PNC Bank to buy Allentown-based Ambassador Financial Group
PNC Bank has reached a “definitive agreement” with Ambassador Financial Group Inc. to purchase the Allentown-based broker-dealer, PNC announced Monday.
Upon closing in the second quarter of 2019, Ambassador Financial Group will become a subsidiary of PNC Bank. Ambassador is a provider of balance sheet management, investment banking and capital markets services to banks, insurance companies and other financial institutions.
“This is a logical evolution of Ambassador’s business model and a natural fit partnering with PNC,” said Matt Resch, Ambassador co-founder and managing partner. “We have had the opportunity to work closely with each other over the years on client projects and share similar cultural philosophies.”
Terms of the sale were not disclosed.
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