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Jax Daily Record Monday, Oct. 25, 202105:00 AM EST

PNC Bank now fourth-largest in region after BBVA acquisition

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The Pittsburgh-based financial institution has 2,700 branches in the U.S.
by: Mark Basch Contributing Writer

Driving around Northeast Florida in recent days, you may have noticed PNC Bank banners covering the former BBVA signs at some area bank branches.

PNC Financial Services Group Inc. completed its conversion of former BBVA USA branches into its PNC Bank over Columbus Day weekend, after formally acquiring the offices June 1.

Pittsburgh-based PNC touted the deal as turning the bank into a national franchise, as it brought the bank an additional 600 branches in seven states.

It also made PNC a significant player in the Jacksonville market.

With 23 offices in the metropolitan area of Baker, Clay, Duval, Nassau and St. Johns counties, PNC has the fourth-largest branch network behind Wells Fargo Bank, Bank of America and Truist Bank.

With $2.7 billion in deposits in its Jacksonville area branches, PNC now has the fourth-largest market share behind Bank of America, TIAA and Wells Fargo.

PNC did not have any bank branches in the Jacksonville market before acquiring the BBVA offices but it did establish a regional office in Jacksonville in 2017, handling areas such as corporate banking, commercial banking, equipment finance and consumer lending.

PNC announced the agreement to buy the U.S. banking operations of Spain-based Banco Bilbao Vizcaya Argentaria, S.A., in November 2020.

As PNC reported quarterly earnings Oct. 15, CEO Bill Demchak said it was a significant achievement to complete the acquisition and integrate the BBVA offices in less than a year.

The integration involved 9,000 former BBVA employees and 2.6 million customers, Demchak said in a conference call with analysts.

BBVA had been in the Jacksonville market since acquiring Compass Bancshares Inc. in 2007.

Nationally, the addition of BBVA grew PNC from $462 billion in assets a year ago to $554 billion as of Sept. 30, making it the sixth-largest U.S. banking company.

The bank has about 2,700 branches across the country.

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