PNC Bank Acquires $16.6 Bln Of Capital Commitments Facilities From Signature Bridge Bank

(RTTNews) - PNC Bank, a member of The PNC Financial Services Group, Inc. (PNC), has acquired a portfolio of capital commitments facilities from Signature Bridge Bank, N.A. through an agreement with the Federal Deposit Insurance Corporation as receiver. The acquired portfolio represents $16.6 billion in total commitments, including $9 billion of funded loans.

PNC Bank said, the transaction, to be funded with cash on hand, is expected to be immediately accretive to earnings, and will represent approximately 10 cents per share in the fourth quarter of 2023.

The FDIC established Signature Bridge Bank, N.A., on March 12, 2023, after being appointed receiver of the former Signature Bank by the New York State Department of Financial Services. PNC purchased the commitments and loans without any funding, guarantees or loss-sharing agreements from the FDIC.