PNC Financial Services Group Inc. on Nov. 16 announced an agreement to buy BBVA USA Bancshares Inc., the U.S. banking arm of Spain-based Banco Bilbao Vizcaya Argentaria, S.A.
BBVA is the fourth-largest bank in Northeast Florida with 24 branches and $3.1 billion in deposits, or 3.3% of the deposit market in the Jacksonville metropolitan area as of June 30, according to Federal Deposit Insurance Corp. data.
PNC does not have any bank branches in the Jacksonville area but the Pittsburgh-based company opened a regional office in Jacksonville in 2017.
The office engages in corporate banking, commercial banking, equipment finance and consumer lending.
PNC is paying $11.6 billion to buy BBVA USA, which has 637 branches in Florida, Texas, Alabama, Arizona, California, Colorado and New Mexico.
The company has 2,261 branches in 24 states and said the purchase of BBVA gives it a coast-to-coast franchise.
BBVA has been in the Jacksonville market since acquiring Compass Bancshares Inc. in 2007.
The Spanish company operated its U.S. operations as BBVA Compass but last year dropped “Compass” from the name to brand all of its global operations under the BBVA name.