets in the country.
![PNC Completes Acquisition of BBVA USA PNC Completes Acquisition of BBVA USA](https://mma.prnewswire.com/media/1522876/PNC_BBVA_USA_Close.jpg)
"Our acquisition of BBVA USA
accelerates our national expansion and positions us to increase
shareholder value over time by bringing our industry-leading
technology and innovative products and services to new markets and
clients," said William S. Demchak,
PNC's chairman, president and chief executive officer. "We are
grateful to our thousands of colleagues across the combined
organization who have worked tirelessly to help achieve this major
milestone. With a shared commitment to serving our customers and
supporting the communities where we live and work, together we will
build on this strong combination for years to come."
Until conversion of bank systems and branches, expected to occur
in October 2021, PNC and BBVA
USA customers will continue to be
served through their respective PNC and BBVA USA branches, websites and mobile apps,
financial advisors and relationship managers. PNC will provide
comprehensive information to BBVA USA customers prior to the conversion.
PNC's commitment to supporting its communities is outlined in
its previously announced Community Benefits Plan developed in
connection with the BBVA USA
acquisition. The plan will provide $88
billion in loans, investments, and other financial support
to bolster economic opportunity for low- and moderate-income (LMI)
individuals and communities, people and communities of color, and
other underserved individuals and communities over a four-year
period beginning Jan. 1, 2022.
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 acquisition of BBVA USA
Bancshares, Inc. ("BBVA USA
Holdco"), the combination of BBVA USA Holdco into PNC and BBVA USA into PNC Bank, the impact of the
transaction on PNC's future performance, and PNC's Community
Benefits Plan. 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: 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 there can be
no assurance that the Community Benefits Plan will achieve the
results or outcome originally expected or anticipated by us as a
result of changes to our business strategy, performance of the U.S.
economy, or changes to the laws and regulations affecting us, our
customers and the U.S. economy (including, but not limited to, tax
laws and regulations).
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.