PNC’s purchase of BBVA USA greenlit by regulators, $11.6B deal closing in June

PITTSBURGH — Pittsburgh’s biggest bank is a giant step closer to becoming the nation’s fifth-largest — at least a month ahead of original expectations.

PNC Financial Services Group Inc. has received regulatory approval from the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency to complete its $11.6 billion cash acquisition of BBVA USA Bancshares Inc.

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The process also included approvals from the banking departments of the states of Alabama and Texas. No further regulatory approvals are required to complete the acquisition and merger of the retail subsidiaries PNC Bank and BBVA USA.

Read more from our news partners at the Pittsburgh Business Times.