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State: 17.08.2024 | 11PM
Tue, 03.10.2023       PNC Financial
US6934751057

PITTSBURGH, Oct. 3, 2023 /PRNewswire/ -- PNC Bank ("PNC") today announced it has acquired a portfolio of capital commitments facilities from Signature Bridge Bank, N.A. through an agreement with the Federal Deposit Insurance Corporation ("FDIC") as Receiver. The transaction closed Oct. 2, 2023. The FDIC established Signature Bridge Bank, N.A., on March 12, 2023, after being appointed receiver of the former Signature Bank, New York by the New York State Department of Financial Services.

The acquired portfolio represents $16.6 billion in total commitments, including $9 billion of funded loans. The transaction, to be funded with cash on hand, is expected to be immediately accretive to PNC's earnings, and will represent approximately 10 cents per share in the fourth quarter of 2023. The transaction will not have a material impact to PNC's total assets, capital ratios or tangible book value per share. PNC purchased these commitments and loans without any funding, guarantees or loss-sharing agreements from the FDIC. Additional details on the acquired portfolio and the financial impact of the transaction will be provided on PNC's third quarter earnings call scheduled for Oct. 13, 2023. 

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