PNC Financial Services
Encyclopedia
PNC Financial Services Group, Inc. is a U.S.-based financial services
corporation
, with assets (as of December 31, 2010) of approximately $264.3 billion. 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 and processing
businesses.
PNC is currently the sixth largest bank by deposits in the United States and is the third largest bank off-premise ATM provider. However, a pending takeover of RBC Bank
would place PNC fifth in total branches while remaining sixth in total assets.
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.
In 1982, Pittsburgh National Corporation and Provident National Corporation merged into a 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 metropolitan area. In 2005, PNC acquired Washington, D.C.
based Riggs Bank
. PNC completed the acquisition of Maryland-based Mercantile Bankshares on March 2, 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. The transaction was completed in March 2008. 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. The transaction was also completed in 2008.
. On October 24, 2008, PNC announced that it would acquire Cleveland based National City Bank
for billion in PNC Stock. 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
.
reported that PNC was looking to expand its Florida presence and that it was in talks to acquire Birmingham
, Alabama
-based Regions Financial Corporation, which would have greatly increased PNC's presence in the Southern United States
. Since the December 15 report, the Dow Jones has reported through the Wall Street Journal, that Regions Financial was never in talks to be acquired by PNC.
It has also been reported that PNC has been in discussions with BankAtlantic
, which later came to be on January 31, 2011 when PNC bought BankAtlantic's Tampa Bay Area
branches. The BankAtlantic deal, which will not include its South Florida
branches where PNC already has a presence, was to closed in June 2011.
from Royal Bank of Canada
for $3.45 billion. The sale of RBC Bank is expected to close in March 2012, subject to receipt of regulatory approval and customary closing conditions. With 426 branches total, RBC has a significant presence in southern Virginia
, North Carolina
, South Carolina
, Georgia
, Alabama
, and Florida
. Of these regions, PNC had existing branches only in Florida which were rebranded when the National City merger occurred.
The acquisition allows PNC to enter the growing markets in the Southeastern U.S. such as Atlanta, Birmingham
, Charlotte
, the Norfolk/Hampton Roads
area, Mobile
, North Florida
, Richmond, Virginia
, the Piedmont Triad
, and Raleigh
. At the same time, it expands PNC's presence in South Florida
and the Tampa Bay Area
to Orlando
. Once the acquisition and conversion is complete, all existing RBC branches will be rebranded as PNC branches. This acquisition fills a gap in PNC's market footprint between northern Virginia and central Florida, adding about 900,000 customers and 483 ATM locations. It will make PNC the fifth-largest bank by branches behind Wells Fargo
, Bank of America
, Chase
, and U.S. Bank
and the sixth-largest by total assets behind the aforementioned four banks and Citibank
.
, will be a 40-story, 800000 square feet (74,322.4 m²) skyscraper approximately 600' tall at the intersection of Fifth Avenue and Wood Street. PNC will own the building and occupy all the space except for street-level storefronts which it will lease to retail tenants.
The Tower at PNC Plaza plans to be one of the world's most environmentally friendly skyscrapers. Some of its features will include a double glass facade to reduce cooling costs and promote natural airflow into the building, a high-efficiency climate-control system to heat or cool specific zones of the building as needed, and a pair of living rooftops to collect and channel rainwater and reduce heat gain. Alternative energy sources such as fuel cells, and solar and geothermal power, are being considered in an effort to reduce carbon emissions.
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
, New York
, Ohio
, Pennsylvania
, Virginia
, West Virginia
, & Wisconsin
, with the RBC Bank
deal adding Alabama
, Georgia
, North Carolina
, and South Carolina
to the mix. 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, Bank of America
, and Barclays. 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. 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.
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 American
s 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.
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.
. 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
. PNC offers small business owners who have accounts at PNC bank a chance to let customers pay with credit cards, but requires business owners to sign three–year contracts with substantial penalties for early termination, often in excess of the standard $15 monthly fees, sometimes with criticism for lack of transparency. PNC's director Dan Tuccillo planned to offer the service in eight states plus Washington, D.C., according to a report in the Pittsburgh Post-Gazette
in 2006.
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.
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.
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.
, the world's largest publicly traded asset management firm by AUM.
portfolio servicing. Founded in 1991, its headquarters are in Overland Park, Kansas
.
, 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.
In October 2011, PNC temporarily closed two of its branches in Downtown Pittsburgh as a result of protesters going into those branches to protest. The protesters were part of the Occupy Wall Street
movement.
to the following:
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
corporation
Corporation
A corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter...
, with assets (as of December 31, 2010) of approximately $264.3 billion. PNC operations include a regional banking franchise operating primarily in fifteen states
U.S. state
A U.S. state is any one of the 50 federated states of the United States of America that share sovereignty with the federal government. Because of this shared sovereignty, an American is a citizen both of the federal entity and of his or her state of domicile. Four states use the official title of...
and the District of Columbia, specialized financial businesses serving companies and government
Government
Government refers to the legislators, administrators, and arbitrators in the administrative bureaucracy who control a state at a given time, and to the system of government by which they are organized...
entities, and leading Turnkey Asset Management Program and processing
Information processing
Information processing is the change of information in any manner detectable by an observer. As such, it is a process which describes everything which happens in the universe, from the falling of a rock to the printing of a text file from a digital computer system...
businesses.
