PNC Financial Services is a U.S.-based financial services corporation, with assets (as of December 31, 2008) of approx. $291 billion. PNC operations include a regional banking franchise operating primarily in seventeen states and the District of Columbia, specialized financial businesses serving companies and government entities, and leading asset management and processing businesses. PNC is America's 6th largest bank by deposits and is the third largest bank off-premise ATM provider in the country.
History
PNC Financial Services traces its history to the Pittsburgh Trust and Savings Company which was founded in Pittsburgh, Pennsylvania in 1852. In 1858 the company located its corporate offices at the corner of Fifth Avenue and Wood Street in Pittsburgh where they remain to this day. The bank changed its name to First National Bank of Pittsburgh in 1863 after it became the first bank to receive a national charter as part of that year's National Banking Act. By 1959, after a series of mergers, the bank had evolved into the Pittsburgh National Corporation . Another branch of the current bank, the Philadelphia based Provident National Corporation , dates to the mid-19th century.
In 1982, Pittsburgh National Corporation and Provident National Corporation merged under the new entity named PNC Financial Corporation . Between 1991 and 1996 PNC purchased over ten smaller banks and financial institutions that broadened its market base from Kentucky to the Greater New York Metro area. In 2005 PNC acquired Washington, D.C. based Riggs National Corporation . In 2006, PNC announced that it would be acquiring Maryland-based Mercantile Bankshares in 2007. On June 7, 2007, PNC announced the acquisition of Yardville National Bancorp , a small commercial bank centered in central New Jersey and eastern Pennsylvania. On July 19, 2007, PNC announced the acquisition of Sterling Financial Corporation , a commercial and consumer bank with accounts and branches in central Pennsylvania, northeastern Maryland and Delaware. These mergers made PNC the 8th largest bank by deposits in the United States.
National City acquisition
For more details on this topic, see National City acquisition by PNC.In an October 9, 2008 article in the Wall Street Journal, PNC was cited by unnamed sources as one of the leading contenders to acquire Cleveland based National City Bank . On October 24, 2008, PNC announced that it would acquire Cleveland based National City Bank for 5.2 billion dollars in PNC Stock. The acquisition, which helped PNC double in size and to become the fifth largest bank in the United States by deposit and fourth largest by branches, came hours after PNC sold 15% of its stake to the United States Treasury as part of the $700 billion bailout plan. PNC must buy back the stake from the U.S. Treasury within ten years, though the bank itself expects to buy back the stake within five. The deal was approved by shareholders of both banks on December 23, 2008, and completed on December 31, 2008.
The deal made PNC the largest bank in Pennsylvania, Ohio, and Kentucky, as well as the second largest bank in Maryland and Indiana. It also greatly expanded PNC's presence in the Midwest as well as entering the Florida market. National City complemented PNC's presence, as Pittsburgh, Cincinnati and Louisville, Kentucky were among the few markets before the acquisition deal in which both banks had a major presence.
In the case of Pittsburgh, the two banks had significant overlap to the point it would pose antitrust issues in Western Pennsylvania, since both banks had the top two market shares in the Pittsburgh region. As a result, the United States Department of Justice required PNC to sell off 50 National City branches in the Pittsburgh area and 11 more branches in and around Erie to competitors. On April 7, 2009, PNC reached a deal with Buffalo-based First Niagara Bank to have First Niagara buy 57 of the branches, and officially took over those branches on September 8th after the signs were changed over from National City during Labor Day Weekend. The branches not purchased by First Niagara were the four in Crawford County, Pennsylvania that PNC had to divest; of those four, one branch in Titusville was sold to Emclaire Financial Group while the other three (one in Conneaut Lake, the other two in Meadville, including the branch inside Wal-Mart) were sold to Marquette Savings Bank.
Due to the significant overlap in Pittsburgh that remains, PNC will still close seven National City branches and five PNC branches on November 6th, as well as two more PNC branches on April 23rd, 2010, with the accounts at those branches being moved to the nearby PNC branch that remained. As part of the agreement to buy the 57 National City branches from PNC, First Niagara has the right of first refusal to buy the National City branches PNC closes. The remaining National City branches that were not sold off or closed began to convert to PNC on November 7, 2009, starting with Pennsylvania (where the two had the most overlap), Florida, and the Youngstown & Steubenville, Ohio regions. Central Ohio, which includes the state capital of Columbus, is next on the list, though the exact date of conversion is not known at this time. Chicago and National City's home market of Cleveland are expected to be two of the last markets to convert. The conversion of National City to PNC is expected to be completed by the end of June 2010. Despite the branch closures and the sale of others to First Niagara, PNC still ended up with a 46% market share in Pittsburgh, over three and a half times the market share of second-place Citizens Financial Group with 13%.
Combined PNC and National City Facts
- One of the nation’s top six banks by deposits and branches
- 60,000 employees across the United States and abroad
- 6,000 ATMs
- 2,600 branches
- $279 billion in assets
- $181.1 billion in deposits
- Shareholder equity $27.5 billion
- Assets Under Mgmt. $121 billion
- Customers- Approximately 6 million consumer and small business customers
- Branches in 15 states and the District of Columbia
PNC Bank
PNC Bank NA. is the principal subsidiary of the PNC Financial Services Group, Inc. Based in Pittsburgh, Pennsylvania, PNC Bank offers consumer and corporate services in nearly 800 branches in Delaware, the District of Columbia, Florida, Virginia, Kentucky, New Jersey, Ohio, Indiana, Maryland, & Pennsylvania, as well as one branch in West Virginia and one in New York City (PNC will soon consolidate National City branches in Illinois, Wisconsin, Missouri and Michigan). PNC owns about 35% of publicly traded fund manager BlackRock, which specializes in fixed-income products. BlackRock merged with Merrill Lynch Investment Managers in October 2006, and is now co-owned between PNC and Bank of America after Bank of America's acquisition of Merrill Lynch in 2008. BlackRock's ties to PNC are evident in that company's logo, as they use the same typeface as PNC does in its own logo.
In June 2003, PNC Bank agreed to pay $115 million to settle federal securities fraud charges after one of its subsidiaries fraudulently transferred $762 million in bad loans and other venture-capital investments to an AIG entity in order to conceal them from investors. PNC acquired the former United National Bancorp based in Bridgewater, New Jersey in 2004, and later announced that it would buy the Riggs National Bank which operated in the Washington, DC area. Riggs had, among other offenses, aided Chilean dictator Augusto Pinochet in laundering money. PNC successfully completed the acquisition of Riggs in 2005 after the banks resolved a disagreement on the acquisition price.
PNC Bank was forced to reissue hundreds of debit cards to customers in March, 2006 when their account information was compromised. In the same month, PNC Bank was sued by Paul Bariteau who was an investor in the Military Channel. Bariteau claimed PNC let the channel’s chairman make unauthorized withdrawals of millions of dollars from the channel's account for personal use. The counter-claim is that Bariteau was only trying to recoup losses from a bad investment.
In April 2006, the J.D. Power Consumer Center released the results of its New York Retail Banking Satisfaction Study indicating that PNC Bank had an average number of satisfied customers. PNC has also subcontracted with American Express, Discover, ABN-AMRO, and Washington Federal to do home equity loans. The operation sends out bulk mailings with offers and has a call center in Pennsylvania to handle this business.
In the fall of 2006 PNC announced its purchase of Mercantile Bankshares, a Maryland bank with an extensive branch network t
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