PNC Financial Services Group, Inc. (styled as PNC ) is the parent company of the bank and financial services company based in Pittsburgh. Its banks operate in 19 states and the District of Columbia with 2,459 branches and 9,051 ATMs. The company also provides financial services such as asset management, wealth management, property planning, loan services, and information processing.
PNC is on the list of the largest banks in the United States and is the fifth largest bank by number of branches, the sixth largest by deposit, the eighth largest by total assets, and the fourth largest ATM number.
The name "PNC" comes from the initials of its two predecessors, the Pittsburgh National Corporation and the Provident National Corporation, which joined in 1983.
Video PNC Financial Services
Current operation
Retail banking
PNC Bank offers consumer and business banking services through 2,459 branches in Alabama, Delaware, District of Columbia, Florida, Georgia, Kentucky, Indiana, Illinois, Maryland, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Carolina South, Virginia, West Virginia, & amp; Wisconsin.
PNC is one of the largest Small Business Administration lenders.
Virtual Wallet banking products
The Virtual Wallet is a combined merge account and savings account that can be accessed through the mobile app. It has 3 integrated accounts: a checking account called Spending, a flowering current account called the Reserve, and a savings account called Growth. It was launched in July 2008 and is intended primarily for Tech-savvy members who are tech savvy. As of June 2012, this product has 1 million users.
BlackRock
PNC owns 22% BlackRock, the world's largest asset management company by managed assets. This ownership holds a market value of $ 17.9 billion as of December 31, 2017.
Asset Management Group
PNC Asset Management Group (AMG) provides Institutional Asset Management and Wealth Management services for high-value individuals and has approximately $ 282 billion in assets under administration, where $ 151 billion is directly under management. PNC Wealth Management is the 16th largest wealth management company with $ 48.8 billion in personal managed client assets. The Hawthorn Family's wealth provides asset management services for family offices with over $ 20 million in net worth and instantly oversees nearly $ 31 billion by 2017.
Lend
As of December 31, 2017, PNC had $ 220 billion in loans, including $ 147 billion in commercial loans and $ 73 billion in consumer loans.
Credit card
As of December 31, 2017, PNC has $ 5.3 billion in credit card loans. In 2016, PNC was ranked 12th as the largest credit card issuer, with a purchase volume of $ 33 billion.
PNC Business Credits
Operating outside offices in the United States, Canada and the UK, PNC Business Credit provides asset loans to private equity firms and mid-market companies.
Corporate & Institutional Banking/Harris Williams & amp; Co
PNC operates one of the largest treasury management businesses and the second major arranger of syndicated asset loans in the United States. Harris Williams & amp; Co., a subsidiary of the company, is one of the largest US mergers and acquisitions advisory firms for mid-market companies.
Residential occupancy
PNC Mortgage (formerly National City Mortgage) is credited with the first mortgage in the United States and has offices around the country. The Company has $ 17,212 billion in outstanding mortgage loans as of December 31, 2017.
This is the 2nd mortgage division named PNC Mortgage. In 2001, PNC sold the original PNC Mortgage to Washington Mutual due to volatility in the market. In 2005, the PNC began to transfer the mortgage to Wells Fargo until the National City deal.
Automatic loans and students
As of December 31, 2017, PNC had $ 12.9 billion in auto financing and $ 5 billion in outstanding student loans.
Commercial real estate loan
PNC provides permanent acquisition, development and financing for commercial and real estate clients including term loans and treasury management and capital market services.
PNC is ranked 7th in the list of the largest direct lenders by National Real Estate Investors, with $ 16.9 billion in annual real estate loans.
Midland Loan Service
The Midland Loan Service, a division of PNC Real Estate, is a third party service and technology provider for the commercial real estate finance industry. It specializes in commercial loans and CMBS portfolio servicing. Founded in 1991, its headquarters are located in Overland Park, Kansas.
PNC/Midland is rated by the Mortgage Bankers Association as the master and principal lender of both commercial banks and lending institutions loans.
