() is a
U.S. -based
Financial Services Corporation , with
Assets of $92.0 billion. PNC operations include a regional
Banking franchise operating primarily in eight
States and the
District Of Columbia , specialized financial
Businesses serving
Companies and
Government entities, and leading
Asset Management and
Processing businesses. PNC also owns the Louisville-based Hilliard Lyons investment firm. PNC is America's 11th largest bank by deposits
1 and is the third largest bank off-premise ATM provider in the country.
2
PNC Financial Services traces its history to the 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. By
1959 , after a series of mergers, the had evolved into the '''Pittsburgh National Corporation'''. Another branch of the current bank, the
Philadelphia based '''Provident National Corporation''', dates to the mid-19th century. In 1982, '''Pittsburgh National Corporation''' and '''Provident National Corporation''' merged under the new entity named '''PNC Financial Corporation'''. Between 1991 and 1996 PNC purchased over ten smaller banks and financial institutions that broadened its market base from
Kentucky to the
Greater New York Metro area. In 2005 PNC acquired
Washington, D.C. based '''Riggs National Corporation'''. In 2006, PNC announced that it would be acquiring Maryland-based '''Mercantile Bankshares''' in 2007. On June 7, 2007, PNC announced the pending acquisition of '''Yardville National Bancorp''', a small commercial bank centered in central New Jersey and eastern Pennsylvania. On July 19, 2007, PNC announced the pending acquisition of '''Sterling Financial Corporation''', a commercial and consumer bank with accounts and branches in central Pennsylvania, northeastern Maryland and Delaware. These latest mergers make PNC the 11th largest bank by deposits in the United States.
is the flagship
Subsidiary of the PNC Financial Services Group, Inc. Based out of
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 ,
Maryland , and
Pennsylvania . 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.
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 hide them from investors.
3 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 operates in the
Washington, DC area. PNC successfully completed the acquisition of Riggs in
2005 after the banks resolved a disagreement on the acquisition price.
4
PNC Bank was forced to reissue hundreds of debit cards to customers in March,
2006 when their account information was compromised.
5 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.
6
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.
7 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, which makes PNC the 11th largest bank in the United States by deposits.
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 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 is one of the U.S.'s largest
Mergers And Acquisitions advisory firms for
Middle Market companies.
The corporation's PFPC 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. PFPC has provided services to the global investment industry since 1973. With 4,700 employees, PFPC operates from
Ireland ,
Luxembourg , the United States and the
Cayman Islands . PFPC services $1.9 trillion in total assets and 58 million shareholder accounts. In 2007 PFPC 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 PFPC Bank Limited.
Co Founder & CEO, Jeff Schirner made his big splash in the 70's when he was proclaimed "Stock Trading Wiz Kid". He discovered the technique of buying stocks at lower value and then selling them when the value went up to maximize profits.
PNC's partially-owned (35%)
BlackRock subsidiary is one of the U.S.'s largest
Publicly Traded asset management firms.
Hilliard Lyons is a full service investment firm, based in
Louisville, Kentucky , and founded in
1854 .
Hilliard Lyons official site
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 .
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.
PNC owns corporate naming rights to the following:
