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M&A News: PNC concludes another absorbtion
Having replaced the eagles of Riggs Bank in record time, PNC has also speedily rebranded a much smaller acquisition.
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The PNC Financial Services Group, Inc. yesterday said that it has completed the conversion of all The Yardville National Bank's (YNB) branches and clients to PNC.
"The integration of YNB into PNC extends our valuable Mid-Atlantic banking franchise, adds to our strength and expands our ability to deliver products and services to this rapidly growing and affluent region," said PNC President Joseph C. Guyaux.
Between close of business on March 7 and reopening of branches on 10th March, PNC converted 31 YNB branches and approximately 40,000 customer accounts to PNC Bank.
And PNC isn't stopping there: it's filed documents with the SEC in relation to the takeover of Sterling Financial Corporation and it is expected that that will receive shareholder approval soon.
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