Maps PNC Financial Services
History
PNC Financial Services traced its history to the Pittsburgh Trust and Savings Company founded in Pittsburgh, Pennsylvania on April 10, 1845. Due to the long recovery of the Great Fire of Pittsburgh, PNC was not fully operational until 28 January 1852, when it opened offices on Liberty Avenue and 12th street. The bank was renamed The Pittsburgh Trust Company in 1853. In 1858, the company placed its corporate office at the corner of Fifth Avenue and Wood Street in Pittsburgh where they remained to this day. The bank changed its name to First National Bank of Pittsburgh in 1863, having become the country's first bank to file a national charter as part of the National Banking Act of that year. He received the 48th charter on August 5, 1863, with other banks that accepted the charter more quickly due to administrative matters and the fact that the bank was already in business.
In 1959, after a series of mergers, the bank had evolved into the Pittsburgh National Bank, which later became a leading subsidiary of Pittsburgh National Corporation. Another branch of the bank today, the Philadelphia-based Provident National Corporation, dates from the mid-19th century.
In 1982, the Pittsburgh National Corporation and the Provident National Corporation merged into a new entity called PNC Financial Corporation. It is the largest bank merger in American history at the time and created a company with $ 10.3 billion in assets. Between 1991 and 1996, PNC purchased more than ten small banks and financial institutions that expanded its market base from Kentucky to the Greater New York metropolitan area.
In 1998, PNC acquired Hilliard Lyons for $ 275 million in cash and stock. Hilliard Lyons sold in 2008.
In 1998, PNC sold its credit card business to Metris (now HSBC Finance) and MBNA.
In 2006, PNC returned to the credit card business by marketing and issuing credit cards under the MasterCard brand in partnership with AS Bancorp. After the National City merger in 2008, Bancorp AS products were converted into PNC Bank products.
Acquisition of National City
On October 24, 2008, during the 2007-2008 financial crisis, PNC announced that it would acquire Cleveland-based Corp City Corp for $ 5.2 billion. This announcement came hours after PNC sold preferred stock to the US Treasury Department as part of the Troubled Asset Assistance Program implemented as part of the Emergency Economic Stabilization Act of 2008. Shares issued to the US Treasury were repurchased in 2010.
The deal helps the PNC in double size and becomes the 6th largest bank in the United States with the largest deposit and 5th by branch and makes PNC the largest bank in Pennsylvania, Ohio and Kentucky, as well as the second largest bank in Maryland and Indiana.. It also greatly expanded PNC presence in the Midwest as well as entered the Florida market. National City complements the PNC's presence, such as Western Pennsylvania, Cincinnati and Louisville, Kentucky among several markets where both banks have a large presence.
PNC then extends from New York City to St. Louis, Missouri, with branches as far south as Miami and as far north as Sault Ste. Marie, Michigan on the Upper Peninsula of Michigan. PNC completed the National City branch conversion on June 14, 2010.
Other acquisitions
In 2004, PNC acquired United National Bancorp, based in Bridgewater, New Jersey for $ 321 million in cash and 6.6 million shares of common stock.
In 2005, PNC acquired Riggs Bank, which operates in the metropolitan area of ​​Washington. Riggs has been fined after helping Chilean dictator Augusto Pinochet in money laundering.
On March 2, 2007, PNC acquired Maryland-based Mercantile Bankshares, making PNC the 8th largest bank in the United States by deposit. On October 26, 2007, PNC acquired Yardville National Bancorp, a small commercial bank based in central New Jersey and eastern Pennsylvania. 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.
On September 15, 2007, PNC Bank acquired Citizens National Bank of Laurel, Maryland.
On August 14, 2009, PNC acquired Dwelling House Savings & amp; Loans and the only branch in Pittsburgh's Hill District after Dwelling House suffered bank failures and were placed under curators by the Federal Deposit Insurance Corporation (FDIC). Dwelling House has been known in Pittsburgh to provide low-income African American loans that other banks have rejected. The branch office is closed and accounts are transferred to PNC branches in Hill District.
In 2011, PNC acquired the branches of Tampa Bay Area BankAtlantic.
