Fed approves PNC acquisition of RBC Bank

The Federal Reserve Bank has given PNC Financial Services Group a green light to acquire RBC Bank USA.
In June, Pittsburgh-based PNC announced plans to spend $3.45 billion for Raleigh, N.C.-based RBC Bank USA, the U.S. retail bank subsidiary of the Royal Bank of Canada.
The acquisition would make PNC the fifth-largest bank in the United States. The deal is expected to close in March.