PNC Financial Services' banking unit said on Tuesday that it had bought a portfolio of capital commitments from Signature Bridge Bank worth $16.6 billion in an agreement with the Federal Deposit Insurance Corp as receiver.
FILE PHOTO:The logo of PNC Bank, a subsidiary of PNC Financial Services Group, is seen on the window of a branch in Washington, U.S. April 30, 2023. REUTERS/Ashraf Fahim/File Photobanking unit said on Tuesday that it had bought a portfolio of capital commitments from Signature Bridge Bank worth $16.6 billion in an agreement with the Federal Deposit Insurance Corp as receiver.
"PNC has long participated in the capital commitments business and the acquired portfolio is highly complementary," the bank said in a statement. The transaction, to be funded with cash on hand, is expected to immediately add to PNC's earnings, and will represent about 10 cents per share in the fourth quarter of 2023, PNC Bank said.
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