The ink isn’t even dry on PNC Bank’s $11.6 billion acquisition of BBVA, and already attention is turning to what it might mean for BBVA’s long-standing operations in Birmingham.
Though Birmingham city officials had no comment on the deal, Gov. Kay Ivey welcomed it via Twitter this morning:
The all-cash deal is the second-largest U.S. banking acquisition since the 2008 financial meltdown, according to Reuters.
The deal is expected to close in mid-2021, pending regulatory approvals, with conversion to the PNC brand in the second half of the year. PNC, which is based in Pittsburgh, said in a statement to customers that it would work with BBVA for a thoughtful integration plan, with BBVA’s branches folded into the PNC name.