PNC Financial Services: Difference between revisions
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==History== |
==History== |
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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. By 1959, after a series of mergers, the Pittsburgh Trust and Savings Company 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. |
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. By 1959, after a series of mergers, the Pittsburgh Trust and Savings Company 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. In the increasingly unstable market, where banks are going bankrupt left a right PNC is emerging and one the of the strongest and safest banks in the United States. |
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==PNC Bank == |
==PNC Bank == |
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Revision as of 19:51, 3 October 2008
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| Company type | Public (NYSE: PNC) |
|---|---|
| Founded | 1852 (Pittsburgh National Corporation) |
| Headquarters |  Pittsburgh, Pennsylvania |
Key people | Jim Rohr, CEO & Chairman |
| Products | Financial Services |
| Revenue |  $7.937 billion USD (2005) |
| $2.561 billion USD (2005) | |
| $1.325 billion USD (2005) | |
Number of employees | 25,348 (2005) |
| Website | www.pnc.com |
PNC Financial Services (NYSE: PNC) is a U.S.-based financial services corporation, with assets (as of December 31, 2006) of $101.8 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 is America's 11th largest bank by deposits[1] and is the third largest bank off-premise ATM provider in the country.[2]
History
PNC Financial Services traces its history to the Pittsburgh Trust and Savings Company which was founded in Pittsburgh, Pennsylvania in 1852. In 1858 the company located its corporate offices at the corner of Fifth Avenue and Wood Street in Pittsburgh where they remain to this day. By 1959, after a series of mergers, the Pittsburgh Trust and Savings Company 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. In the increasingly unstable market, where banks are going bankrupt left a right PNC is emerging and one the of the strongest and safest banks in the United States.
PNC Bank
PNC Bank 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. On September 17, 2007, PNC successfully completed the merger with Mercantile, making PNC the 8th largest bank in the United States by deposits[1].
Primary operations
Retail banking
The corporation operates a leading community bank in its major markets and is a top-ten Small Business Administration lender. Operations include the third-largest bank automated teller machine network in the U.S. The corporation claims to operate environmentally friendly "green" bank branches and is a major wealth management firm.
Corporate and institutional banking
PNC operates a top-ten treasury management business and the U.S.'s second-largest lead arranger of asset-based loan syndications. Its subsidiary Harris Williams is one of the U.S.'s largest mergers and acquisitions advisory firms for middle market companies.
PNC Global Investment Servicing
The corporation's Global Investment Servicing subsidiary is the second-largest full-service mutual fund transfer agent in the U.S and the second-largest full service accounting & administration provider to U.S. mutual funds. PNC Global Investment Servicing has provided services to the global investment industry since 1973. With 4,700 employees, PNC Global Investment Servicing operates from Ireland, the United States and the Cayman Islands, PNC International Bank Limited operates from Luxembourg. PNC Global Investment Servicing services $1.9 trillion in total assets and 58 million shareholder accounts. In 2007 PNC Global Investment Servicing Trustee & Custodial Services Limited was awarded a banking licence by financial regulators allowing it to expand further into Europe. As a result the name changed to PNC Global Investment Servicing Bank Limited. PNC Global Investment Servicing was formally known as PFPC until July 2008.
BlackRock
PNC's partially-owned (35%) BlackRock subsidiary is one of the U.S.'s largest publicly traded asset management firms.
Midland Loan Services
Midland Loan Services is a third-party provider of service and technology for the commercial real estate finance industry. It specializes in commercial loan and CMBS portfolio servicing. Founded in 1991, its headquarters are in Overland Park, Kansas.
Community initiatives
The corporation has sponsored a number of initiatives to improve education, health and human services, and cultural and arts activities. These include a "PNC Grow Up Great" commitment to early childhood development, the "PNC Foundation", and community development investments. [1]
Since 1984, PNC Financial Services has compiled the humorous economic indicator, the Christmas Price Index.
Notable corporate buildings
- One PNC Plaza in Pittsburgh
- Two PNC Plaza in Pittsburgh
- Three PNC Plaza in Pittsburgh
- PNC Bank Building in Philadelphia
- PNC Plaza in Louisville, Kentucky
- PNC Tower in downtown Cincinnati
Naming rights
PNC owns corporate naming rights to the following:
- PNC Park, home of the Pittsburgh Pirates baseball team.
- PNC Field, home of the Scranton/Wilkes-Barre Yankees AAA baseball team.
- PNCBank Arts Center in Holmdel, NJ
Notes
- ^ a b "Pittsburgh Post-Gazette". Retrieved 2006-10-27.
- ^ "Prnewswire.com". Retrieved 2006-10-27.
- ^ "Cincinnati Enquirer". Retrieved 2006-09-17.
- ^ "Washington Post". Retrieved 2006-10-27.
- ^ "USA Today". Retrieved 2006-09-17.
- ^ "Louisville Courier-Journal". Retrieved 2006-09-17.
- ^ "J.D. Power". Retrieved 2006-09-17.
See also
- Hilliard Lyons — former subsidiary