RBC Bank is the
trading name
A trade name, trading name, or business name, is a pseudonym used by companies that do not operate under their registered company name. The term for this type of alternative name is a "fictitious" business name. Registering the fictitious name w ...
of RBC Bank (Georgia), N.A., the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...
-based retail banking division of the
Royal Bank of Canada (RBC) which is targeted toward Canadian
snowbirds
The Snowbirds, officially known as 431 Air Demonstration Squadron (french: 431e Escadron de démonstration aérienne, links=no), are the military aerobatics flight demonstration team of the Royal Canadian Air Force. The team is based at 15 Wing ...
,
expatriate
An expatriate (often shortened to expat) is a person who resides outside their native country. In common usage, the term often refers to educated professionals, skilled workers, or artists taking positions outside their home country, either ...
s, and frequent tourists. Despite its limited reach, RBC Bank is a
federally chartered bank, thus its trading name bears "N.A." letters.
The brand name was originally used by (formerly RBC Centura), formed in 2001 when RBC acquired the
Raleigh, North Carolina
Raleigh (; ) is the capital city of the state of North Carolina and the seat of Wake County in the United States. It is the second-most populous city in North Carolina, after Charlotte. Raleigh is the tenth-most populous city in the Southe ...
-based
Centura Bank
Centura Bank was a bank headquartered in Rocky Mount, North Carolina. It existed from 1990, when Peoples Bancorp and Planters Bank merged, to 2001, when the Royal Bank of Canada acquired the company and changed its name to RBC Centura.
History o ...
. In 2012, RBC Bank USA's banking division for American clients was sold to
PNC 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 acquired
Los Angeles
Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the List of municipalities in California, largest city in the U.S. state, state of California and the List of United States cities by population, sec ...
-based
City National Bank in 2015 to serve American clients.
2001-2012: RBC Bank USA
On November 2, 1990, Peoples Bancorp and Planters Corp., of
Rocky Mount, North Carolina, merged to form
Centura Bank
Centura Bank was a bank headquartered in Rocky Mount, North Carolina. It existed from 1990, when Peoples Bancorp and Planters Bank merged, to 2001, when the Royal Bank of Canada acquired the company and changed its name to RBC Centura.
History o ...
.
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.
Over 1000 employees continued to work in Rocky Mount as of 2011, in such areas as
information technology
Information technology (IT) is the use of computers to create, process, store, retrieve, and exchange all kinds of Data (computing), data . and information. IT forms part of information and communications technology (ICT). An information te ...
and
mortgage processing.
Acquisitions
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.
The bank merged with Flag Bank, increasing its presence in Georgia. RBC continued to grow in the Southeast after acquiring 39 branches of
Birmingham, Alabama
Birmingham ( ) is a city in the north central region of the U.S. state of Alabama. Birmingham is the seat of Jefferson County, Alabama's most populous county. As of the 2021 census estimates, Birmingham had a population of 197,575, down 1% fr ...
-based
AmSouth Bank on March 9, 2007. Previously, RBC Centura had no locations in Alabama.
RBC's footprint in Alabama, Georgia, and
Florida
Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...
expanded significantly after its acquisition of
Alabama 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.
RBC presence in Raleigh, NC
Construction of the
RBC Plaza, now PNC Plaza, in 2008, was not the first major move by RBC to become a major part of the community in
Raleigh, NC
Raleigh (; ) is the capital city of the state of North Carolina and the seat of Wake County in the United States. It is the second-most populous city in North Carolina, after Charlotte. Raleigh is the tenth-most populous city in the Southea ...
. In 2002, RBC purchased the naming rights for the
Raleigh Entertainment & Sports Arena, home to the
Carolina Hurricanes
The Carolina Hurricanes (colloquially known as the Canes) are a professional ice hockey team based in Raleigh, North Carolina. They compete in the National Hockey League (NHL) as a member of the Metropolitan Division in the Eastern Conference ...
of the
National Hockey League
The National Hockey League (NHL; french: Ligue nationale de hockey—LNH, ) is a professional ice hockey league in North America comprising 32 teams—25 in the United States and 7 in Canada. It is considered to be the top ranked professional ...
