 | |
| RBC Bank | |
| Company type | Subsidiary |
| Industry | Bank (federally chartered) |
| Founded | March 5, 2012; 13 years ago (2012-03-05) |
Area served | United States |
| Parent | Royal Bank of Canada |
| Website | www |
RBC Bank is thetrading name ofRBC Bank (Georgia), N.A., the United States–based retail banking division of theRoyal Bank of Canada (RBC) which is targeted toward Canadiansnowbirds,expatriates, and frequent tourists. Despite its limited reach, RBC Bank is afederally chartered bank, thus its trading name bears "N.A." letters.
The brand name was originally used byRBC Bank USA (formerlyRBC Centura), formed in 2001 when RBC acquired theRocky Mount, North Carolina–basedCentura Bank. In 2012, RBC Bank USA's banking division for American clients was sold toPNC Financial Services while RBC's cross-border banking services for Canadians were transferred to the newly incorporated RBC Bank (Georgia), N.A. subsidiary. RBC then acquiredLos Angeles–basedCity National Bank in 2015 to serve American clients.
| |
| Formerly | RBC Centura (2001-2008) |
|---|---|
| Company type | Subsidiary |
| Industry | Bank |
| Predecessor | Centura Bank |
| Founded | June 5, 2001 (2001-06-05) as RBC Centura |
| Defunct | March 5, 2012; 13 years ago (2012-03-05) |
| Fate | US customer division sold toPNC Financial Services |
| Headquarters | RBC Plaza,, United States |
Area served | Southeastern United States |
| Services | Retail banking |
| Parent | Royal Bank of Canada |
| Website | Archived RBC Bank USA website |
On November 2, 1990, Peoples Bancorp and Planters Corp., ofRocky Mount, North Carolina, merged to formCentura Bank.[1] In June 2001, Royal Bank of Canada acquired Centura Banks and rebranded them as RBC Centura. RBC announced on January 17, 2008, that it would abandon the "Centura" brand in April 2008 and the unit would operate as RBC Bank.[2] Over 1000 employees continued to work in Rocky Mount as of 2011, in such areas asinformation technology andmortgage processing.[3]
RBC Centura purchased Tucker Federal Bank parent company Eagle Bancshares in 2002, giving it a more substantial customer base in the Atlanta area after its 1998 purchase of Security First Network Bank which had only one office.[4] The bank merged with Flag Bank, increasing its presence in Georgia. RBC continued to grow in the Southeast after acquiring 39 branches ofBirmingham, Alabama-basedAmSouth Bank on March 9, 2007. Previously, RBC Centura had no locations in Alabama.
RBC's footprint in Alabama, Georgia, andFlorida expanded significantly after its acquisition ofAlabama National BanCorporation (ANB). RBC received U.S. approval February 5, 2008, and on April 14, 51 branches re-opened as RBC Bank. The remaining branches re-opened by June 2008. ANB operated in three states through eleven different subsidiaries.
Construction of theRBC Plaza, now PNC Plaza, in 2008, was not the first major move by RBC to become a major part of the community inRaleigh, NC. In 2002, RBC purchased the naming rights for theRaleigh Entertainment & Sports Arena, home to theCarolina Hurricanes of theNational Hockey League andNorth Carolina State University basketball. The arena became theRBC Center, with a 20-year lease at a cost of $80 million. In June 2006, the RBC Center hosted the NHL'sStanley Cup Finals, and on June 19, 2006, theCarolina Hurricanes defeated theEdmonton Oilers in the arena to win theStanley Cup.
PNC acquired the naming rights with the purchase of RBC, and the name changed toPNC Arena on March 15, 2012.
At the time PNC acquired RBC, it had a total of 5,000 employees with 500 located in the Raleigh area.[5]
In November 2007, RBC Centura was involved in the "Dunmore Homes" project inSacramento,California, that stopped all construction on August 8, 2007, due toliquidity issues with the home builder. The company was subsequently sold to a mortgage loan officer for $500 and quicklyincorporated inNew York. The company filed for bankruptcy inManhattan. After details of the sale became known to RBC Centura Bank, a major Dunmore Homescreditor, the bank sued on November 7. The company alleged in a lawsuit filed inFresno County that the sale of all the assets for a mere $500 was not adequate and was done to "hinder, delay and defraud the creditors," including RBC.
RBC financed four Dunmore projects fromBakersfield toYuba City. It loaned Dunmore Homes a total of $105 million and, according to an affidavit by a Dunmore Homes official, is still owed $39 million. Ascollateral, it has secured claims against those projects. But the company says the value of a Fresno project is less than the outstanding loanbalance. Nine major lenders, including RBC, are owed a combined total of $196 million on Dunmore Homes' 26 new-home communities, according to the builder.[6]
On June 19, 2011,PNC Financial Services agreed to buy RBC Bank USA fromRoyal Bank of Canada for$3.45 billion.[7] The sale of RBC Bank closed in March 2012.[8] Upon acquisition, all RBC Bank branches were rebranded as PNC branches and the RBC Bank brand became dormant for US customers.
RBC Insurance, RBC Wealth Management and RBC Investing remained subsidiaries of RBC.[9]
RBC later returned to offering retail banking services to American customers with its acquisition ofLos Angeles–basedCity National Bank in 2015.
| Retail banks |
|
|---|---|
| Investment banks | |
| Investing |
|
| Wealth management |
|
| Insurance |
|
| Buildings | |
| Sponsorships | |
| Legal cases | |
