PNC Buys Book of Signature Bank’s Private Equity Loans From FDIC

PNC Financial Services Group Inc. bought a $16.6 billion portfolio of capital-commitments facilities, mostly to private equity sponsors, that were arranged by failed Signature Bank.

The portfolio includes $9 billion of funded loans, and the purchase is being funded with cash on hand, Pittsburgh-based PNC said in a statement Tuesday. The acquisition from the Federal Deposit Insurance Corp. — appointed as receiver of Signature Bank in March — is expected to add to PNC’s earnings immediately, representing about 10 cents a share in the fourth quarter, the buyer said.

Signature was seized by the New York State Department of Financial ...