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WSJ: PNC Financial Wins Bid For RBC's US Retail Bank -Source

By Dan Fitzpatrick, Matthias Rieker and David Benoit NEW YORK -(Dow Jones)- PNC Financial Services Group Inc. (PNC) won the bid for Royal Bank of Canada's (RY) U.S. retail banking business, according to a person with knowledge of the matter. A deal is expected to be announced soon, that person said. The bidding for RBC Bank of Raleigh, N.C., came down to two bidders, PNC of Pittsburgh, and BB&T Corp. (BBT) of Winston-Salem, N.C., said people familiar with the matter. But BB&T was unwilling to pay book value for RBC, which is around $3.5 billion, according to a person with knowledge of the matter. RBC and PNC declined to discuss the matter; BB&T couldn't be reached for comment. RBC bought the U.S. bank, then called Centura Banks, in 2001 for $2.3 billion and expanded it from North Carolina and Virginia to Florida and Georgia with additional acquisitions. The bank now has 420 bank branches in six southeast states, but it failed to garner big shares in its banking markets. It was hit hard by the U.S. housing crisis and recession. Since taking a C$1 billion writedown on the business in 2009, RBC has focused on revamping the operations. The deal would give PNC a chance to expand more in the Southeast, an area it has little presence in outside of Florida. With RBC's branches in the Carolinas and down the southeastern coast, PNC would be able to fill in the gaping hole in its footprint between its mostly northern Virginian locations and Florida branches. As one of the nation's biggest lenders in commercial real-estate, PNC also would be adding to that portfolio, for better or worse, as RBC had a heavy concentration in commercial real estate. Bloomberg reported news of the deal earlier. --By Dan Fitzpatrick, Matthias Rieker, and David Benoit; 212-416-2471; matthias.rieker@dowjones.com

Stock News for Bb & T (BBT)
DateTimeHeadline
08/26/201511:05:00BB&T announces third-quarter 2015 earnings conference call
08/21/201516:37:46Statement of Changes in Beneficial Ownership (4)
08/21/201516:17:43Statement of Changes in Beneficial Ownership (4)
08/20/201516:08:10Current Report Filing (8-k)
08/19/201512:55:00SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders...
08/18/201520:15:00Deal Volume Heats Up Among Midsize Banks
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08/18/201513:56:00Robbins Arroyo LLP: Acquisition of National Penn Bancshares...
08/18/201510:14:00NATIONAL PENN BANCSHARES, INC. SHAREHOLDER ALERT: Rigrodsky...
08/18/201506:09:40Current Report Filing (8-k)
08/17/201522:10:00BB&T to Buy National Penn Bancshares
08/17/201521:57:00BB&T to Buy National Penn Bancshares for $1.8 Billion
08/17/201520:23:00BB&T to acquire National Penn Bancshares, Inc.
08/11/201509:25:00Regional - Southeast Banks Equities Roundup -- Regions Financial...
08/04/201516:50:45Statement of Changes in Beneficial Ownership (4)
08/04/201516:42:06Statement of Changes in Beneficial Ownership (4)
08/04/201516:29:27Initial Statement of Beneficial Ownership (3)
08/04/201516:29:27Initial Statement of Beneficial Ownership (3)
08/03/201516:34:58Post-effective Amendment to an Automatic Shelf Registration of...
08/03/201516:33:16Withdrawal of Registration Statement (ammendment) (aw)

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