Business

Bank buyout brings new name to Raleigh arena

The purchase of Raleigh-based RBC Bank by Pittsburgh's PNC Financial Services Group means that the RBC Center, home of the Carolina Hurricanes, North Carolina State University men's basketball, concerts and circuses, will get a new name -- PNC Arena.

Posted 2011-12-15T16:46:36+00:00 - Updated 2011-12-15T20:57:11+00:00

Pittsburgh-based PNC bank to buy RBC for $3.45B

The Carolina Hurricanes aren't leaving their home in Raleigh, but they will be playing at a different arena before the season ends.

The purchase of Raleigh-based RBC Bank by Pittsburgh's PNC Financial Services Group means that the RBC Center, home of the Canes, North Carolina State University men's basketball, concerts and circuses, will get a new name.

As soon as March 2012, those events will call the local sports and entertainment venue "PNC Arena."

The naming rights agreement got preliminary approval by the Centennial Authority Thursday. It is subject to regulatory approval of PNC's planned $3.45 billion acquisition of RBC Bank, USA from its parent firm, the Royal Bank of Canada.

Peter Karmanos, majority owner of the Hurricanes, issued a statement saying, "We are happy to be associated with this well-regarded national franchise and look forward to working with PNC in the North Carolina community."

Jim Rutherford, president and general manager of the Hurricanes, said, "PNC has sponsorships of several other nationally respected venues and is a strong addition as a major partner and official bank of the Hurricanes."