PNC to Acquire BBVA

Pittsburgh-based PNC Financial Services Group has won regulatory approval for its acquisition of Birmingham-based BBVA USA, Business Alabama recently reported. Both banks have many branches across Mobile and Baldwin counties. The deal, which would make PNC the nation’s fifth-largest bank, is expected to close June 1. It is valued at an estimated US$11.6 billion. “We are pleased to have received regulatory approval of our acquisition that will accelerate our growth trajectory and drive long-term shareholder value,” William S. Demchak, PNC chairman, president and CEO, said. BBVA customers are to transition to PNC in October.