PNC is currently the sixth largest bank by deposits in the United States and is the third largest bank off-premise ATM provider. However, a pending takeover of RBC Bank
RBC Bank
RBC Bank, formerly Centura Banks, is the United States retail banking division of the Royal Bank of Canada. The headquarters for the bank are located in Raleigh, North Carolina. Banking centers and automated teller machines are located throughout the Southeastern United States...
would place PNC fifth in total branches while remaining sixth in total assets.
History
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
, in 1852. In 1858, the company located its corporate offices at the corner of Fifth Avenue
Fifth Avenue (Pittsburgh)
Fifth Avenue is one of the longest streets in Pittsburgh, Pennsylvania, United States. It begins downtown and moves eastward for about seven or eight miles...
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
National Banking Act
The National Banking Acts of 1863 and 1864 were two United States federal laws that established a system of national charters for banks, and created the United States National Banking System. They encouraged development of a national currency backed by bank holdings of U.S...
.
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.
In 1982, Pittsburgh National Corporation and Provident National Corporation merged into a 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
Kentucky
The Commonwealth of Kentucky is a state located in the East Central United States of America. As classified by the United States Census Bureau, Kentucky is a Southern state, more specifically in the East South Central region. Kentucky is one of four U.S. states constituted as a commonwealth...
to the Greater New York metropolitan area. In 2005, PNC acquired Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
based Riggs Bank
Riggs Bank
Riggs Bank was a Washington, D.C.-based commercial bank with branches located in the surrounding metropolitan area and offices around the world. For most of its history, it was the largest bank in the nation's capital. Riggs had been controlled by the Albritton family since the 1980s, but they lost...
. PNC completed the acquisition of Maryland-based Mercantile Bankshares on March 2, 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. The transaction was completed in March 2008. 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. The transaction was also completed in 2008.
National City acquisition
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 BankNational City Corp.
National City Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first...
. On October 24, 2008, PNC announced that it would acquire Cleveland based National City Bank
National City Corp.
National City Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first...
for billion in PNC Stock. 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
Emergency Economic Stabilization Act of 2008
The Emergency Economic Stabilization Act of 2008 The Emergency Economic Stabilization Act of 2008 The Emergency Economic Stabilization Act of 2008 (Division A of , commonly referred to as a bailout of the U.S. financial system, is a law enacted in response to the subprime mortgage crisis...
, 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
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
, Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
, and Kentucky
Kentucky
The Commonwealth of Kentucky is a state located in the East Central United States of America. As classified by the United States Census Bureau, Kentucky is a Southern state, more specifically in the East South Central region. Kentucky is one of four U.S. states constituted as a commonwealth...
, as well as the second largest bank in Maryland
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
and Indiana
Indiana
Indiana is a US state, admitted to the United States as the 19th on December 11, 1816. It is located in the Midwestern United States and Great Lakes Region. With 6,483,802 residents, the state is ranked 15th in population and 16th in population density. Indiana is ranked 38th in land area and is...
. It also greatly expanded PNC's presence in the Midwest
Midwestern United States
The Midwestern United States is one of the four U.S. geographic regions defined by the United States Census Bureau, providing an official definition of the American Midwest....
as well as entering the Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
market. National City complemented PNC's presence, as Western Pennsylvania, Cincinnati, Ohio and Louisville, Kentucky
Louisville, Kentucky
Louisville is the largest city in the U.S. state of Kentucky, and the county seat of Jefferson County. Since 2003, the city's borders have been coterminous with those of the county because of a city-county merger. The city's population at the 2010 census was 741,096...
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
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
to St. Louis
St. Louis, Missouri
St. Louis is an independent city on the eastern border of Missouri, United States. With a population of 319,294, it was the 58th-largest U.S. city at the 2010 U.S. Census. The Greater St...
, with branches as far south as Miami and as far north as the Upper Peninsula of Michigan
Upper Peninsula of Michigan
The Upper Peninsula of Michigan is the northern of the two major land masses that make up the U.S. state of Michigan. It is commonly referred to as the Upper Peninsula, the U.P., or Upper Michigan. It is also known as the land "above the Bridge" linking the two peninsulas. The peninsula is bounded...
.
Potential and confirmed acquisitions
A report in the December 15, 2010 issue of the American City Business JournalsAmerican City Business Journals
American City Business Journals is an American newspaper chain based in Charlotte, North Carolina owned by Advance Publications. It has a range of media including 41 primary metropolitan weekly publications, which reach 4 million readers with business community related news, and Bizjournals, the...
reported that PNC was looking to expand its Florida presence and that it was in talks to acquire Birmingham
Birmingham, Alabama
Birmingham is the largest city in Alabama. The city is the county seat of Jefferson County. According to the 2010 United States Census, Birmingham had a population of 212,237. The Birmingham-Hoover Metropolitan Area, in estimate by the U.S...
