The deal would create the fifth-largest U.S. retail bank with more than $550 billion in assets, according to The Wall Street Journal, which first reported Sunday the two banks were nearing an agreement.
PNC will be buying BBVA USA Bancshares and its subsidiary, BBVA USA.
PNC said in a statement Monday it expects the deal to be 21% accretive to earnings in 2022. Merger and integration costs were estimated at $980 million, with cost savings from the deal of more than $900 million.
Jim Cramer weighs in on PNC's acquisition.