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Bank’s Acquisition Leads to Single Largest Conversion

""PNC Financial Services Group"":https://www.pnc.com/webapp/unsec/Homepage.do?siteArea=/PNCCorp/PNC/Home/Personal completed the acquisition of ""RBC Bank"":http://www.rbcbank.com/cid-301188.html, reopening more than 400 branches across six Southeastern states as PNC banks.


At 415 branches, this was PNC's single largest conversion occurring at one time.


Former RBC branches were in business March 5 as PNC Banks in Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia. The conversation also involved the transition of 900,000 customers.

The Pittsburgh-based bank now has 2,900 locations across 19 states and the District of Columbia, according to a company release.

""The addition of RBC Bank is a great opportunity for PNC to expand in attractive Southeast markets and generate revenue growth,"" said James E. Rohr, PNC's chairman and chief executive officer. ""The success of our recent acquisitions demonstrates that when we bring our innovative products and services to new markets we have the proven ability to win clients and increase efficiencies.""

This conversion is PNC's seventh acquisition in the past eight years. According to a release, between 2009 and 2010, PNC converted more than 6 million customers and 1,300 branches from National City Bank in four phases during a seven-month period.

About Author: Esther Cho


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