The transaction, one of the biggest banking deals since the 2008 financial crisis, would create the nation’s fifth-largest retail lender, with more than $550 billion of assets. BBVA USA Bancshares, which is based in Houston, has about $86 billion in deposits and $66 billion in loans.
The acquisition would be the latest in a string that PNC has used to grow nationally. It expanded its foothold in the Southeast with its $3.45 billion acquisition of Royal Bank of Canada’s U.S. retail banking in 2011, and bought National City bank, based in Cleveland, in 2008. With its acquisition of BBVA’s business, PNC will expand into Arizona, California, Colorado, New Mexico and Texas, giving it a presence in 29 of the country’s 30 biggest markets.