, Alabama
Alabama
Alabama is a state located in the southeastern region of the United States. It is bordered by Tennessee to the north, Georgia to the east, Florida and the Gulf of Mexico to the south, and Mississippi to the west. Alabama ranks 30th in total land area and ranks second in the size of its inland...
-based Regions Financial Corporation, which would have greatly increased PNC's presence in the Southern United States
Southern United States
The Southern United States—commonly referred to as the American South, Dixie, or simply the South—constitutes a large distinctive area in the southeastern and south-central United States...
. Since the December 15 report, the Dow Jones has reported through the Wall Street Journal, that Regions Financial was never in talks to be acquired by PNC.
It has also been reported that PNC has been in discussions with BankAtlantic
BankAtlantic
BankAtlantic, Member FDIC, is a subsidiary of BankAtlantic Bancorp, Inc. . The company's headquarters is based in Fort Lauderdale, Florida, in Southeast Florida. BankAtlantic is a company that provides consumer and business banking services to communities throughout the state of Florida...
, which later came to be on January 31, 2011 when PNC bought BankAtlantic's Tampa Bay Area
Tampa Bay Area
The Tampa Bay Area is the region of west central Florida adjacent to Tampa Bay. Definitions of the region vary. It is often considered equivalent to the Tampa-St. Petersburg-Clearwater Metropolitan Statistical Area defined by the United States Census Bureau. The Census Bureau currently...
branches. The BankAtlantic deal, which will not include its South Florida
South Florida metropolitan area
The South Florida metropolitan area, also known as the Miami metropolitan area, and designated the Miami–Fort Lauderdale–Pompano Beach, FL Metropolitan Statistical Area by the U.S...
branches where PNC already has a presence, was to closed in June 2011.
RBC Bank
On June 19, 2011, PNC agreed to purchase RBC BankRBC Bank
RBC Bank, formerly Centura Banks, is the United States retail banking division of the Royal Bank of Canada. The headquarters for the bank are located in Raleigh, North Carolina. Banking centers and automated teller machines are located throughout the Southeastern United States...
from Royal Bank of Canada
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...
for $3.45 billion. The sale of RBC Bank is expected to close in March 2012, subject to receipt of regulatory approval and customary closing conditions. With 426 branches total, RBC has a significant presence in southern Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
, North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
, South Carolina
South Carolina
South Carolina is a state in the Deep South of the United States that borders Georgia to the south, North Carolina to the north, and the Atlantic Ocean to the east. Originally part of the Province of Carolina, the Province of South Carolina was one of the 13 colonies that declared independence...
, Georgia
Georgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...
, Alabama
Alabama
Alabama is a state located in the southeastern region of the United States. It is bordered by Tennessee to the north, Georgia to the east, Florida and the Gulf of Mexico to the south, and Mississippi to the west. Alabama ranks 30th in total land area and ranks second in the size of its inland...
, and Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
. Of these regions, PNC had existing branches only in Florida which were rebranded when the National City merger occurred.
The acquisition allows PNC to enter the growing markets in the Southeastern U.S. such as Atlanta, Birmingham
Birmingham, Alabama
Birmingham is the largest city in Alabama. The city is the county seat of Jefferson County. According to the 2010 United States Census, Birmingham had a population of 212,237. The Birmingham-Hoover Metropolitan Area, in estimate by the U.S...
, Charlotte
Charlotte, North Carolina
Charlotte is the largest city in the U.S. state of North Carolina and the seat of Mecklenburg County. In 2010, Charlotte's population according to the US Census Bureau was 731,424, making it the 17th largest city in the United States based on population. The Charlotte metropolitan area had a 2009...
, the Norfolk/Hampton Roads
Hampton Roads
Hampton Roads is the name for both a body of water and the Norfolk–Virginia Beach metropolitan area which surrounds it in southeastern Virginia, United States...
area, Mobile
Mobile, Alabama
Mobile is the third most populous city in the Southern US state of Alabama and is the county seat of Mobile County. It is located on the Mobile River and the central Gulf Coast of the United States. The population within the city limits was 195,111 during the 2010 census. It is the largest...
, North Florida
North Florida
North Florida refers to the northernmost part of the U.S. state of Florida, including some counties that border the state of Georgia. It also borders the Big Bend with Madison County and Taylor County to the east and the Central Florida region to its south....
, Richmond, Virginia
Richmond, Virginia
Richmond is the capital of the Commonwealth of Virginia, in the United States. It is an independent city and not part of any county. Richmond is the center of the Richmond Metropolitan Statistical Area and the Greater Richmond area...
, the Piedmont Triad
Piedmont Triad
The Piedmont Triad, or Triad, is a north-central region of the U.S. state of North Carolina that consists of the area within and surrounding the three major cities of Greensboro, Winston-Salem, and High Point. This close group or "triad" of cities lies in the Piedmont geographical region of the...
