PNC Financial Services

{{Infobox company | name = PNC Financial Services Group, Inc. | logo = | caption = | type = Public () | predecessor = Pittsburgh National Corporation | successor = | foundation = Pittsburgh, Pennsylvania, U.S. () | founder = | defunct = | location_city = Pittsburgh, Pennsylvania | location_country = U.S. | locations = | area_served = | key_people = Jim Rohr, Chairman and CEO | industry = Financial services | products = | services = | revenue = billion (2009) | operating_income = | net_income = billion (2009) | aum = billion (2009) | assets = billion (2009) | = DIN 1451 | equity = | owner = | num_employees = 55,384 (2010) | parent = | divisions = | subsid = | homepage = www.pnc.com | footnotes = PNC operations include a regional banking franchise operating primarily in fifteen states and the District of Columbia, specialized financial businesses serving companies and government entities, and leading Turnkey Asset Management Program (TAMP) and processing businesses. PNC is the sixth largest bank by deposits in the United States and is the third largest bank off-premise ATM provider.

PNC is currently in discussions to acquire Regions Financial Corporation, which would give PNC a major presence in the Southern United States.

History

Pittsburgh.]] .]] 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 back to the mid-19th century. The acquisition, which helped PNC double in size and to become the sixth largest bank in the United States by deposit and fifth 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, which it repurchased within 2 years. 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 Western Pennsylvania, Cincinnati, Ohio and Louisville, Kentucky were among the few markets before the acquisition deal in which both banks had a major presence.

PNC completed the conversion of the National City branches on June 14, 2010, having its footprint stretch from New York City to St. Louis, with branches as far south as Miami and as far north as the Upper Peninsula of Michigan.

Potential Regions Financial acquisition

A report in the December 15th, 2010 issue of the American City Business Journals reported that PNC is looking to expand its Florida presence and is in talks to acquire Birmingham, Alabama-based Regions Financial Corporation, which would also fill gaps PNC has in Virginia & Kentucky, strengthen its position in Indianapolis & St. Louis, enter the Texas market, and become a major player in the Southern United States.

55,820 employees across the United States and abroad

6,473 ATMs

2,512 branches

$269.9 billion in assets

$186.9 billion in deposits

Shareholder equity $29.9 billion

Assets Under Mgmt. $205 billion

Customers - approximately 5 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 over 2,500 branches in Delaware, the District of Columbia, Florida, Kentucky, Indiana, Illinois, Maryland, Michigan, Missouri, New Jersey, Ohio, Pennsylvania, Virginia, and Wisconsin, as well as West Virginia and New York City. 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. Among other offenses, Riggs had 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.

, Washington, D.C.]] 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.

On August 14, 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 17. 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 2007–2010, 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

on Pennsylvania Avenue, Washington, D.C.]]

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.

PNC Merchant Services

In 1998, PNC sold its credit card business to Metris Companies and MBNA. In 2003, PNC's check cards (not credit cards), which had a Visa logo, were reportedly hacked in February, causing PNC to deactivate 16,000 cards. In 2006, PNC got back into the credit card business by marketing and issuing credit cards, including one for small business, under the MasterCard brand by using a third-party vendor to handle its credit card business, partnering with Minneapolis-based U.S. bank. 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 was 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. PNC Global Investment Servicing was formally known as PFPC until July 2008.

On February 2, 2010, longtime crosstown rival The Bank of New York Mellon announced a definitive agreement to acquire PNC’s 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.

BNY Mellon closed the purchase of PNC Global Investment Servicing on July 1, 2010.

BlackRock

PNC has a small equity stake in BlackRock, the world's largest publicly traded asset management firm by AUM.

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 - the corporate headquarters building

Two PNC Plaza in Pittsburgh

Three PNC Plaza in Pittsburgh

1600 Market Street, Philadelphia, Pennsylvania

Eastwick Operations Center, Philadelphia, Pennsylvania

PNC Bank Building in Washington, D.C. (under construction)

PNC Bank Building in Columbus, Ohio

PNC Center in Akron, Ohio

PNC Center in downtown Cincinnati

PNC Center in Cleveland, Ohio, former headquarters of National City Bank

PNC Center in Indianapolis, Indiana

PNC Plaza in Louisville, Kentucky

PNC Tower in downtown Cincinnati

National City Tower in Louisville, PNC is a major tenant

Top of Troy, PNC offices in Troy, Michigan

U.S. Steel Tower in downtown Pittsburgh, PNC is a major tenant

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

PNC Bank Arts Center in Holmdel Township, New Jersey

See also

Hilliard Lyons — former subsidiary

Virtual Wallet - Generation Y-targeted checking/savings account

Notes

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

Category:Companies established in 1852 Category:Banks based in Pennsylvania