PNC Financial Services

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PNC Financial Services Group
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)
Operating income $2.561 billion USD (2005)
Net income $1.325 billion USD (2005)
Employees 25,348 (2005)
Slogan leading the way
Website www.pnc.com

PNC Financial Services (NYSE: PNC) 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]

Contents

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 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 11th largest bank in the United States by deposits[1].

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. On, November 16, 2007, PNC announced that Hilliard Lyons would be sold to Houchens Industries, a conglomerate based in Bowling Green, Kentucky.[8][9]

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:

  1. ^ a b Pittsburgh Post-Gazette. Retrieved on 2006-10-27.
  2. ^ Prnewswire.com. Retrieved on 2006-10-27.
  3. ^ Cincinnati Enquirer. Retrieved on 2006-09-17.
  4. ^ Washington Post. Retrieved on 2006-10-27.
  5. ^ USA Today. Retrieved on 2006-09-17.
  6. ^ Louisville Courier-Journal. Retrieved on 2006-09-17.
  7. ^ J.D. Power. Retrieved on 2006-09-17.
  8. ^ "Hilliard Lyons sold to Bowling Green firm", The Courier-Journal, 2007-11-16. 
  9. ^ Hilliard Lyons official site

Pittsburgh-based Corporations (Within the Pittsburgh Metro Area)
Pittsburgh-based Fortune 500 Corporations:
U.S. Steel | PPG | H. J. Heinz Company | PNC Financial | Mellon Financial | WESCO International
Pittsburgh-based Fortune 1000 Corporations:

Allegheny Energy | Consol Energy | Allegheny Technologies | Dick's Sporting Goods | Kennametal | American Eagle Outfitters | Wheeling-Pittsburgh Steel | Mylan
Pittsburgh-based Forbes Largest Private Companies:
84 Lumber | GNC | Giant Eagle
Externally owned, regionally based, and other Pittsburgh corporations:

American Bridge | Ampco Pittsburgh | Bayer USA | Calgon Carbon | ChemADVISOR, Inc. | Dollar Bank | DQE Holdings | Eat'n Park | Federated Investors | FedEx Ground | GlaxoSmithKline | Guru.com | Highmark | iGate | Koppers | Michael Baker | Mine Safety Appliances | NOVA Chemicals | Oxford Development | Pittsburgh Brewing Company | Respironics | rue21 | University of Pittsburgh Medical Center | Vocelli Pizza | Vivisimo | Wabtec



v • d • e
50 largest American banks and bank holding companies
ABN AMRO North America • Associated • BancWest • Bank of America • Bank of New York Mellon • BBVA USA • BB&T • BOK Financial • Capital One • Charles Schwab • Citigroup • Citizens Financial Group • City National • Colonial • Comerica • Commerce Bancorp • Commerce Bancshares • Compass • Fifth Third • First BanCorp • First Citizens • First Horizon National • Fulton • Harris • HSBC Bank USA • Huntington • JPMorgan Chase • Key • M&T • Marshall & Ilsley • National City • New York Community • New York Private • Northern Trust • PNC • Popular • RBC Centura • Regions • State Street • SunTrust • Synovus • Taunus • TD Banknorth • U.S. • UnionBanCal • W Holding • Wachovia • Webster • Wells Fargo • Zions Bancorporation
Retrieved from "http://en.wikipedia.org/wiki/PNC_Financial_Services"
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