Pnc Loan Agreement
CONFERENCE CALL AND ADDITIONAL INFORMATION PNC President, President and Chief Executive Officer William S. Demchak and Executive Vice President and General Manager Robert Q. Reilly will hold an investor conference call today at 8:00 a.m. Eastern Time.m for the announcement of the final agreement. The identification numbers for the conference call are (877) 402-9115 and (303) 223-4398 (international) and Internet access for the live audio webcast of the conference call is available under www.pnc.com/investorevents. PNC`s press release and presentation films on the conference call submissions will be available at www.pnc.com/investorevents prior to the start of the conference call. A telephone recording of the call will be available for one week at (800) 633-8284 and (402) 977-9140 (international), conference ID-21972430 and a recording of the audio webcast will be available on the PNC website for 30 days. PITTSBURGH, Nov. 16, 2020 /PRNewswire/ — PNC Financial Services Group, Inc. (NYSE: PNC) and Spanish financial group Banco Bilbao Vizcaya Argentaria, S.A. (NYSE and MAD: BBVA) announced today that they have signed a final agreement for PNC to acquire BBVA USA Bancshares, Inc., including its U.S.
bank subsidiary BBVA USA, at a purchase price of $11.6 billion, which will be financed by cash in a fixed price structure. This acquisition adds approximately $86 billion in deposits and $66 billion in loans based on BBVA USA`s September 30, 2020 balance sheet. After closing, the provision for total risk for the combined company is estimated at 2.85%, including reserves for loans acquired from BBVA USA of 3.85%. PNC Announces Definitive Agreement to Acquire BBVA USA Forward-Looking Statements contained in this press release are subject to the following risks and uncertainties, which relate to both the acquisition transaction itself and the integration of the acquired business into PNC after closing: these forward-looking statements are also subject to the key risks and uncertainties that apply to our operations generally and in PNCs` Forms 10-K and 2020 The following SEC filings are shown at 10 Qs PNC. Our SEC submissions are available on the SEC website under www.sec.gov and on our corporate website under www.pnc.com/secfilings. We have only saved these web addresses as inactive text references. The information contained on these sites is not part of this document. „Our acquisition of BBVA USA will accelerate our growth and increase shareholder value over the long term by strategically using proceeds from the sale of our BlackRock investment,“ said William S.
Demchak, President, President and Chief Executive Officer of PNC. „This transaction is an opportunity to steer our future from a position of strength, accelerate PNC`s national expansion strategy, while building on our experience as a disciplined acquirer. We are excited to introduce our cutting-edge technology and innovative products and services to new markets and customers by leveraging our mutual commitment to building diverse and successful teams and supporting the communities we serve. » BBVA USA Bancshares with $104 billion in assets and headquartered in Houston, Texas, through its subsidiary BBVA USA provides retail banking and business services and operates 637 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. . . .