PNC Financial Services
Revenue | US$21.1 billion (2022) |
---|---|
US$7.9 billion (2022) | |
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) |
Website | pnc |
Footnotes / references [1] |
The PNC Financial Services Group, Inc. is an American
The company also provides financial services such as
The name "PNC" is derived from the initials of both of the bank's two predecessor companies: Pittsburgh National Corporation and Provident National Corporation, which merged in 1983. PNC Mortgage (formerly National City Mortgage) is credited with funding the first mortgage in the United States and has offices across the country.
History
PNC Financial Services traces its history to the Pittsburgh Trust and Savings Company which was founded in
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. In 1959, Peoples First merged with Fidelity Trust Company to form Pittsburgh National Bank. At this time, the bank adopted the first version of its present logo – a stylized triangle representing the city's
In 1969, the bank reorganized as a holding company, Pittsburgh National Corporation.Another branch of the current bank, the Philadelphia–based Provident National Corporation, dates back to 1865.[11]
In 1982, Pittsburgh National Corporation and Provident National Corporation, both with PNC as their abbreviations, merged into a new entity named PNC Financial Corporation. It was the largest bank merger in American history at the time and created a company with $10.3 billion in assets.[12][13] Between 1991 and 1996, PNC purchased more than ten smaller banks and financial institutions, including the $30 billion dollar merger of Midlantic Bank of Edison New Jersey in 1996, that at the time, was one-third the size of PNC. That broadened its market base from Kentucky to the New York metropolitan area.[citation needed]
($ millions) | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
Total Revenue | $ 14,480 | $ 15,252 | $ 16,190 | $ 16,839 | $ 16,901 | $ 19,211 | $ 21,120 |
Net Income | $ 3,456 | $ 4,598 | $ 4,558 | $ 4,591 | $ 3,003 | $ 5,725 | $ 6,113 |
Assets | $ 366,380 | $ 380,768 | $ 382,315 | $ 410,295 | $ 466,679 | $ 557,191 | $ 557,263 |
Loans | $ 210,833 | $ 220,458 | $ 226,245 | $ 239,843 | $ 241,928 | $ 288,372 | $ 326,025 |
Deposits | $ 257,164 | $ 265,053 | $ 267,839 | $ 288,540 | $ 365,345 | $ 457,278 | $ 436,282 |
Since 1984, PNC has compiled the Christmas Price Index, a humorous economic indicator which estimates the prices of the items found in the song "The Twelve Days of Christmas".[15]
In 1998, PNC acquired Hilliard Lyons for $275 million in cash and stock.[16] Hilliard Lyons was sold in 2008.[17]
In 1998, PNC sold its credit card business to Metris (now HSBC Finance)[18] and MBNA.[19]
In 2000, the company adopted a new brand image and changed its name to PNC Financial Services Group.[20]
In 2001, PNC sold the original PNC Mortgage to Washington Mutual due to volatility in the market.[21]
In 2004, PNC acquired United National Bancorp based in
In 2005, PNC acquired
In 2005, PNC began outsourcing mortgages to Wells Fargo.[25]
In August 2006, PNC got back into the credit card business by marketing and issuing credit cards under the
On March 2, 2007, PNC acquired Maryland-based Mercantile Bankshares, making PNC the eighth largest bank in the United States by deposits.[24][27][28]
On October 26, 2007, PNC acquired Yardville National Bancorp, a small commercial bank centered in central New Jersey and eastern Pennsylvania.[24][29]
On September 15, 2007, PNC Bank acquired Citizens National Bank of Laurel, Maryland.[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.[24][31]
On October 24, 2008, during the
On August 14, 2009, PNC took over Dwelling House Savings & Loan and its only branch location in Pittsburgh's
In July 2010, PNC sold its Global Investment Servicing (GIS) subsidiary to
In January 2011, PNC acquired BankAtlantic's
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.[43][44][45]
In 2012, PNC acquired
On July 30, 2012, PNC announced plans to put ATMs in 138 Harris Teeter grocery stores in the Carolinas, plus 53 other stores.[49][50]
In September 2014, PNC acquired Solebury Capital Group, a capital markets advisory firm, for $50 million.[51]
On October 2, 2015, the bank opened
In April 2017, the company acquired the U.S. equipment finance business of ECN Capital for $1.3 billion.[55][56]