, and Raleigh
Raleigh, North Carolina
Raleigh is the capital and the second largest city in the state of North Carolina as well as the seat of Wake County. Raleigh is known as the "City of Oaks" for its many oak trees. According to the U.S. Census Bureau, the city's 2010 population was 403,892, over an area of , making Raleigh...
. At the same time, it expands PNC's presence in South Florida
South Florida metropolitan area
The South Florida metropolitan area, also known as the Miami metropolitan area, and designated the Miami–Fort Lauderdale–Pompano Beach, FL Metropolitan Statistical Area by the U.S...
and the Tampa Bay Area
Tampa Bay Area
The Tampa Bay Area is the region of west central Florida adjacent to Tampa Bay. Definitions of the region vary. It is often considered equivalent to the Tampa-St. Petersburg-Clearwater Metropolitan Statistical Area defined by the United States Census Bureau. The Census Bureau currently...
to Orlando
Orlando, Florida
Orlando is a city in the central region of the U.S. state of Florida. It is the county seat of Orange County, and the center of the Greater Orlando metropolitan area. According to the 2010 US Census, the city had a population of 238,300, making Orlando the 79th largest city in the United States...
. Once the acquisition and conversion is complete, all existing RBC branches will be rebranded as PNC branches. This acquisition fills a gap in PNC's market footprint between northern Virginia and central Florida, adding about 900,000 customers and 483 ATM locations. It will make PNC the fifth-largest bank by branches behind Wells Fargo
Wells Fargo
Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home...
, Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
, Chase
Chase (bank)
JPMorgan Chase Bank, N.A., doing business as Chase, is a national bank that constitutes the consumer and commercial banking subsidiary of financial services firm JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000...
, and U.S. Bank
U.S. Bancorp
U.S. Bancorp is a diversified financial services holding company, headquartered in Minneapolis, Minnesota. It is the parent company of U.S. Bank, the fifth largest commercial bank in the United States based on $330 billion in assets. U.S. Bank ranks as the sixth largest bank in the U.S. based on...
and the sixth-largest by total assets behind the aforementioned four banks and Citibank
Citibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
.
Flagstar Bank
On July 26, 2011, it was announced that PNC would acquire 27 branches in the northern Atlanta suburbs from Flagstar Bank. The deal is estimated to be worth about $42 million, and PNC will assume about $240 million in deposit accounts. The deal should be complete as of December 2011.New corporate headquarters
On May 23, 2011, PNC unveiled plans for a new $400M corporate headquarters building in downtown Pittsburgh. The new building, known as the Tower at PNC PlazaTower at PNC Plaza
The Tower at PNC Plaza is a planned skyscraper in Pittsburgh, Pennsylvania. It will be the new world headquarters of the PNC Financial Services Group. It will have about and stand about 40 stories tall. Nearby buildings totaling , purchased by PNC for $18 million, will be torn down to make space...
, will be a 40-story, 800000 square feet (74,322.4 m²) skyscraper approximately 600' tall at the intersection of Fifth Avenue and Wood Street. PNC will own the building and occupy all the space except for street-level storefronts which it will lease to retail tenants.
The Tower at PNC Plaza plans to be one of the world's most environmentally friendly skyscrapers. Some of its features will include a double glass facade to reduce cooling costs and promote natural airflow into the building, a high-efficiency climate-control system to heat or cool specific zones of the building as needed, and a pair of living rooftops to collect and channel rainwater and reduce heat gain. Alternative energy sources such as fuel cells, and solar and geothermal power, are being considered in an effort to reduce carbon emissions.
PNC Bank
Subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
of the PNC Financial Services Group, Inc. Based in Pittsburgh, Pennsylvania
Pittsburgh, Pennsylvania
Pittsburgh is the second-largest city in the US Commonwealth of Pennsylvania and the county seat of Allegheny County. Regionally, it anchors the largest urban area of Appalachia and the Ohio River Valley, and nationally, it is the 22nd-largest urban area in the United States...
, PNC Bank offers consumer and corporate services in over 2,500 branches in Delaware
Delaware
Delaware is a U.S. state located on the Atlantic Coast in the Mid-Atlantic region of the United States. It is bordered to the south and west by Maryland, and to the north by Pennsylvania...
, the District of Columbia, Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
, Kentucky
Kentucky
The Commonwealth of Kentucky is a state located in the East Central United States of America. As classified by the United States Census Bureau, Kentucky is a Southern state, more specifically in the East South Central region. Kentucky is one of four U.S. states constituted as a commonwealth...
, Indiana
Indiana
Indiana is a US state, admitted to the United States as the 19th on December 11, 1816. It is located in the Midwestern United States and Great Lakes Region. With 6,483,802 residents, the state is ranked 15th in population and 16th in population density. Indiana is ranked 38th in land area and is...
, Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
, Maryland
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
, Michigan
Michigan
Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is the French form of the Ojibwa word mishigamaa, meaning "large water" or "large lake"....
, Missouri
Missouri
Missouri is a US state located in the Midwestern United States, bordered by Iowa, Illinois, Kentucky, Tennessee, Arkansas, Oklahoma, Kansas and Nebraska. With a 2010 population of 5,988,927, Missouri is the 18th most populous state in the nation and the fifth most populous in the Midwest. It...