and
North Carolina State University basketball. The arena became the ''RBC Center'', with a 20-year lease at a cost of $80 million. In June 2006, the RBC Center hosted the NHL's
Stanley Cup Finals, and on June 19, 2006, the
Carolina Hurricanes
The Carolina Hurricanes (colloquially known as the Canes) are a professional ice hockey team based in Raleigh, North Carolina. They compete in the National Hockey League (NHL) as a member of the Metropolitan Division in the Eastern Conference ...
defeated the
Edmonton Oilers
The Edmonton Oilers are a professional ice hockey team based in Edmonton. The Oilers compete in the National Hockey League (NHL) as a member of the Pacific Division of the Western Conference. They play their home games at Rogers Place, which ...
in the arena to win the
Stanley Cup.
PNC acquired the naming rights with the purchase of RBC, and the name changed to
PNC Arena
PNC Arena (originally Raleigh Entertainment & Sports Arena and formerly the RBC Center) is an indoor arena located in Raleigh, North Carolina. The arena seats 18,680 for ice hockey and 19,722 for basketball, including 61 suites, 13 loge boxes a ...
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.
Dunmore Homes controversy
In November 2007, RBC Centura was involved in the "Dunmore Homes" project in
Sacramento
)
, image_map = Sacramento County California Incorporated and Unincorporated areas Sacramento Highlighted.svg
, mapsize = 250x200px
, map_caption = Location within Sacramento ...
,
California
California is a state in the Western United States, located along the Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the most populous U.S. state and the 3rd largest by area. It is also the m ...
, that stopped all construction on August 8, 2007, due to
liquidity
Liquidity is a concept in economics involving the convertibility of assets and obligations. It can include:
* Market liquidity, the ease with which an asset can be sold
* Accounting liquidity, the ability to meet cash obligations when due
* Liq ...
issues with the home builder. The company was subsequently sold to a mortgage loan officer for $500 and quickly
incorporated in
New York. The company filed for bankruptcy in
Manhattan
Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is also coextensive with New York County, one of the original counties of the U.S. state ...
. After details of the sale became known to RBC Centura Bank, a major Dunmore Homes
creditor, the bank sued on November 7. The company alleged in a lawsuit filed in
Fresno County
Fresno County (), officially the County of Fresno, is a county located in the central portion of the U.S. state of California. As of the 2020 Census, the population was 1,008,654. The county seat is Fresno, the fifth-most populous city in Cali ...
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 from
Bakersfield to
Yuba City
Yuba City (Maidu: ''Yubu'') is a city in Northern California and the county seat of Sutter County, California, United States. The population was 70,117 at the 2020 census. Yuba City is the principal city of the Yuba City Metropolitan Statistica ...
. It loaned Dunmore Homes a total of $105 million and, according to an affidavit by a Dunmore Homes official, is still owed $39 million. As
collateral
Collateral may refer to:
Business and finance
* Collateral (finance), a borrower's pledge of specific property to a lender, to secure repayment of a loan
* Marketing collateral, in marketing and sales
Arts, entertainment, and media
* ''Collate ...
, it has secured claims against those projects. But the company says the value of a Fresno project is less than the outstanding loan
balance
Balance or balancing may refer to:
Common meanings
* Balance (ability) in biomechanics
* Balance (accounting)
* Balance or weighing scale
* Balance as in equality or equilibrium
Arts and entertainment Film
* ''Balance'' (1983 film), a Bulgaria ...
. Nine major lenders, including RBC, are owed a combined total of $196 million on Dunmore Homes' 26 new-home communities, according to the builder.
Sale to PNC
On June 19, 2011,
PNC Financial Services agreed to buy RBC Bank USA from
Royal Bank of Canada for
$3.45 billion.
The sale of RBC Bank closed in March 2012.
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.
RBC later returned to offering retail banking services to American customers with its acquisition of
Los Angeles
Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the List of municipalities in California, largest city in the U.S. state, state of California and the List of United States cities by population, sec ...
-based
City National Bank in 2015.
References
External links
*
{{PNC Financial Services Group
American subsidiaries of foreign companies
Banks established in 2001
Banks established in 2012
Banks based in Georgia (U.S. state)
Banks based in North Carolina
Companies based in Raleigh, North Carolina
Economy of the Southeastern United States
Royal Bank of Canada
Re-established companies