Kenny walks from our Pittsburgh office in the Gulf Tower across the Clemente Bridge to PNC Park on the way to Steidl and Steinberg's big day out.
http://leafgardenpress.com/ Kenny Walks to PNC Park
Source: Patricia Sabatini Pittsburgh Post-Gazette (MCT) -- PNC Bank has agreed to pay $ 90 million to settle a federal class-action lawsuit accusing the. ... Home Equity Loan · Foreclosure Bail Out Loans · FHA Loans, Requirements, & Rates · Money Forum ... PNC Settles Debit Card Lawsuit
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.
PNC Bank location in Mariemont, Ohio.
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
National City/PNC footprint
One of the nation 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 branch, located in the historic National Bank of Washington building, in Washington, D.C.
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 branch, located in Georgetown, Washington, D.C.
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 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 throughout suburban D.C., Baltimore and northern Virginia. On September 17, 2007, PNC successfully completed the merger with Mercantile, making PNC the 8th largest bank in the United States by deposits.
PNC Bank branch, located in the former headquarters of Riggs Bank on Pennsylvania Avenue, Washington, D.C.
On August 14th, 2009, PNC took over Dwelling House Savings & Loan and its only location in Pittsburgh's Hill District after Dwelling House failed and was placed under receivership by the Federal Deposit Insurance Corporation. Although PNC was still in the process of integrating National City into its own system at the time, the bank agreed to assume all of Dwelling House's assets, and the branch became a PNC branch on August 17th. Dwelling House had been known in Pittsburgh to provide low-income African Americans loans that other banks would deny, and had fended off receivership from the FDIC as recent as June 2009 through community fundraisers. PNC closed the former Dwelling House branch shortly after assuming Dwelling House's assets, with accounts transferred to the pre-existing PNC branch in the Hill District. The failure of Dwelling House is the only bank failure in Pennsylvania--a state otherwise relatively stable with banks--since the beginning of the financial crisis of 20072010, although two out-of-state banks with strong Pennsylvania ties (National City and Wachovia) were reportedly close to failing at the time they were acquired by PNC and Wells Fargo, respectively.
Primary operations
Retail banking
The corporation operates a leading community bank in its major markets and is a top-ten Small Business Administration lender. Operations include the third-largest bank automated teller machine network in the U.S. The corporation claims to operate environmentally friendly "green" bank branches and is a major wealth management firm.
Corporate and institutional banking
PNC operates a top-ten treasury management business and the U.S.'s second-largest lead arranger of asset-based loan syndications. Its subsidiary Harris Williams & Co. is one of the U.S.'s largest mergers and acquisitions advisory firms for middle market companies.
PNC Mortgage
PNC Mortgage (formerly National City Mortgage) is the mortgage division of PNC. Acquired through the National City deal, PNC Mortgage is credited with the first mortgage in the United States, and has offices across the country.
This is the second mortgage division to be named PNC Mortgage. PNC had sold off the original PNC Mortgage to Washington Mutual in 2001 due to volatility in the market despite the fact that the market was in a "boom" period at the time, then subsequently outsourcing mortgages to Wells Fargo until the National City deal. PNC has no plans to enter the subprime lending market that plagued National City Mortgage.
PNC Global Investment Servicing
The corporation's Global Investment Servicing subsidiary is the second-largest full-service mutual fund transfer agent in the U.S and the second-largest full service accounting & administration provider to U.S. mutual funds. PNC Global Investment Servicing had provided services to the global investment industry since 1973. With 4,700 employees, PNC Global Investment Servicing operates from Ireland, the United States and the Cayman Islands, PNC International Bank Limited operates from Luxembourg. PNC Global Investment Servicing services $ 1.9 trillion in total assets and 58 million shareholder accounts. In 2007 PNC Global Investment Servicing Trustee & Custodial Services Limited was awarded a banking licence by financial regulators allowing it to expand further into Europe. As a result the name changed to PNC Global Investment Servicing Bank Limited. PNC Global Investment Servicing was formally known as PFPC until July 2008.
PNC Global Investment Servicing, a member of PNC, celebrated in July 2008 the opening of an office on the 5th floor of One PNC Plaza in Pittsburgh, PA, in July 2009 they are going to close the office and move the work back to the it's home office in Wilmington, DE. The Pittsburgh office has not had the chance to grow due to current market conditions that are causing some hedge funds to close.
On February 2, 2010, longtime crosstown rival The Bank of New York Mellon announced a definitive agreement to acquire PNC Global Investment Servicing. PNC sold it off in order to pay back its TARP funds, which were used to buy National City Corp., which PNC at the time was still in the process of converting branches over to PNC.
BlackRock
PNC's partially-owned (35%) BlackRock subsidiary is one of the U.S.'s largest publicly traded asset management firms.
Midland Loan Services
Midland Loan Services is a third-party provider of service and technology for the commercial real estate finance industry. It specializes in commercial loan and CMBS portfolio servicing. Founded in 1991, its headquarters are in Overland Park, Kansas.
Community initiatives
The corporation has sponsored a number of initiatives to improve education, health and human services, and cultural and arts activities. These include a "PNC Grow Up Great" commitment to early childhood development, the "PNC Foundation", and community development investments.
Since 1984, PNC Financial Services has compiled the Christmas Price Index, a humorous economic indicator which estimates the prices of the items found in the song The Twelve Days of Christmas.
