First Citizens BancShares has named Glenn McCoy its chief financial officer.

McCoy joined Raleigh-based First Citizens in December as an executive vice president of finance. Her served as CFO of RBC Bank from 2009 to 2012.

Pittsburgh-based PNC acquired RBC Bank from its corporate parent, Royal Bank of Canada, last March for $3.45 billion.

Before joining RBC, McCory spent 28 years at Wachovia, serving as CFO of various divisions.

McCoy is a graduate of Westminster College in Missouri and received an MBA from the University of Chicago.

McCoy replaces Ken Black, who retired March 31 after a 25-year career with First Citizens.

McCoy is CFO of both First Citizens BancShares and its subsidiary First Citizens. The bank has more than 400 offices in 17 states and the District of Columbia.

PNC Financial Services will open a new exhibit in Rocky Mount this week that will honor PNC predecessor banks from the city.

The banks being featured include Planters National Bank, Peoples Bank & Trust and Centura Bank. The multimedia exhibit features artifacts, images and oral histories from bank employees and community leaders.

The exhibit, called "The Centura Tradition: Building Community Since 1899," is part of PNC's Legacy Project, which honors the banks that have become part of PNC through acquisitions.

PNC will provide a media preview of the exhibit on Wednesday from 10:30 a.m. to 11:30 a.m. The exhibit will be on display at the Imperial Centre for the Arts & Sciences at 270 Gay Street in Rocky Mount.

PNC completed its $3.45 billion acquisition of Raleigh-based RBC Bank from Royal Bank of Canada in March. Royal Bank of Canada had acquired Centura in 2001. Centura was established in 1990 after the merger of Planters National Bank and Peoples Bank & Trust.

Planters Bank & Trust was founded in 1899, while Peoples Bank & Trust formed in 1931 during the Great Depression.

PNC-branded ATMs are going into 191 Harris Teeter grocery stores in North Carolina and six other Southeastern states.

PNC started adding the ATMs to stores this month and expects to have installation complete by Labor Day.

The ATMs, which will be highly visible at the stores, are another way for the Pittsburgh-based bank to build its brand in the Southeast. It entered the market in March when it bought RBC Bank.

Jim Burzotta, the company's retail banking executive for region, said the ATMs allow PNC to its services throughout the state.

It will place 138 ATMs in Harris Teeters in North and South Carolina, and 53 in stores in Florida, Georgia, Virginia, Maryland and Delaware.

The cash machines will be owned and operated by Cardtronics.
 

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.

Rocky Mount officials are breathing a sigh of relief after PNC Financial officials said they will keep open RBC Bank's operations center there.

Although no decisions on job cuts have been made, PNC CEO James E. Rohr said today that the Rocky Mount center is a key part of the company's strategy in the Southeast.

"We need Rocky Mount," Rohr said. "We are going to maintain a significant operation there, because we don't have an operations center in the Southeast."

RBC employs about 1,000 employees in Rocky Mount, both at the operations center and at the bank's eight branches.

David Combs, Rocky Mount's mayor, estimated that 60 to 65 percent of RBC's workers there are employed at the operations center.

Combs and other city officials hope to meet with PNC officials in the next 10 days to discuss the bank's plans.

He said the fact that it is Pittsburgh-based PNC buying RBC, and not Winston-Salem-based BB&T Bank, is good news.

BB&T has an operations center in Wilson.

"Probably in the long run this is better for our community than if BB&T had purchased it," Combs said. "We probably are not going to be as substantially impacted as maybe we could have been."
 

These days, when a company is acquired and job cuts loom the question of incentives inevitably comes up.

As for RBC Bank, the company was to receive $750,000 from Raleigh and Wake County officials for moving its headquarters from Rocky Mount.

But that money was not contingent on jobs.

PNC Financial Services  Group confirmed this morning that it has agreed to buy struggling Raleigh-based RBC Bank for $3.45 billion in cash and stock.

The deal allows Pittsburgh-based PNC to expand quickly in the Southeast, and lets Royal Bank of Canada shed its underperforming U.S. subsidiary.

"This gives us a substantial growth opportunity by bringing our products and services to RBC Bank's markets," CEO James E. Rohr said during a conference call this morning.

PNC expects to close the sale in March 2012, which is when it plans to convert RBC branches to the PNC name. PNC also anticipates that it will cut about $230 million in costs "through operational and administrative efficiency improvements."

That undoubtedly will mean job cuts, especially at RBC's downtown Raleigh headquarters. RBC employs about 5,000 people, including 500 in Raleigh.

Rohr said in a phone interview that no decisions have been made on how many jobs will be eliminated, but added that the bank plans to minimize the number through attrition and by re-training employees whose positions are cut to handle other roles.

The Canadian parent corporation of Raleigh-based RBC Bank reported stronger quarterly profit this morning, and announced plans to boost its cash dividend to shareholders for the first time in nearly four years.

But the results from Royal Bank of Canada, that country's largest lender, were slightly weaker than analysts had expected, Bloomberg News reports. The stock fell in morning trading.

Royal Bank didn't include any updates on RBC Bank's future in the announcement about its second-quarter results this morning. Royal Bank has hired JPMorgan Chase to advise it on a possible sale of RBC Bank, according to recent published reports.

"Although I will not comment on speculation with respect to RBC Bank, we do remained focused on turning around these operations and we are making good progress," Royal Bank CEO Gordon Nixon said on a conference call. "We remain fully committed to the U.S. market and committed to generating strong returns."

The Canadian parent of RBC Bank is seeking buyers for the Raleigh-based lender, Bloomberg News reported, citing unnamed sources.

Royal Bank of Canada has hired investment bank JPMorgan Chase to provide advice on a potential sale, Bloomberg reported.

The recession and real-estate slump hurt financial results at RBC Bank, spurring speculation that Royal Bank might seek to sell the division and ditch its U.S. strategy.

Last month, Royal Bank reported record quarterly results, thanks partly to narrower losses at RBC Bank. RBC Bank CEO Jim Westlake said he's optimistic that the business will return to making money later this year.

RBC Bank announced today that it plans to boost by $500 million the amount of new mortgages it finances this year.

The Raleigh-based bank said it plans to add more than 30 new mortgage loan officers across the Southeast to handle the increased volume. The bank currently has 125 loan officers.

The $500 million amounts to a 33 percent increase over the bank's current originations.

"We think that we've probably punched under our weight in the mortgage business," CEO Jim Westlake said in an interview this morning.

"It's a business we know very well. It's a business that is changing quite dramatically due to all of the issues. We think there's opportunities to step up by doing different things."