Although the RBC Bank that operated more than 400 branches and plastered its name on a local sports arena and a downtown Raleigh office tower is no more, the bank continues to employ 95 workers in Raleigh.
The staff at the bank’s new offices encompassing 43,278 square feet of space at the Brier Creek Corporate Center in northwest Raleigh are focused on providing banking services to Royal Bank of Canada customers when they’re in this country. They’re also working on products and services for RBC Wealth Management, Royal Bank’s U.S. business that caters to the affluent, which was not acquired by PNC.
the workers are still operating under the RBC Bank brand name even though all of its retail banking operations – with the exception of the cross-border banking operations – were acquired earlier this month from Royal Bank of Canada by Pittsburgh-based PNC Financial Services Group. RBC Bank’s continuing presence in Raleigh came to light in December, but the bank was unwilling to discuss details – including how many workers would be employed here – before regulatory approval.
Virtually all 95 of RBC Bank’s Raleigh employees also worked for the bank before the PNC acquisition, said spokesman Cameron Kelly. The first wave of workers started in Brier Creek in early February, and the bank is looking to hire about a half-dozen additional workers.
“The trade name we use publicly is still RBC Bank,” Kelly said. “Technically, the charter is based out of Georgia ... so the legal name is RBC Bank (Georgia).”
The “new” RBC Bank is headed by CEO Tracy Stevenson. She previously was executive vice president of sales strategy and support at the “old” RBC Bank.
Royal Bank started offering cross-border banking services in conjunction with RBC Bank in 2004 as a way to separate itself from its Canadian competitors.
The growing cross-border business currently has more than 165,000 clients. They include students, expatriates who are permanent U.S. residents and Canadian “snowbirds” who spend winter in a warmer U.S. climate.
U.S. debit and credit cards, access to funds based in Canada, mortgages and other loans and access to U.S. ATMs are among the services offered to cross-border customers.
As part of the PNC deal, RBC Bank customers now have unlimited free access to PNC’s 7,100 ATMs and can make cash deposits at those ATMs. Free transactions at other ATMs are limited to two or more, depending on the type of account.
PNC isn’t saying how many employees it now has in Raleigh or North Carolina. It previously disclosed to the state that it would eliminate up to 621 jobs in Raleigh and Rocky Mount, or about 40 percent of the workforce in the two cities.
But it also stressed that was a worst-case scenario and has said more recently it has found new PNC jobs for nearly 100 workers whose positions were eliminated.
Wealth management arm
Royal Bank’s RBC Wealth Management also is maintaining a presence in Raleigh.
Financial advisers previously at three Triangle locations – in downtown Raleigh, North Raleigh and Cary – were consolidated at the end of last month at a new office at 4208 Six Forks Road in Raleigh, said Robert McCarthy, senior vice president.
The office currently has a staff of seven and is looking to expand.
“(RBC Wealth Management) is committed to growing in the U.S.,” McCarthy said.