PNC Financial Services Group Inc. PNC, -0.10% said Tuesday it’s purchasing a $16.6 billion portfolio of Signature Bridge Bank NA commitment facilities from the Federal Insurance Deposit Corp. for an undisclosed sum. The deal is expected to add to PNC’s earnings including a boost of 10 cents a share in its fourth quarter results, the bank said.
The deal closed on Monday. The FDIC set up Signature Bridge Bank after it was appointed receiver of New York-based Signature Bank in on March 12. PNC said the deal won’t have a material impact to PNC’s total assets, capital ratios or tangible book value per share. PNC stock is down 24% in 2023, compared to an 11.7% gain by the S&P 500 SPX, -1.02%.
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