, New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
, Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
, Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
, West Virginia
West Virginia
West Virginia is a state in the Appalachian and Southeastern regions of the United States, bordered by Virginia to the southeast, Kentucky to the southwest, Ohio to the northwest, Pennsylvania to the northeast and Maryland to the east...
, & Wisconsin
Wisconsin
Wisconsin is a U.S. state located in the north-central United States and is part of the Midwest. It is bordered by Minnesota to the west, Iowa to the southwest, Illinois to the south, Lake Michigan to the east, Michigan to the northeast, and Lake Superior to the north. Wisconsin's capital is...
, with the RBC Bank
RBC Bank
RBC Bank, formerly Centura Banks, is the United States retail banking division of the Royal Bank of Canada. The headquarters for the bank are located in Raleigh, North Carolina. Banking centers and automated teller machines are located throughout the Southeastern United States...
deal adding Alabama
Alabama
Alabama is a state located in the southeastern region of the United States. It is bordered by Tennessee to the north, Georgia to the east, Florida and the Gulf of Mexico to the south, and Mississippi to the west. Alabama ranks 30th in total land area and ranks second in the size of its inland...
, Georgia
Georgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...
, North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
, and South Carolina
South Carolina
South Carolina is a state in the Deep South of the United States that borders Georgia to the south, North Carolina to the north, and the Atlantic Ocean to the east. Originally part of the Province of Carolina, the Province of South Carolina was one of the 13 colonies that declared independence...
to the mix. PNC owns about 35% of publicly traded fund manager BlackRock
BlackRock
BlackRock, Inc. is an American multinational investment management corporation and the world's largest asset manager. BlackRock is headquartered in Manhattan, New York City, New York, United States and is the leading provider of investment, advisory, and risk management solutions...
, which specializes in fixed-income products. BlackRock merged with Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
Investment Managers in October 2006, and is now co-owned between PNC, Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
, and Barclays. 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
Riggs Bank
Riggs Bank was a Washington, D.C.-based commercial bank with branches located in the surrounding metropolitan area and offices around the world. For most of its history, it was the largest bank in the nation's capital. Riggs had been controlled by the Albritton family since the 1980s, but they lost...
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
Military Channel
The Military Channel is a cable and satellite television network which broadcasts television programming related to the military, warfare and military history. It is part of the group of networks owned by Discovery Communications within the United States and Canada...
. 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
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
Retail Banking Satisfaction Study indicating that PNC Bank had an average number of satisfied customers. PNC has also subcontracted with American Express
American Express
American Express Company or AmEx, is an American multinational financial services corporation headquartered in Three World Financial Center, Manhattan, New York City, New York, United States. Founded in 1850, it is one of the 30 components of the Dow Jones Industrial Average. The company is best...
, 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
Bank failure
A bank failure occurs when a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities. More specifically, a bank usually fails economically when the market value of its assets declines to a value that is...
and was placed under receivership by the Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
. Although PNC was still in the process of integrating National City
National City Corp.
National City Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first...
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 American
African American
African Americans are citizens or residents of the United States who have at least partial ancestry from any of the native populations of Sub-Saharan Africa and are the direct descendants of enslaved Africans within the boundaries of the present United States...
s 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
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
--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
Wachovia
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo in 2008, Wachovia was the fourth-largest bank holding company in the United States based on total assets...
) were reportedly close to failing at the time they were acquired by PNC and Wells Fargo
Wells Fargo
Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home...
, respectively.
Primary operations
Retail banking
The corporation operates a leading community bank in its major markets and is a top-ten Small Business AdministrationSmall Business Administration
The Small Business Administration is a United States government agency that provides support to entrepreneurs and small businesses. The mission of the Small Business Administration is "to maintain and strengthen the nation's economy by enabling the establishment and viability of small businesses...
lender. Operations include the third-largest bank automated teller machine
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
network in the U.S. The corporation claims to operate environmentally
Natural environment
The natural environment encompasses all living and non-living things occurring naturally on Earth or some region thereof. It is an environment that encompasses the interaction of all living species....
friendly "green" bank branches and is a major wealth management
Wealth management
Wealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services...
firm.
PNC Merchant Services
In 1998, PNC sold its credit card business to Metris Companies and MBNAMBNA
MBNA Corporation was a bank holding company and parent company of wholly owned subsidiary MBNA America Bank, N.A., headquartered in Wilmington, Delaware, prior to being acquired by Bank of America in 2006...
. 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
MasterCard
Mastercard Incorporated or MasterCard Worldwide is an American multinational financial services corporation with its headquarters in the MasterCard International Global Headquarters, Purchase, Harrison, New York, United States...
brand by using a third-party vendor to handle its credit card business, partnering with Minneapolis
Minneapolis, Minnesota
Minneapolis , nicknamed "City of Lakes" and the "Mill City," is the county seat of Hennepin County, the largest city in the U.S. state of Minnesota, and the 48th largest in the United States...
