Regional lenders, not community banks, have the most to fear from PNC Financial Services Group’s $3.62 billion deal to buy Royal Bank of Canada’s U.S. retail unit, according to several South Florida experts.
PNC’s purchase of Raleigh, North Carolina-based RBC Bank USA and related credit-card assets would add more than 420 branches in Florida, Alabama, Georgia, the Carolinas and Virginia — most of which is new retail territory for PNC. The Pittsburgh-based lender’s 2,500 outlets are primarily in the North, Midwest and Florida.
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