PNC Financial Services Group Inc. of Pittsburgh closed its deal Friday to buy Mercantile Bankshares Corp. of Baltimore for $6 billion.
The deal gives the $102 billion-asset PNC its first branches in Baltimore and extends its branch networks in Delaware, Pennsylvania, and the Washington area.
The addition of the $17.7 billion-asset Mercantile's 240 branches gives PNC a total of 1,092. PNC plans to convert the systems and branches of Mercantile's community banks in the third quarter.
The Consumer Financial Protection Bureau sued Walmart and payment app Branch Messenger, accusing them of illegally opening 1 million deposit accounts and charging $10 million in fees.
Economists say the U.S. economy is leaving 2024 healthy, with unemployment low, inflation manageable and growth robust. Unknown variables — including the depth and scope of President-elect Donald Trump's immigration and tariff policies — could change that course, but likely not until 2026.
Hanscom Federal Credit Union in Massachusetts said it would acquire Peoples Bancorp and its insurance agency. It marked the 21st deal of the year involving a credit union buying a bank.
The OCC's 2024 annual report said that while the federal banking system remains stable, it faces challenges such as rising credit costs, declining net income and increasing nonperforming loans.
BNY announced expanded employee benefits and a boost in its minimum wage for all U.S.-based employees; Synovus has added former FIS executive Greg Montana to its executive board; National Bank Holdings sold off a fifth of its securities portfolio; and more in this week's banking news roundup.
The Capital One-Discover merger, the war against Visa and Mastercards' swipe fees and budding payment technologies were most popular with American Banker readers in 2024.
