PNC Acquires Assets After Signature Bank Closure

PITTSBURGH, Pa. – PNC Bank announced Tuesday it has acquired a portfolio of capital commitments facilities from Signature Bridge Bank, N.A.

Signature Bridge Bank was established by the Federal Deposit Insurance Corporation on March 12 after the FDIC was appointed receiver of the former Signature Bank, New York, by the New York State Department of Financial Services.

The portfolio acquired by PNC, funded with cash on hand, represents $16.6 billion in total commitments, including $9 billion of funded loans. The transaction is expected to be shown in PNC’s earnings with an impact of about 10 cents per share in the fourth quarter of 2023, but the transaction will not have a material impact to PNC’s total assets, capital ratios or tangible book value per share, a news release states.

Additional details will be reported by PNC’s third-quarter earnings call on Oct. 13.

The facilities being acquired primarily are composed of fund subscription lines to private equity sponsors to help them manage liquidity and bridge financing for investments, according to PNC. 

The acquisition will build upon PNC’s diversified suite of offerings, which include Harris Williams, Solebury, PNC Business Credit and Midland Loan Services.

Published by The Business Journal, Youngstown, Ohio.