Done deal: PNC starts June by completing $11.6B BBVA USA buy

PITTSBURGH — Pittsburgh’s biggest bank has completed the $11.6 billion deal that takes it coast-to-coast.

PNC Financial Services Group Inc. on Tuesday announced that its cash acquisition of Houston-based BBVA USA Bancshares Inc. is a done deal.

The transformative transaction, announced last November, positions PNC (NYSE:PNC) as the nation’s fifth-largest commercial banking organization with more than $560 billion in assets and gives it a physical presence in 29 of the top 30 largest markets in the country. It was PNC’s first bank buy in nine years.