PNC buying Royal Bank of Canada's US retail branches, credit card operations
PNC Bank has bought Royal Bank of Canada's U.S. branches and credit card operations in what could be one of the first big deals during this new era of bank mergers and acquisitions.
PNC, the sixth-largest U.S. bank, agreed to pay $3.5 billion in cash and stock, a price regarded as low. The deal is expected to boost PNC's profits by late 2013.
The move came 2-1/2 years after PNC bought Ohio's largest bank, National City Bank. The latest purchase will help PNC expand in the southeastern United States, where its predominant presence is Florida. RBC Bank, based in Raleigh, N.C., has 424 branches in six states: North Carolina, Florida, Alabama, Georgia, Virginia and South Carolina.
The expansion will give PNC 2,870 branches and about $285 billion -- the fifth-largest in terms of branches. It will remain the sixth-largest bank in terms of assets, just behind U.S. Bank of Minneapolis, which has assets of $311 billion.
The purchase will have little effect on existing PNC customers, except to give them a host of branches to go to if they're visiting or moving to the Atlantic Coast.
The PNC-RBC deal is the first major deal in an industry that has anticipated a buying-and-selling spree this year.
"We're not off to the races. We're not seeing gobs and gobs of deals," said banking analyst Jeff Davis of Guggenheim Partners in Nashville. But he does expect sporadic deals, particularly when the price is low, as in this case.
Davis also predicts mergers of equals in the near future as banks cope with slow growth and desperate attempts to cut expenses.
"Ohio is one of those markets where we have to keep waiting," he said.
Industry watchers keep mentioning possible mergers between KeyCorp and Fifth Third Bank, or Key and U.S. Bank, he said, or even a deal involving Huntington Bank.
"I expect it to happen one day or one year," Davis said.
Banking analyst Terry McEvoy of Oppenheimer & Co. said the timing of this deal was about RBC wanting to get out from under its money-hemorrhaging U.S. operations. RBC had made a couple of ill-timed acquisitions just before the banking crisis.
McEvoy noted that the nation still has about 800 problem banks, and some banks that may want to sell as their chief executives prepare to retire.
Merger-and-acquisition activity is expected to pick up when profits improve and interest rates increase, he said. "I don't want to say that deals will not happen, but before we see a string of acquisitions, some things will have to happen.
National City Bank Credit Cards - News
Royal Bank of Canada's US branches and credit card operations in what could be one of the first big deals during this new era of bank mergers and acquisitions. The move came 2-1/2 years after PNC bought Ohio's largest bank, National City Bank.
Commerce Bank lost one school, falling from four to three when Wichita State opted to discontinue the banking option on its campus card. PNC's acquisition and integration of National City Bank in 2008 hasn't yet been felt but the purchase did enable
Whether you need a checking or savings account, mortgage, retirement fund, investments, credit cards or personal loans, Hattiesburg's banks can hook you up. Several banks even began in Hattiesburg. The First, A National Banking Association,
PenFed is short for Pentagon Federal Credit Union. Unlike many other credit unions, though, you don't have to live in a certain city or work for a specific employer to be eligible. PenFed requires would-be cardholders to join either the National
He said about half of Veridian members use debit cards the credit union issues. Swipe-fee changes in no way help the cardholders, said Charlie Funk, CEO of Iowa City-based MidWestOne Bank and chairman of the Iowa Bankers Association.
National City Secured Card Application [national city bank ...
One the wonderful suggestions here was for a secured credit card from National City Bank. I have done exactly that and decided that before I filled out the forms I would in a PDF scan for all others that they wanted. While you might think this odd for an application, it's obvious what I received from the Bank photocopies. The sides were a bit crooked copies before I ever had. When they appear as informal on the quality of the application, I would imagine that you just print them and use them if you wanted. Best Answer: National City is a major bank, at least in my part of the US. ALL secured credit cards require a deposit. You open a savings account and pledge the balance as security in case you don't pay the bill on your card. Your credit limit is usually the same as the amount deposited. They are basically letting you borrow your own money and reporting payments to the credit bureaus. Reply:guy, welcome to the board. You will find many helpful and kind people here.I went ahead and looked at your PDF application, you may want to go back and black out you real name and your address, as it is on that PDF you have been so kind to share. I will also let you know that it is not really safe to use you last name, as there are many many many people on the web that would not be so kind, and would try to steal your identity. They would already have your name and your full address.
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