The Centennial Authority, the owner and developer of the RBC Center, has granted initial approval for the arena in West Raleigh to be renamed the PNC Arena.

The new naming rights agreement is expected to take effect in March, after Pittsburgh-based PNC Financial Services Group completes its $3.45 billion acquisition of Raleigh-based RBC Bank.

The naming rights were included in the PNC-RBC deal. The arena is home to the Carolina Hurricanes and N.C. State University's basketball team.

RBC's naming rights deal expires in 2022.

PNC is used to having its name plastered on sports venues. The Pittsburgh Pirates baseball team plays in PNC Park, and PNC Field, outside of Scranton, is home to a New York Yankees minor league team.

Any costs associated with renaming the arena are the responsibility of the holder of the naming rights.

Lou Cestello, head of PNC's Southeast region, said the arena will provide a boost to the bank's name recognition in the Triangle and the state.

The 19,000-seat arena opened in 1999. It averages 1.5 million guests and 150 events per year.