Tuesday, December 20, 2011

PNC gets Fed approval to buy RBC

Pittsburgh-based PNC Financial Services Group has gotten the Federal Reserve's approval to buy RBC Bank -- meaning the Charlotte area is set to see a new bank brand.

The acquisition of the Raleigh bank was announced in June, but the Fed signed off on the deal in a statement released late Monday. The Fed said it would give its reasons for approving the purchase soon. It's expected to close in March.

RBC has 18 branches in the Charlotte metropolitan area, 11 of which are in Mecklenburg County, according to FDIC data. Its $1.1 billion in local deposits gives it the region's seventh-largest market share.