pnc financial services


  • [24][27][28] On October 26, 2007, PNC acquired Yardville National Bancorp, a small commercial bank centered in central New Jersey and eastern Pennsylvania.

  • Company type: Public; Traded as: NYSE: PNC, S&P 500 component; Industry: Banking, Investment banking, Financial services; Predecessor: Pittsburgh National Corporation, Provident
    National Corporation; Founded: April 10, 1845; 179 years ago, Operational: January 28, 1852; 172 years ago; Headquarters: Tower at PNC Plaza, Pittsburgh, Pennsylvania, U.S.; Number of locations: 2,629 branches 60,000 automated teller machines
    (2021); Area served: Worldwide; Key people: William S. Demchak (chairman and CEO), Michael P. Lyons (president); Products: Consumer banking, Corporate banking, Private banking, Financial analysis, Insurance, Investment banking, Mortgage loans,
    Private equity, Wealth management, Credit cards; Revenue: US$21.1 billion (2022); Operating income: US$7.9 billion (2022); Net income: US$6.1 billion (2022); AUM: US$325 billion (2021); Total assets: US$557 billion (2022); Total equity: US$55.726
    billion (2021); Number of employees: 59,426 (2021); Subsidiaries: PNC Bank; Capital ratio: 10.3% Tier 1 capital (2021) History PNC Financial Services traces its history to the Pittsburgh Trust and Savings Company which was founded in Pittsburgh,
    Pennsylvania on April 10, 1845.

  • Prior to the acquisition, PNC had slipped (due to mergers and growth in other firms) from its ranking following the 2008 National acquisition; this 2012 acquisition made 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.

  • [38] In July 2010, PNC sold its Global Investment Servicing (GIS) subsidiary to The Bank of New York Mellon to repay funds from the Troubled Asset Relief Program, which had
    been used for the National City acquisition (see above) in 2008.

  • The bank changed its name to First National Bank of Pittsburgh in 1863 after it became the first bank in the country to apply for a national charter as part of that year’s
    National Banking Act.

  • It was the largest bank merger in American history at the time and created a company with $10.3 billion in assets.

  • PNC Mortgage (formerly National City Mortgage) is credited with funding the first mortgage in the United States and has offices across the country.

  • [30] On April 4, 2008, PNC acquired Sterling Financial Corporation, a commercial and consumer bank with accounts and branches in central Pennsylvania, northeastern Maryland
    and Delaware.

  • [23][24] PNC became one of the largest banks in the Washington metropolitan area.

  • Midland Loan Services, a division of PNC Real Estate based in Overland Park, Kansas and founded in 1991, is ranked by Mortgage Bankers Association as the second largest master
    and primary servicer of commercial bank and savings institution loans.

  • [12][13] Between 1991 and 1996, PNC purchased more than ten smaller banks and financial institutions, including the $30 billion dollar merger of Midlantic Bank of Edison New
    Jersey in 1996, that at the time, was one-third the size of PNC.

  • [4] Two of PNC’s “Big Four” competitors, Bank of America and Chase Bank, have both also been expanding into new markets through this method, including into PNC’s home market
    of Pittsburgh.

  • On March 2, 2007, PNC acquired Maryland-based Mercantile Bankshares, making PNC the eighth largest bank in the United States by deposits.

  • PNC operates one of the largest treasury management businesses and the second largest lead arranger of asset–based loan syndications in the United States.

  • [24][31] On October 24, 2008, during the financial crisis of 2007–2008, the National City acquisition by PNC for $5.2 billion in stock was completed.

  • [26] After the National City merger (see below) in 2008, the U.S. Bancorp (U.S. Bank) products were converted to PNC Bank products.

  • PNC Bank is on the list of largest banks in the United States by assets and is one of the largest banks by number of branches, deposits, and number of ATMs.

  • PNC is one of the largest Small Business Administration lenders and one of the largest credit card issuers.

  • [24][29] On September 15, 2007, PNC Bank acquired Citizens National Bank of Laurel, Maryland.

  • [34] PNC then became the 5th largest bank in the United States by deposit and fourth largest by branches.

  • The PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania.

  • Through this method, PNC expanded its retail footprint into Boston, Denver, Kansas City, Nashville, and several markets in Texas including Austin, Dallas, Houston, and San

  • [5][8] In 1946, First National merged with Peoples-Pittsburgh Trust Company – with whom it had worked closely since the 1930s – to form Peoples First National Bank & Trust.

  • [54] In April 2017, the company acquired the U.S. equipment finance business of ECN Capital for $1.3 billion.

  • [41][42] In December 2011, PNC acquired 27 branches in the northern Atlanta suburbs with $240 million in deposits and $42 million in book value from Flagstar Bank.

  • In 1959, Peoples First merged with Fidelity Trust Company to form Pittsburgh National Bank.

  • [21] In 2004, PNC acquired United National Bancorp based in Bridgewater, New Jersey, for $321 million in cash and 6.6 million shares of its common stock.

  • The bank was renamed The Pittsburgh Trust Company in 1853.

  • [25] In August 2006, PNC got back into the credit card business by marketing and issuing credit cards under the MasterCard brand in partnership with U.S. Bancorp (U.S. Bank)

  • Another branch of the current bank, the Philadelphia–based Provident National Corporation, dates back to 1865.


Works Cited

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