PNC Financial Services
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| PNC Financial Services Group | |
 |
|
| Type | Public (NYSE: PNC) |
|---|---|
| Founded | 1852 (Pittsburgh National Corporation) |
| Headquarters |  Pittsburgh, Pennsylvania, USA |
| Key people | James 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]
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[edit] 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 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 and, in 2006, announced that it would be acquiring Maryland-based Mercantile Bankshares in 2007. This latest merger makes PNC the 11th largest bank by deposits in the United States.
[edit] 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, which makes PNC the 11th largest bank in the United States by deposits[1].
[edit] Primary operations
[edit] 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.
[edit] 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.
[edit] PFPC
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.
[edit] BlackRock
PNC's partially-owned (35%) BlackRock subsidiary is one of the U.S.'s largest publicly traded asset management firms.
[edit] Hilliard Lyons
Hilliard Lyons is a full service investment firm, based in Louisville, Kentucky, and founded in 1854.[8]
[edit] 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.
[edit] 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
[edit] Notes
- ^ a b Pittsburgh Post-Gazette. Retrieved on October 27, 2006.
- ^ Prnewswire.com. Retrieved on October 27, 2006.
- ^ Cincinnati Enquirer. Retrieved on September 17, 2006.
- ^ Washington Post. Retrieved on October 27, 2006.
- ^ USA Today. Retrieved on September 17, 2006.
- ^ Louisville Courier-Journal. Retrieved on September 17, 2006.
- ^ J.D. Power. Retrieved on September 17, 2006.
- ^ Hilliard Lyons official site
[edit] External links
- CNNMoney.com Fortune500 web page on PNC Financial Services
- Forbes.com web page on PNC Financial Servcies
- Yahoo! company profile web page on PNC Financial Services
- Topix.com web page on news about PNC Financial Services
| Pittsburgh-based Corporations (Within the Pittsburgh Metro Area) |
|---|
| Pittsburgh-based Fortune 500 Corporations: U.S. Steel | PPG | H.J. Heinz | 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 | Sheetz |
| Externally owned, regionally based, and other Pittsburgh corporations: American Bridge | Ampco Pittsburgh | Bayer USA | Calgon Carbon | 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 | Vivisimo | Wabtec |
