PNC officially expanding into the Southern United States (buying, business)

[Craziaskowboi]

Back in June, PNC announced its intent to purchase all the RBC banks in the South. Today, the Federal Reserve approved the buyout, so PNC's footprint will expand in Virginia and the Carolinas, plus a few in Georgia, Florida and Alabama. This will effectively bridge the gap between PNC's banks in northern Virginia and central Florida.

PNC will soon become the fifth-largest bank in North Carolina and the ninth-largest bank in Florida. It will still have a somewhat limited presence in Virginia, South Carolina, and Alabama, so don't be surprised if PNC purchases another regional bank in the South to solidify its holdings in the eastern U.S. One logical candidate would be Columbus, GA-based Synovus, which would help PNC expand in Georgia, Alabama, South Carolina and Florida.

I also found out that PNC will be buying about two dozen branches of Flagstar Bank in Atlanta, which means that PNC will soon become a major player in Atlanta once all the RBC and Flagstar branches are converted. This will make PNC the seventh-largest bank in Atlanta and the eight-largest in Georgia.