In November 2017, the company acquired The Trout Group, an investor relations and strategic advisory firm servicing the healthcare industry.[57][58]
In 2018, the company acquired Fortis Advisors, which provides post–merger shareholder services.[59][60] The company ranked one hundred sixty fifth on the 2018 Fortune 500 list of the largest United States corporations by revenue.[61]
In 2018, PNC began opening "Solution Centers", a hybrid between traditional bank branches and ATM–only services, mostly serving new markets. Through this method, PNC expanded its retail footprint into
In August 2019, PNC launched a Fintech incubator subsidiary called "numo" that functions as an internal startup. Its first development included indi, an instant payment and mobile banking company for gig workers.[62]
In May 2020, the company sold its stake in BlackRock.[63]
On June 1, 2021, PNC acquired BBVA USA for $11.6 billion in cash.[64] The acquisition significantly boosted its presence in Colorado and Texas, complemented its presence in Alabama and Florida, and introduced the bank to the Arizona, California, and New Mexico markets.[65]
In 2021, PNC originated nearly 95,000 mortgages worth $34.8 billion.[66] This is a 23% increase vs prior year and stands as their highest origination volume to date.
Legal issues
Overcharging of Black and Hispanic borrowers by National City
In December 2013, the Department of Justice and the Consumer Financial Protection Bureau announced that they had reached an agreement with National City Bank to resolve allegations that the bank had charged Black and Hispanic borrowers higher prices for mortgages between 2002 and 2008, before the acquisition by PNC. Regulators claimed that National City had violated the
Retailer breach forced PNC to reissue customer cards
In March 2006, PNC and other large banks were forced to reissue hundreds of debit cards to customers after card numbers were disclosed by a breach at an unspecified retailer.[68]
Lawsuit from Military Channel
Also in March 2006, PNC Bank was sued by Paul Bariteau, an investor in the
Securities fraud settlement
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 an AIG entity in order to conceal them from investors.[70]
Overtime claim by loan officers
In 2017, PNC agreed to pay $16 million to settle claims of overtime wages by loan officers under the
National Prearranged Services fraud
According to a lawsuit, funds entrusted to National Prearranged Services (NPS), a St. Louis–based company that sold prepaid funerals, were diverted and embezzled. PNC Bank is the successor to Allegiant Bank, which served as a trustee for NPS from 1998 to 2004. In 2015, a jury ordered PNC to pay $391 million.[72] In 2017, a federal judge overturned the decision.[73]
Municipal bonds disclosure violations
In 2015, PNC was one of 22 companies that violated disclosure requirements for municipal bonds by failing to divulge that the issuers had filed late financial reports. It was fined $500,000.[74]
Controversies
Funding of mountaintop removal mining
Beginning in 2010, until it changed its policy in February 2015, PNC was the subject of protests by the Earth Quaker Action Team, led by George Lakey, and the Rainforest Action Network due to its funding of companies engaged in mountaintop removal mining in Appalachia. The protests included political demonstrations at branches and offices and the annual general meeting, fasting, and boycotts.[75][76]
Cancelling MxM News Financial Accounts
On Mar 2, 2023, Donald Trump Jr., cofounder of news aggregator MxM News, tweeted that PNC had abruptly cancelled all financial services for MxM without explanation.[77] Trump and cofounder Taylor Budowich alleged that PNC disapproved of Trump’s political leanings since no reason was given for the closure. PNC claimed it was a “good faith error” and reopened the account.[78]
Notable corporate buildings
- The Pittsburgh, Pennsylvania(current corporate headquarters)
- One PNC Plaza in Pittsburgh, Pennsylvania
- Two PNC Plaza in Pittsburgh, Pennsylvania
- Three PNC Plaza in Pittsburgh, Pennsylvania
- U.S. Steel Tower in Pittsburgh, Pennsylvania (PNC is a major tenant)
- Philadelphia, Pennsylvania
- PNC Bank Building in Columbus, Ohio
- PNC Bank Building in Toledo, Ohio
- PNC Bank Building in Washington, D.C.
