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PNC goes shopping


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Although a mega deal with another superregional is unlikely, PNC will use much of the proceeds (and ongoing annuity like income) to "fill in gaps" in its geographic footprint from DC to suburban NYC and on to Kentucky and Indiana.

Good news for PNC, after being the subject of BankAmerica, WellsFargo and Wachovia takeover rumors in the last few years!

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I'd love to have PNC make a deal for another regional or superregional but from what they are thinking right now it is more a acquisition of small banks (1 to 12 branches) across the NE or MW. Then again they might just be keeping their cards close to their vest for now. One thing no one is talking about is the handful of "brokerage" branches in Florida and the vast and wide ATM network through much of the south and MW. This gives PNC leverage in any market east of the rockies if it were to gobble up a regional or superregional like SunTrust etc.

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