PNC has acquired a portfolio of $16.6 billion in capital commitments facilities from Signature Bridge Bank through an agreement with the FDIC as receiver. That includes $9 billion of funded loans.
Pittsburgh-based PNC Financial Services Group Inc. (NYSE:PNC) announced the cash transaction on Tuesday and said the transaction closed on Monday.
The FDIC established Signature Bridge Bank on March 12, after being appointed receiver of the former Signature Bank, based in New York, by the New York State Department of Financial Services.
Read more at Pittsburgh Business Times.
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