New CAP Member, PNC, Completes RBC Bank USA Deal

March 5,2012

PNC Financial Services Group Inc. completed the $3.47 billion purchase of RBC Bank USA from the Royal Bank of Canada, according to a Monday filing with the Securities and Exchange Commission.

Pittsburgh-based PNC closed the acquisition and, after the close of business Friday, converted RBC Bank’s roughly 400 branches throughout the Southeast. These opened for business Monday as PNC branches.

In the RBC deal, PNC gained 61 Georgia branches of RBC, including 52 in metro Atlanta. Prior, PNC made its initial push into the metro Atlanta market with acquisition of 27 branches from Flagstar Bancorp Inc.

PNC also said in the filing that it completed the purchase of a specified portfolio of RBC Bank-related credit card receivables from RBC Bank (Georgia), National Association.

-Courtesy of The Atlanta Business Chronicle