Pittsburgh-based PNC Bank plans to acquire a South Whitehall Township financial firm.
PNC said it intends to acquire Ambassador Financial Group, a provider of balance-sheet management, investment banking and capital market services. Ambassador works with banks, insurance companies and other financial institutions nationwide.
"This combination represents an opportunity to deliver tailored end-to-end solutions and positions us to offer a full product platform to banks and other financial institutions," Charlotte McLaughlin, president and CEO of PNC Capital Markets, said in a release. "We look forward to expanding our advisory services with enhanced merger and acquisition and capital markets capabilities in the financial institutions group space, and deepening relationships with clients."
Upon the closing of the transaction, which is subject to customary conditions, Ambassador will become a subsidiary of PNC Bank within the Capital Markets Financial Institutions Group in the Corporate & Institutional Banking business.
The transaction is expected to close in the second quarter of this year. Terms were not disclosed.
Founded more than 160 years ago, PNC bank has more than 8 million consumers and small businesses customers. It had net Income of $5.3 Billion in 2018.