The Palm Beach Post

Three RBC branches closing, others to convert with PNC Financial Services Group takeover

February 20th, 2012 by TCPalm.com

By Paul Ivice

When Pittsburgh-based PNC Financial Services Group takes over Royal Bank of Canada’s U.S. banking unit on March 2, three RBC branches in Indian River County will be closed.

A PNC spokesman said, however, that none of the employees at those branches will lose their jobs.

The RBC branches being closed are Vero Beach-Oslo Road at 2750 S.W. Ninth St.; Vero Beach-Plantation at 6600 20th St. and Sebastian-Roseland at 13305 U.S. 1.

PNC, which is acquiring RBC from Royal Bank of Canada for $3.45 billion, disclosed in mid-January that after the deal is completed it could eliminate as many as 621 jobs. Nearly all of those jobs, however, will be in RBC’s headquarters and operations center in North Carolina.

Some higher-level executives may be let go, but “we expect to retain and redeploy all branch-based personnel, including the branch managers,” said Fred Solomon, PNC’s vice president of corporate communications.

Royal Bank of Canada acquired the U.S. banking unit, then named Centura Banks, for $2.2 billion in 2001. In 2008, RBC acquired Indian River National Bank.

The other three RBC branches in Indian River County will be converted to PNC branches, giving PNC six branches in the county, Solomon said.

RBC has only one branch in St. Lucie County, which will be converted to PNC, and none in Martin County.

PNC currently has 12 branches in St. Lucie County and six in Martin County.

The acquisition will make PNC the fifth-largest bank in the United States, as measured by branches. PNC predicted the deal would increase earnings by 2013.

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