In December 2011, PNC acquired 27 branches on the outskirts of northern Atlanta with $ 240 million in deposits and $ 42 million in book value from Flagstar Bank.
In 2012, PNC acquired RBC Bank from Royal Bank of Canada for $ 3.45 billion. RBC Bank has 426 branches in southern Virginia, North Carolina, South Carolina, Georgia, Alabama, and Florida. From these areas, PNC has an existing branch just in Florida and the acquisition fills the gap in the PNC market trail between northern Virginia and central Florida, adding about 900,000 subscribers and 483 ATM locations. This makes the PNC the 5th largest bank by the branch behind Wells Fargo, Bank of America, Chase, and US Bancorp and the 6th largest with total assets behind the four banks and the Citibank.
PNC Global Investment Servicing (2010) Sales
Founded in 1973, PNC's Global Investment Servicing (GIS) subsidiary is the second largest full-service mutual fund transfer agent in the US and the second largest full-service administration and administration provider for US mutual funds. With 4,700 employees, GIS is operated from Republic of Ireland, USA and Cayman Islands, and Luxembourg. GIS serves $ 1.9 trillion in total assets and 58 million shareholder accounts. In 2007, GIS was granted a license that enabled it to expand further into Europe. PNC Global Investment Servicing is known as PFPC until July 2008.
On May 23, 2011, PNC launched a plan for Tower at PNC Plaza, a new $ 400 million office building, originally planned to be 40 floors, to be built by the company at the corner of Fifth Avenue and Wood Street in Downtown Pittsburgh, catercorner to the former headquarters , One PNC Plaza. The modern, eco-friendly, 33-storey, 800,000-square-foot (74,000 m 2 ) building designed by Gensler opens on October 2, 2015. PNC owns the building and occupies all its space except for street-level storefronts leased to retail tenants. It is one of the most environmentally friendly skyscrapers in the world. Some features include a double glass facade to reduce cooling costs and promote natural airflow into the building, a high-efficiency climate control system to heat or cool the building-specific zones as needed, and a pair of live roofs to collect and deliver rainwater and reduce heat generation.
Harrisan partnership Harris Teeter
On July 30, 2012, PNC announced plans to place ATMs at 138 Harris Teeter grocery stores in Carolinas, plus 53 other stores.
Post-2012
In September 2014, PNC acquired Solebury Capital Group, a capital market advisory company, for $ 50 million.
In April 2017, the company acquired US financial equipment business from ECN Capital for $ 1.3 billion.
In November 2017, the company acquired The Trout Group, an investor relationship and strategic advisory firm serving the health care industry.
In 2018, the company acquired Fortis Advisors, which provides post-merger shareholder services.
Legal issues
Excessive borrowing from Black and Hispanic borrowers by National City
In December 2013, the Justice Department and Consumer Financial Protection Bureau announced that it has reached an agreement with National City Bank to settle allegations that banks have charged Black and Hispanic borrowers higher prices for mortgages between 2002 and 2008, prior to the acquisition by PNC. The regulator claims that the National City has violated the Fair Housing Act and the Equal Credit Opportunity Act by imposing more than 75,000 borrowers on higher interest rates on the basis of their race or ethnicity than their risk level. The lack of National City's pricing guidelines resulted in black borrowers being charged an average of $ 159 more for a surcharge in advance or higher interest than a white borrower. Black borrowers also pay an average of $ 228 more per year over the life of the loan than the white borrower. Hispanics are paid $ 125 more upfront and $ 154 more per year than white borrowers. Under the terms of the settlement, PNC was required to pay a $ 35 million victim.
Account information leak
In March 2006, PNC Bank was forced to reissue hundreds of debit cards to customers after the account was compromised.
Claim from Military Channel
Also in March 2006, PNC Bank was sued by Paul Bariteau, an investor in the Military Channel. Bariteau claimed the PNC let the Chief Military Channel conduct an unauthorized withdrawal of millions of dollars from the company account for personal use.
