After an official announcement last week the Royal Bank of Canada plans to sell its United States retail banking unit RBC Bank to PNC Financial Services, the sixth-largest bank in the U.S.

According to published reports, the Pittsburgh-based PNC will pay $3.62 billion for RBC Bank and associated credit card operations.

With branches throughout the Northeast and Midwest, the deal will allow PNC to purchase RBC banks in the southeast, including the location in downtown Selma.

PNC chairman and chief executive officer James E. Rohr said in a statement the transaction between the two banks will provide an “outstanding growth opportunity for PNC.”

“It will create value for our shareholders,” Rohr said. “The success of our recent acquisitions demonstrates that when we bring our innovative products and services to new markets, we have the proven ability to win clients and take out costs.”

The deal is expected to close March 2012, when banks will officially take on the PNC name. As a result, PNC will have increased branches of 2,870 and more than $275 billion in assets. In addition, RBC says it will receive $165 million for the credit-card assets.

According to federal records, between 2007-2010, the Canadian unit lost $3.1 billion in commercial real estate loans. Royal Bank of Canada said it would focus its U.S. efforts on wealth management and would maintain a small U.S. bank to facilitate transactions between the U.S. and Canada.

The deal does not include Royal Bank of Canada’s other U.S. operations providing capital markets and wealth management services.

Requests for comments from local and national RBC officials were unsuccessful.