-based U.S. bank
U.S. Bancorp
U.S. Bancorp is a diversified financial services holding company, headquartered in Minneapolis, Minnesota. It is the parent company of U.S. Bank, the fifth largest commercial bank in the United States based on $330 billion in assets. U.S. Bank ranks as the sixth largest bank in the U.S. based on...
. PNC offers small business owners who have accounts at PNC bank a chance to let customers pay with credit cards, but requires business owners to sign three–year contracts with substantial penalties for early termination, often in excess of the standard $15 monthly fees, sometimes with criticism for lack of transparency. PNC's director Dan Tuccillo planned to offer the service in eight states plus Washington, D.C., according to a report in the Pittsburgh Post-Gazette
Pittsburgh Post-Gazette
The Pittsburgh Post-Gazette, also known simply as the "PG," is the largest daily newspaper serving metropolitan Pittsburgh, Pennsylvania, USA.-Early history:...
in 2006.
Corporate and institutional banking
PNC operates a top-ten treasuryTreasury
A treasury is either*A government department related to finance and taxation.*A place where currency or precious items is/are kept....
management business and the U.S.'s second-largest lead arranger of asset-based loan
Loan
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....
syndications. Its subsidiary
Subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
Harris Williams & Co.
Harris Williams & Co.
Harris Williams & Co. is an independent investment bank specializing in advisory services and financings for middle-market companies. The firm provides a variety of advisory services including mergers & acquisitions, fairness opinions and restructuring advisory...
is one of the U.S.'s largest mergers and acquisitions
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
advisory firms for middle-market companies.
PNC Mortgage
PNC Mortgage (formerly National City Mortgage) is the mortgageMortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
division of PNC. Acquired through the National City
National City Corp.
National City Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first...
deal, PNC Mortgage is credited with the first mortgage in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, 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
Washington Mutual
Washington Mutual, Inc. , abbreviated to WaMu, was a savings bank holding company and the former owner of Washington Mutual Bank, which was the United States' largest savings and loan association until its collapse in 2008....
in 2001 due to volatility in the market despite the fact that the market was in a "boom
Boom and bust
A credit boom-bust cycle is an episode characterized by a sustained increase in several economics indicators followed by a sharp and rapid contraction. Commonly the boom is driven by a rapid expansion of credit to the private sector accompanied with rising prices of commodities and stock market index...
" period at the time, then subsequently outsourcing
Outsourcing
Outsourcing is the process of contracting a business function to someone else.-Overview:The term outsourcing is used inconsistently but usually involves the contracting out of a business function - commonly one previously performed in-house - to an external provider...
mortgages to Wells Fargo
Wells Fargo
Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home...
until the National City deal. PNC has no plans to enter the subprime lending
Subprime lending
In finance, subprime lending means making loans to people who may have difficulty maintaining the repayment schedule...
market that plagued National City Mortgage.
PNC Global Investment Servicing
The corporation's Global Investment Servicing subsidiary was the second-largest full-service mutual fundMutual fund
A mutual fund is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities.- Overview :...
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
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
, the United States and the Cayman Islands
Cayman Islands
The Cayman Islands is a British Overseas Territory and overseas territory of the European Union located in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica...
, PNC International Bank Limited operates from Luxembourg
Luxembourg
Luxembourg , officially the Grand Duchy of Luxembourg , is a landlocked country in western Europe, bordered by Belgium, France, and Germany. It has two principal regions: the Oesling in the North as part of the Ardennes massif, and the Gutland in the south...
. 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 acquisition by PNC
The National City acquisition by PNC was the deal by PNC Financial Services to acquire National City Corp. on October 24, 2008 following National City's untenable loan losses during the subprime mortgage crisis...
National City Corp.
National City Corp.
National City Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first...
, 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 an equity stake of around 21.7% in BlackRockBlackRock
BlackRock, Inc. is an American multinational investment management corporation and the world's largest asset manager. BlackRock is headquartered in Manhattan, New York City, New York, United States and is the leading provider of investment, advisory, and risk management solutions...
, 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 CMBSCommercial mortgage-backed security
Commercial mortgage-backed securities are a type of mortgage-backed security backed by mortgages on commercial rather than residential real estate....
portfolio servicing. Founded in 1991, its headquarters are in Overland Park, Kansas
Overland Park, Kansas
-Demographics:As of the census of 2000, there were 149,080 people, 59,703 households, and 39,702 families residing in the city. The population density was 2,627.0 people per square mile . There were 62,586 housing units at an average density of 1,102.9 per square mile...
.
Community initiatives
The corporation has sponsored a number of initiatives to improve educationEducation
Education in its broadest, general sense is the means through which the aims and habits of a group of people lives on from one generation to the next. Generally, it occurs through any experience that has a formative effect on the way one thinks, feels, or acts...
, health
Health
Health is the level of functional or metabolic efficiency of a living being. In humans, it is the general condition of a person's mind, body and spirit, usually meaning to be free from illness, injury or pain...
and human services, and cultural and arts
The arts
The arts are a vast subdivision of culture, composed of many creative endeavors and disciplines. It is a broader term than "art", which as a description of a field usually means only the visual arts. The arts encompass visual arts, literary arts and the performing arts – music, theatre, dance and...
