PNC Bank Purchases $16.6 Billion Capital Commitment Portfolio from Signature Bridge Bank

PNC Financial Services’ banking unit said on Tuesday that it had bought a portfolio of capital commitments from Signature Bridge Bank worth $16.6 billion in an agreement with the Federal Deposit Insurance Corp as receiver.

The portfolio comprises fund subscription credit lines extended to private-equity firms to help manage liquidity and bridge financing for investments and includes $9 billion of funded loans.

“PNC has long participated in the capital commitments business and the acquired portfolio is highly complementary,” the bank said in a statement.

Read the source article at Yahoo Finance