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.