The Bank Slate


PNC buys Signature private equity loans from FDIC

PNC Financial Services Group in Pittsburgh has acquired a portfolio of capital commitments facilities from Signature Bridge Bank.

The $554 billion-asset PNC said in a press release that the transaction was facilitated by the Federal Deposit Insurance Corp., which took over Signature Bank when it failed in March.

The portfolio includes $16.6 billion of total commitments, including $9 billion of funded loans.

PNC said the all-cash transaction should be immediately accretive to its earnings, including 10 cents a share in the fourth quarter.

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