PNC Announces Agreement To Acquire Fortis
Upon the closing of the transaction, Fortis will become a subsidiary of PNC Bank within its Corporate & Institutional Banking business, a provider of products and services to middle market businesses.
“This represents our commitment to ongoing investments in our Treasury Management products and services,” said Mike Lyons, executive vice president and head of PNC Corporate & Institutional Banking. “Longer-term, we see an opportunity to leverage Fortis’ distinct advisory services to develop additional capabilities that will increase both fee income and deposits.”
“We look forward to expanding our M&A services and product set leveraging PNC’s strong treasury management and advisory capabilities,” said Rick Fink, CEO and co-founder of Fortis Advisors.
Other Fortis co-founders and managing directors, along with Fink and the rest of the Fortis team, will continue to operate the business out of San Diego.
The transaction is expected to close in February.
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