RBC Bank
RBC Bank operates as the trading name of RBC Bank (Georgia), N.A., which serves as the U.S.-based retail banking arm of the Royal Bank of Canada (RBC). This division primarily caters to Canadian snowbirds, expatriates, and frequent travelers. Being a federally chartered institution, its trade name incorporates the designation "N.A."
The brand traces its origins to RBC Bank USA (previously known as RBC Centura), established in 2001 after RBC acquired Centura Bank, headquartered in Rocky Mount, North Carolina. In 2012, RBC divested its U.S. banking operations to PNC Financial Services, simultaneously transferring cross-border services for Canadian clients to the newly created RBC Bank (Georgia), N.A. Subsequently, in 2015, RBC expanded its American client offerings by acquiring City National Bank.
2001-2012: RBC Bank USA
| Formerly | RBC Centura (2001-2008) |
|---|---|
| Company type | Subsidiary |
| Industry | Bank |
| Predecessor | Centura Bank |
| Founded | June 5, 2001 as RBC Centura |
| Defunct | Template:End date and age |
| Fate | US customer division sold to PNC Financial Services |
| Headquarters | RBC Plaza, , United States |
Area served | Southeastern United States |
| Services | Retail banking |
| Parent | Royal Bank of Canada |
Centura Bank was formed in 1990 through the merger of Peoples Bancorp and Planters Corp. of Rocky Mount. In June 2001, Royal Bank of Canada acquired Centura Banks and rebranded them as RBC Centura. On January 17, 2008, RBC declared its intention to retire the "Centura" brand by April that year, thereafter operating under the name RBC Bank. By 2011, more than 1,000 employees remained in Rocky Mount, providing support functions such as IT and mortgage processing.
Acquisitions
To grow its customer base in Atlanta, RBC Centura acquired Eagle Bancshares—the parent company of Tucker Federal Bank—in 2002, following its earlier acquisition of Security First Network Bank in 1998. The bank also strengthened its presence in Georgia by merging with Flag Bank. Expanding further into the Southeast, RBC purchased 39 branches from Birmingham-based AmSouth Bank in March 2007, marking its initial entry into Alabama.
RBC significantly increased its footprint across Alabama, Georgia, and Florida by acquiring Alabama National BanCorporation (ANB). This acquisition received approval in February 2008; by April, 51 ANB branches had been rebranded under RBC, with the transition completed by June. ANB operated through eleven subsidiaries spanning three states.
RBC presence in Raleigh, NC
The construction of RBC Plaza (now PNC Plaza) in 2008 represented a major milestone in integrating RBC within the Raleigh community. In 2002, RBC secured naming rights for 20 years to the Raleigh Entertainment & Sports Arena—home venue for the NHL’s Carolina Hurricanes and NC State basketball—investing $80 million. The arena notably hosted the 2006 Stanley Cup Finals where the Hurricanes claimed the championship.
After PNC acquired RBC’s U.S. operations, the arena was renamed PNC Arena in March 2012. At the time of this acquisition, RBC employed approximately 5,000 individuals nationwide, including around 500 staff members based in Raleigh.
Dunmore Homes dispute
In 2007, RBC Centura became entangled in a conflict concerning Dunmore Homes in Sacramento after construction was suspended due to cash flow difficulties. Dunmore was transferred for $500 and registered in New York prior to declaring bankruptcy. RBC initiated legal action, claiming the transaction aimed to deceive creditors.
RBC provided $105 million in financing for four Dunmore developments throughout California and is still owed $39 million. Although RBC holds secured interests in these projects, it acknowledged that the market values of some properties do not cover the outstanding loan amounts. Together with eight additional lenders, RBC forms part of a creditor consortium totaling $196 million related to Dunmore’s 26 residential communities.
Acquisition by PNC
On June 19, 2011, PNC Financial Services announced its intent to purchase RBC Bank USA from Royal Bank of Canada for $3.45 billion. The transaction was finalized in March 2012, at which point all RBC Bank locations were rebranded under the PNC name, effectively discontinuing the RBC Bank brand within the United States.
RBC maintained ownership of its insurance, wealth management, and investment divisions. The bank returned to the U.S. retail banking market through the acquisition of City National Bank (California) in 2015.