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
Christmas Price Index
The Christmas Price Index is a tongue-in-cheek economic indicator, maintained by the U.S. bank PNC Financial Services, which tracks the cost of the items in the carol "The Twelve Days of Christmas."-Origins:...
, a humorous economic indicator
Economic indicator
An economic indicator is a statistic about the economy. Economic indicators allow analysis of economic performance and predictions of future performance. One application of economic indicators is the study of business cycles....
which estimates the prices of the items found in the song The Twelve Days of Christmas.
Controversy
In regard to PNC's Midland Loan Services, in late 2001 commercial mortgage loans held by First Chicago Capital Corporation were transferred to Midland Loan Services and Lennar Partners, Miami, Florida. Lennar Partners [Arne L. Shulkin], on behalf of Midland, proceeded to declare commercial loans in default by calling in such loans for full payment, without giving borrowers ample opportunity to secure new financing. Most borrowers had been previously assured by Midland that their loans would continue as they had prior to the acquisition of First Chicago Capital Corporation. When borrowers made their usual mortgage payment to Midland, they soon after received notices of default and foreclosure.In October 2011, PNC temporarily closed two of its branches in Downtown Pittsburgh as a result of protesters going into those branches to protest. The protesters were part of the Occupy Wall Street
Occupy Wall Street
Occupy Wall Street is an ongoing series of demonstrations initiated by the Canadian activist group Adbusters which began September 17, 2011 in Zuccotti Park, located in New York City's Wall Street financial district...
movement.
Notable corporate buildings
- The Tower at PNC PlazaTower at PNC PlazaThe Tower at PNC Plaza is a planned skyscraper in Pittsburgh, Pennsylvania. It will be the new world headquarters of the PNC Financial Services Group. It will have about and stand about 40 stories tall. Nearby buildings totaling , purchased by PNC for $18 million, will be torn down to make space...
in Pittsburgh, PA
-
- Future corporate headquarters
- Site preparation to begin in fall 2011, with construction to start in spring 2012 and finish in summer 2015
- One PNC PlazaOne PNC PlazaOne PNC Plaza is a high-rise office building located in the Golden Triangle neighborhood of the Central Business District of Pittsburgh, Pennsylvania, United States. Constructed in 1972, it is 30 stories. It houses the general offices for PNC Financial Services...
in Pittsburgh, PA
- One PNC Plaza
- Current corporate headquarters
- Two PNC PlazaTwo PNC PlazaTwo PNC Plaza is a high-rise office building located in the Golden Triangle of Pittsburgh, Pennsylvania, United States. Constructed in 1976, it is 446 feet in height and has 34 stories, making it the tallest of three buildings in PNC Plaza...
in Pittsburgh, PA - Three PNC PlazaThree PNC PlazaThree PNC Plaza is a tall skyscraper in Pittsburgh, Pennsylvania. It was completed in 2009 and has 23 floors. It is the tallest building constructed in the city since EQT Plaza was completed in 1987. It contains of office space, a 185-room Fairmont Hotel, 28 condominium units, and ground level...
in Pittsburgh, PA - U.S. Steel TowerU.S. Steel TowerU.S. Steel Tower, also known as the Steel Building , is the tallest skyscraper in Pittsburgh, the fourth tallest building in Pennsylvania, and the 37th tallest in the United States. Completed in 1970, the tower has 64 floors to and has of leasable space. Its original name was the U.S. Steel...
in Pittsburgh, PA
- Two PNC Plaza
- PNC is currently a major tenant
- PNC Bank BuildingPNC Bank BuildingThe PNC Bank Building is a high-rise office building located in the Market West neighborhood of center city Philadelphia. Constructed in 1983, it is 491 feet in height and has 39 stories. It houses offices for PNC Financial Services....
at 1600 Market Street, Philadelphia, PA - Eastwick Operations Center, Philadelphia, PA
- PNC Bank BuildingPNC Bank Building (Washington, D.C.)PNC Bank Building is a high-rise skyscraper building located in Washington, D.C., United States. The building broke ground in 2008, and was completed in 2010. The building serves as an office building for PNC Financial Services, and serves as the regional headquarters for PNC Financial Services....
in Washington, DCWashington, D.C.Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution.... - PNC Bank Building in Columbus, OHColumbus, OhioColumbus is the capital of and the largest city in the U.S. state of Ohio. The broader metropolitan area encompasses several counties and is the third largest in Ohio behind those of Cleveland and Cincinnati. Columbus is the third largest city in the American Midwest, and the fifteenth largest city...
- PNC Center in Akron, OHAkron, OhioAkron , is the fifth largest city in the U.S. state of Ohio and the county seat of Summit County. It is located in the Great Lakes region approximately south of Lake Erie along the Little Cuyahoga River. As of the 2010 census, the city had a population of 199,110. The Akron Metropolitan...
