PNC Financial Services Group Inc's (NYSE:PNC) PNC Bank disclosed buying a portfolio of select capital commitments facilities worth $16.6 billion from Signature Bridge Bank, N.A.

The transaction was made through an agreement with the Federal Deposit Insurance Corporation (FDIC) as Receiver.

The portfolio acquisition, which includes funded loans of $9 billion, will be financed with cash on hand.

The transaction is expected to be immediately accretive to PNC's earnings, representing an EPS of $0.10 in Q4 2023.

The deal will not materially impact PNC's total assets, capital ratios, or tangible book value per share.

The bank will provide additional information on the transaction in the Q3 earnings call on October 13, 2023.

In July, PNC reported Q2 revenues increased 3.5% Y/Y to $5.293 billion, missing the consensus of $5.450 billion, and EPS of $3.36 exceeded the consensus of $3.28.

As of June 30, 2023, PNC had average loans of $324.5 billion and average deposits of $425.7 billion.

Price Action: PNC shares are trading lower by 0.08% at $119.92 on the last check Tuesday.

PNC Bank Acquires $16.6B Select Capital Commitments Facilities Of Signature Bridge Bank