PNC Financial Services Group Inc., of Pittsburgh, officially entered the Atlanta market over the weekend after closing a deal to acquire Flagstar Bancorp Inc.’s 27 branches there.
Flagstar, of Troy, Mich., began opening the branches in 2005 and at the deal's closing it had roughly $210 million of deposits on in the market. The $13.7 billion-asset company opted to dispose of the offices, as well as its branches in Indiana, in order to focus on retail and commercial operations in Michigan and New England.
The $270 billion-asset PNC is also expanding in other parts of the Southeast through its acquisitions. It recently completed the purchase 19 Tampa-area branches from BankAtlantic Bancorp Inc. and has a deal pending to buy Royal Bank of Canada's U.S.-based franchise, RBC Bank USA.