- PNC Center in Cincinnati, OH
- PNC Center in Cleveland, OH
- PNC Bank Building
- Former headquarters of National City Bank
- PNC Center in Indianapolis, INIndianapolis, IndianaIndianapolis is the capital of the U.S. state of Indiana, and the county seat of Marion County, Indiana. As of the 2010 United States Census, the city's population is 839,489. It is by far Indiana's largest city and, as of the 2010 U.S...
- PNC PlazaPNC PlazaPNC Plaza is a skyscraper in Downtown, Louisville, Kentucky and located at 500 West Jefferson Street. Owned by Pittsburgh-based PNC Bank, the 30-story, high structure was designed by architect Welton Becket and was completed in 1971. A notable feature of the building is the pattern of pre-cast...
in Louisville, KYLouisville, KentuckyLouisville is the largest city in the U.S. state of Kentucky, and the county seat of Jefferson County. Since 2003, the city's borders have been coterminous with those of the county because of a city-county merger. The city's population at the 2010 census was 741,096... - PNC TowerPNC TowerThe 4th & Vine Tower is a 495 foot tall building in downtown Cincinnati, Ohio. It stands 31 stories tall, overlooking the Ohio River waterfront...
in Cincinnati, OH - National City TowerNational City TowerNational City Tower is a skyscraper in Downtown, Louisville, Kentucky, United States, and located at 101 South Fifth Street. Completed in 1972, the 40-story, high structure was designed by architects Wallace Harrison and Max Abramovitz based on the timeless designs of Ludwig Mies van der Rohe...
in Louisville, KY
- PNC Center in Indianapolis, IN
- PNC is a major tenant
- Top of TroyTop of TroyThe Top of Troy stands at 755 West Big Beaver Road, in Troy, Michigan. It is the tallest building in Troy, Michigan. PNC Financial Services maintains regional offices in the building as the major tenant. The triangular-shaped high-rise was constructed in 1974, and completed in 1975. It stands 25...
in Troy, MITroy, MichiganTroy is a city in Oakland County in the U.S. state of Michigan, and is a suburb of Detroit. The population was 80,980 at the 2010 census, making it the 11th-largest city in Michigan by population, and the largest city in Oakland County...
- Top of Troy
- PNC is a major tenant
- PNC Bank Building in Orlando, FLOrlando, FloridaOrlando is a city in the central region of the U.S. state of Florida. It is the county seat of Orange County, and the center of the Greater Orlando metropolitan area. According to the 2010 US Census, the city had a population of 238,300, making Orlando the 79th largest city in the United States...
http://www.costar.com/News/Article/PNC-Bank-Moves-to-Capital-Plaza-One-in-Orlando/121815?ref=1&src=rss at Capital Plaza One - 201 E. Pine Street.
- PNC Bank Building in Orlando, FL
Naming rights
PNC owns corporate naming rightsNaming rights
In the private sector, naming rights are a financial transaction whereby a corporation or other entity purchases the right to name a facility, typically for a defined period of time. For properties like a multi-purpose arena, performing arts venue or an athletic field, the term ranges from three...
to the following:
- PNC ParkPNC ParkPNC Park is a baseball park located in Pittsburgh, Pennsylvania. It is the fifth home of the Pittsburgh Pirates, the city's Major League Baseball franchise. It opened during the 2001 Major League Baseball season, after the controlled implosion of the Pirates' previous home, Three Rivers Stadium...
, home of the Pittsburgh PiratesPittsburgh PiratesThe Pittsburgh Pirates are a Major League Baseball club based in Pittsburgh, Pennsylvania. They play in the Central Division of the National League, and are five-time World Series Champions...
baseball team - PNC Field, home of the Scranton/Wilkes-Barre Yankees AAA baseball team
- PNC Bank Arts CenterPNC Bank Arts CenterThe PNC Bank Arts Center is a modern amphitheatre located in Holmdel Township, New Jersey, USA. About 17,500 people can occupy the amphitheater; there are 7,000 seats and the grass area can hold about 10,500 people. Concerts are from May through September featuring 35–45 different events of...
in Holmdel Township, New JerseyHolmdel Township, New JerseyHolmdel Township is a township in Monmouth County, New Jersey, United States. As of the 2010 United States Census, the township population was 16,773. Holmdel Township was formed by an Act of the New Jersey Legislature on February 23, 1857, from portions of Raritan Township .Holmdel is a suburb of...
See also
- Hilliard LyonsHilliard LyonsJ.J.B. Hilliard, W.L. Lyons, LLC is a full service investment firm, based in Louisville, Kentucky, and founded in 1854. The company started as two separate companies, both located in Louisville. In 1965, the companies merged to create the current company...
— former subsidiary - Virtual WalletVirtual WalletVirtual Wallet is a hybrid checking/savings account by PNC Financial Services, offered in addition to traditional checking & savings accounts. It is targeted specifically at Generation Y....
- Generation YGeneration YGeneration Y, also known as the Millennial Generation , Generation Next, Net Generation, or Echo Boomers, describes the demographic cohort following Generation X. There are no precise dates for when the Millennial generation starts and ends, and commentators have used birth dates ranging somewhere...
-targeted checking/savings account