For PNC Financial, the US’s inaugural best super-regional bank, 2021 was a landmark year in a decade-long national expansion under chief executive Bill Demchak.
In early June last year, the bank completed its acquisition of BBVA USA, after receiving regulatory approval in May. The acquisition made it the country’s fifth-largest commercial bank, accelerating its national expansion and taking total assets to $560 billion. It moved to convert BBVA’s systems and branches later in the year.
The Pittsburgh-based bank also continued its national expansion by opening organically in Arizona, Nevada and key areas of southern California, including Orange County and Los Angeles. This took PNC’s presence to all 30 of the country’s main population hubs. This was up from only 12 of the top 40 hubs in 2013, when Demchak became chief executive.
It was a record year in terms of revenue, with the bank posting a 13.7%