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The Federal Reserve Board has approved PNC Financial Services Group's plan to acquire Raleigh-based RBC Bank.
PNC, a regional banking powerhouse based in Pittsburgh, agreed in June to pay Royal Bank of Canada $3.45 billion for its U.S. subsidiary. RBC Bank, which has been losing money, has 424 branches in six southeastern states.
The deal, which is expected to be completed in March, means the loss of a prestigious corporate headquarters for Raleigh. Jobs inevitably will be cut as well, although the losses aren't expected to be as severe as they would have been under some scenarios.
PNC's CEO, James E. Rohrer, has said that the bank plans to minimize the number of people it lets go through attrition and by retraining employees whose positions are eliminated to handle other roles. He also has said that PNC anticipates hiring additional workers to sell PNC products that RBC doesn't offer.
