The PNC Financial Services Group, Inc. PNC has received approval from the Federal Reserve and the Office of the Comptroller of the Currency to complete the proposed acquisition of BBVA, S.A.’s BBVA subsidiary, BBVA USA Bancshares, Inc., including its U.S. banking subsidiary, BBVA USA. The all-cash transaction, worth $11.6 billion, does not necessitate any further regulatory approvals for completion.Notably, the acquisition will position PNC as the fifth largest commercial bank in the United States (in terms of assets and presence). The transaction is expected to close on Jun 1, 2021, subject to the satisfaction of customary closing conditions.Upon conclusion, PNC will impart all relevant information to its BBVA USA customers regarding the expected conversion of their accounts in October 2021. Until then, customers will continue to be assisted through their respective BBVA USA and PNC branches, websites and mobile applications.William S. Demchak, the CEO and president of PNC, stated, “With common cultures and values and a shared commitment to our customers, employees and communities, we look forward to bringing PNC's industry-leading technology and innovative products and services to new markets and clients."PNC anticipates the deal to be 21% accretive to its earnings in 2022. Also, the bank expects the acquisition to replace the net income that it earned from its passive equity investment in BlackRock, divested in May 2020.Our TakeThe acquisition and merger between BBVA USA and PNC will likely open up strong growth prospects and boost shareholder value. Aided by its solid liquidity position, PNC has been making strategic investments. With these acquisitions, the company can expedite the expansion of its customer base and geographical presence.Markedly, it plans to extend the reach of middle market corporate banking franchise into new markets, and expand its retail banking brand nationally. Thus, the company’s bottom line is likely to get further support, if it continues to make planned investments.Moreover, the combined entity will likely give tough competition to some of the nation’s biggest banks — Truist Financial Corporation TFC and U.S. Bancorp USB — in terms of assets per branch.Shares of this Zacks Rank #3 (Hold) company have gained 54.2% over the past six months compared with the industry's growth of 50%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Zacks Names “Single Best Pick to Double”From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report U.S. Bancorp (USB): Free Stock Analysis Report The PNC Financial Services Group, Inc (PNC): Free Stock Analysis Report Banco Bilbao Viscaya Argentaria S.A. (BBVA): Free Stock Analysis Report Truist Financial Corporation (TFC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research