Notable corporate buildings
One PNC Plaza in Pittsburgh
Two PNC Plaza in Pittsburgh
PNC First Side Center in Pittsburgh (one of the world's largest LEED Certified Green Buildings)
Three PNC Plaza in Pittsburgh
PNC Eastwick Operations Center, Philadelphia Pennsylvania (adjacent to the Philadelphia International Airport)
PNC Center, 1600 Market Street, Philadelphia Pennsylvania
PNC Bank Building in Washington, D.C. (under construction)
PNC Plaza in Louisville
National City Tower in Louisville. PNC leases 10 floors of this building.
PNC Tower in downtown Cincinnati
PNC Center in downtown Cincinnati
U.S. Steel Tower in downtown Pittsburgh. PNC leases entire floors dedicated to many aspects of the banking world.
Naming rights
PNC owns corporate naming rights to the following:
PNC Park, home of the Pittsburgh Pirates baseball team.
PNC Field, home of the Scranton/Wilkes-Barre Yankees AAA baseball team.
PNCBank Arts Center in Holmdel, NJ
Notes
^ "Prnewswire.com". http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=105&STORY=/www/story/8-1-97/289972. Retrieved 2006-10-27.�
^ https://www.pnc.com/webapp/unsec/NCProductsAndService.do?siteArea=/pnccorp/PNC/Home/About+PNC/Our+Organization/Corporate+History
^ kdka.com PNC Financial Services To Buy National City
^ Pittsburgh Post-Gazette PNC acquiring National City
^ http://kdka.com/business/National.City.PNC.2.894007.html
^ PNC completes National City acquisition,Associated Press via Yahoo! News, December 31, 2008
^ http://www.post-gazette.com/pg/07252/815602-28.stm
^ http://www.usdoj.gov/opa/documents/branches-divested.pdf
^ a b http://kdka.com/business/PNC.First.Niagara.2.978660.html
^ http://kdka.com/consumer/first.niagara.switchover.2.1170342.html
^ http://www.bloomberg.com/apps/news?pid=20601208&sid=afGesS_sXPd4
^ http://www.marquettesavings.com/MarquetteAcquisitionRelease040709.pdf
^ http://kdka.com/local/PNC.Consolidation.Closing.2.1198598.html
^ a b http://www.post-gazette.com/pg/09248/995688-28.stm
^ a b c http://post-gazette.com/pg/09303/1009385-28.stm
^ http://www.dispatch.com/live/content/business/stories/2009/11/13/PNC_Branding.ART_ART_11-13-09_A10_O1FLEH2.html?type=rss&cat=&sid=101
^ http://www.crainscleveland.com/article/20091105/FREE/911049959/1099/RSS01&rssfeed=RSS01
^ http://www.chicagobusiness.com/cgi-bin/news.pl?id=36114&seenIt=1
^ http://www.welcometopnc.com/docs/PNC_WelcomePackage.pdf
^ http://rds.yahoo.com/_ylt=A0geu42ZytBK.isAUv9XNyoA;_ylu=X3oDMTEzMTdpNmM2BHNlYwNzcgRwb3MDNQRjb2xvA2FjMgR2dGlkA0Y4NjFfMTMz/SIG=11acjou0b/EXP=1255283737/**http%3a//www.pnc.com/wvu
^ "Cincinnati Enquirer". http://www.enquirer.com/editions/2003/06/04/biz_notes04.html. Retrieved 2006-09-17.�
^ "Washington Post". http://www.washingtonpost.com/wp-dyn/articles/A13829-2005Feb10.html. Retrieved 2006-10-27.�
^ "USA Today". http://www.usatoday.com/tech/columnist/andrewkantor/2006-03-16-debit-card_x.htm. Retrieved 2006-09-17.�
^ "Louisville Courier-Journal". http://www.courier-journal.com/apps/pbcs.dll/article?AID=/20060324/BUSINESS/603240339/1003/ARCHIVES. Retrieved 2006-09-17.�
^ "J.D. Power". http://consumercenter.jdpower.com/cc/rd/cc/finance/ratings/banking/ny/index.asp. Retrieved 2006-09-17.�
^ "Pittsburgh Post-Gazette". http://www.pittsburghpostgazette.com/pg/06283/728754-28.stm. Retrieved 2006-10-27.�
^ http://www.post-gazette.com/pg/09226/990937-100.stm
^ http://www.post-gazette.com/pg/09230/991500-28.stm
^ http://www.fdic.gov/bank/individual/failed/banklist.html
^ http://www.allbusiness.com/banking-finance/banking-lending-credit-services-mortgage/6048203-1.html
^ http://pnc.mediaroom.com/index.php?s=43&item=364
^ http://www.post-gazette.com/pg/07255/816635-28.stm
^ "BNY Mellon to Acquire PNC Global Investment Servicing". http://www.bnymellon.com/pressreleases/2010/pdf/pr020210.pdf.�
See also
Harris Williams & Co. - middle market investment banking subsidiary
Hilliard Lyons former subsidiary
Virtual Wallet - Generation Y-targeted checking/savings account
External links
PNC Virtual Wallet
PNC's Virtual WalletSM Takes Online Banking to the Next Level
CNNMoney.com Fortune500 web page on PNC Financial Services
Forbes.com web page on PNC Financial Servcies
Yahoo! company profile web page on PNC Financial Services
Topix.com web page on news about PNC Financial Services
v d e
PNC Financial Services Group
Founded in 1852� Based in Pittsburgh, Pennsylvania
Subsidaries
*Co-owned with Bank of America
PNC Bank� Harris Williams & Co.� BlackRock*
Services
Virtual Wallet� Christmas Price Index
Predecessor banks
Pittsburgh National Bank� R More Pnc Financial Services Articles
