The PNC Financial Services Group has a larger Florida footprint after completing the acquisition of BBVA USA Bancshares.
The deal gives PNC more resources to serve customers statewide and in the Tampa-St. Petersburg area, said Chad Loar, PNC Bank regional president for West & Central Florida.
“Together, we stand as the nation’s fifth largest commercial banking organization with a coast-to-coast franchise and a depth and breadth of capability, resource and scale that enable us to support our customers and communities in the Orlando, Tampa, Sarasota, St. Petersburg, Ocala, Naples, and Fort Myers market. Locally, it will raise our deposit market share ranking to No. 8 in Florida – and in even more powerful ways,” Loar said in a statement.
PNC (NYSE: PNC), based in Pittsburgh, announced in November it would buy Houston-based BBVA for $11.6 million in cash. The deal was completed June 1. PNC now has more than $560 billion in assets and can 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, a news release said.
PNC entered the Tampa-St. Petersburg market in 2011 after buying former BankAtlantic branches, and it quickly expanded its local presence after acquiring RBC Bank, the U.S. retail banking subsidiary of Royal Bank of Canada, later that year.
PNC had 20 offices and $1.7 billion in deposits in the Tampa-St. Petersburg-Clearwater metro area as of June 30, 2020, according to the most recent information available from the Federal Deposit Insurance Corp. BBVA had a much smaller presence locally, with two metro area offices – both in Spring Hill, in Hernando County – and $349 million in deposits.
Still, BBVA has a strong Southwest U.S. presence, with 648 offices in seven states, including 43 offices in Florida. As of March 31, BBVA had nearly $102 billion in total assets.
PNC expects to convert BBVA bank systems and branches in October 2021. Until then, customers will continue to be served through their respective PNC and BBVA USA branches, websites and mobile apps, financial advisors and relationship managers, the news release said.
For Loar, who was named regional president in 2016, the future looks bright.
“Continuing to serve as regional president in my hometown, Tampa, and for the nation’s fifth largest commercial banking organization, is a dream come true. This is an exciting, diverse and thriving business community that I look forward to building onto what we have established over the last decade,” Loar said.
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