Fraud securities declaration
In June 2003, PNC Bank agreed to pay $ 115 million to settle the cost of federal securities fraud after one of its subsidiaries fraudulently transferred $ 762 million in bad debts and other venture capital investment to AIG entities to hide them from investors.
Overtime claims by loan officer
In 2017, the PNC agreed to pay $ 16 million to settle overtime claims by credit officers under the Fair Labor Standards Act.
National Fraud Services Previous
According to a lawsuit, funds entrusted to National Prearranged Services (NPS), a St.Louis-based company that sells pre-paid cemeteries, are diverted and embezzled. PNC Bank is the successor of Allegiant Bank, acting as trustee for NPS from 1998 to 2004. By 2015, the jury ordered PNC to pay $ 391 million. In 2017, a federal judge overturned the decision.
Violation of City Bond Disclosure
In 2015, PNC is one of 22 companies that violate disclosure requirements for regional bonds by not disclosing that issuers have filed final financial statements. It was fined $ 500,000.
Community Initiative
PNC has sponsored several initiatives to improve education, health and human services, cultural and artistic activities. These include "PNC Grow Up Great", commitment to early childhood development, "PNC Foundation", and community development investment.
Since 1984, the PNC has compiled the Christmas Price Index, a funny economic indicator that estimates the price of the items found in the song "The Twelve Days of Christmas".
In 2012, PNC opened the Fairfax PNC Connection, a community center in Cleveland, Ohio.
Famous company building
- Tower at PNC Plaza in Pittsburgh, PA
- One PNC Plaza in Pittsburgh, PA (Current corporate headquarters)
- Whitehall in Columbus, OH (Online customer service and online banking service support center)
- Two PNC Plaza in Pittsburgh, PA
- Three PNC Plaza in Pittsburgh, PA
- US. Steel Tower in Pittsburgh, PA (PNC is the main tenant)
- The PNC Bank Building at 1600 Market Street, Philadelphia, PA
- The PNC Bank Building in Washington, DC
- The PNC Bank Building in Columbus, OH
- PNC Bank Center in Wilmington, DE
- PNC Center in Akron, OH
- PNC Center in Cincinnati, OH
- PNC Center in Cleveland, OH (Former National City Bank headquarters)
- PNC Center in Fort Wayne, IN (Originally Building Fort Wayne National Bank and then National City Tower)
- PNC Plaza in Louisville, KY
- PNC Plaza in Raleigh, NC
- PNC Tower in Cincinnati, OH
- National City Tower in Louisville, KY (PNC is the main tenant)
- The National City Bank Building in Toledo, Ohio
- PNC Center, Indianapolis, Indiana
- Over Troy in Troy, MI (PNC is the main tenant)
- PNC Corporate Woods, Kalamazoo, MI
- One Tampa City Center, Tampa, FL (PNC holds primary naming and tenant rights)
- The Southgate Tower, Southgate, Michigan (PNC is the main tenant) (originally headquarters for Security Bank (Lincoln Park, MI), then became the office for First of America and National City)
Name rights and sponsors
PNC has the right of naming companies as follows:
- PNC Park, home of the Pittsburgh Pirates baseball team
- PNC Arena in Raleigh, NC. Home from the NHL Carolina Hurricanes and the North Carolina State University basketball team.
- PNC Field, home of Scranton/Wilkes-Barre RailRiders Triple A team
- PNC Bank Arts Center in Holmdel City, New Jersey
- PNC Sports Complex in Emmitsburg, Maryland
PNC is a sponsor of:
- Street Fellow
- Ganassi Racing Chip - Main sponsor on 9 cars.
Chief executive
- William Demchak April 23, 2013 - now
- James Rohr CEO May 1, 2000 - April 23, 2013, Chairman May 2001 - April 2014
- Thomas H. O'Brien CEO of PNC April 1, 1985 - May 1, 2000
- Robert C. Milsom CEO of Pittsburgh National 1985 - December 31, 1989
- Merle E. Gilliand November 1968 - April 1, 1985
References
External links
- Official website
Source of the article : Wikipedia
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