- Cincinnati, Ohio
- Cleveland, Ohio (former headquarters of National City Corp.)
- PNC Center and Indianapolis, Indiana
- PNC Center in Troy, Michigan
- PNC Plaza in Louisville, Kentucky
- PNC Plaza in Raleigh, North Carolina
- Cincinnati, Ohio
- PNC Tower in Louisville, Kentucky(PNC is a major tenant)
- One Tampa City Center in Tampa, Florida (PNC holds the naming rights and is a major tenant)
- Dallas, Texas
-
Three PNC Plaza, Pittsburgh, Pennsylvania
-
Two PNC Plaza, Pittsburgh, Pennsylvania
-
Cincinnati, Ohio
-
Cleveland, Ohio
-
Philadelphia, Pennsylvania
-
PNC Bank Building, Columbus, Ohio
-
Cincinnati, Ohio
Naming rights and sponsorships
- MLB's Pittsburgh Pirates.
- NHL's Carolina Hurricanes.
- minor league baseball affiliate of the New York Yankees.
- outdoor amphitheatre in Holmdel Township, New Jersey.
- outdoor amphitheatre in Charlotte, North Carolina.
- PNC Sports Complex at the Knott Arena in Emmitsburg, Maryland, home of the Mount St. Mary's Mountaineers men's basketball and women's basketball teams.[79]
- NHL's Dallas Stars.[80]
PNC is a sponsor of the following:
- American Airlines Center – Official Partner of the American Airlines Center.
- Carolina Hurricanes – Official Bank of the Carolina Hurricanes.
- Chicago Bears – Official Bank of the Chicago Bears.
- NTT IndyCar Series.
- Cincinnati Reds – Official Bank of the Cincinnati Reds.
- Dallas Stars – Official Partner of the Dallas Stars.
- North Carolina State University – Official Bank of North Carolina State.
- Pittsburgh Pirates – Official Bank of the Pittsburgh Pirates.
- Pittsburgh Steelers – Official Bank of the Pittsburgh Steelers.
- Sesame Street – Official Partner of Sesame Street.
- Washington Nationals – Official Bank of the Washington Nationals.
- Wilkes-Barre/Scranton Penguins – Official Bank of the Wilkes-Barre/Scranton Penguins.
Chief executives
- William S. Demchak April 23, 2013 – present[81]
- James E. Rohr CEO May 1, 2000 – April 23, 2013, Chairman May 2001 –April 2014
- Thomas H. O'Brien CEO of PNC April 1, 1985[82][83] – May 1, 2000[84]
- Robert C. Milsom CEO of Pittsburgh National 1985 – December 31, 1989[85]
- Merle E. Gilliand November 1968[86] – April 1, 1985[87]
See also
References
- ^ a b "The PNC Financial Services Group, Inc. 2020 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission.
- ^ "MBA Releases 2017 Year-End Commercial/Multifamily Servicer Rankings" (Press release). Mortgage Bankers Association. February 11, 2018. Archived from the original on April 7, 2022. Retrieved March 25, 2018.
- ^ "Corporate Profile" (PDF). PNC Bank.
- ^ a b "PNC Solution Centers Provide a Space to Blend Physical and Digital Banking". PNC Bank.
- ^ a b c Thurston, George Henry (January 1, 1888). Allegheny County's Hundred Years. A. A. Anderson & Son. Retrieved 12 April 2017 – via Internet Archive.
- ^ Thurston, George H. (1888). Allegheny county's hundred years. Pittsburgh: University of Pittsburgh, Digital Research Library. p. 258.
- Pittsburgh Press. January 29, 1909 – via Google.
- ^ a b White, Edward (1903). A century of banking in Pittsburgh. Pittsburgh: University of Pittsburgh, Digital Research Library. p. 19.
- ^ "Corporate History". PNC. Retrieved March 23, 2022.
- ^ Sabatini, Patricia (August 10, 1999). "Obituaries: Ex-bank executive and hospital trustee". Pittsburgh Post-Gazette. p. C6 – via Google.
- ^ "PNC Predecessor Banks: Provident National Corporation". Archived from the original on 2019-02-16. Retrieved 2017-04-13.
- ^ "Banking Mergers Flourish". The New York Times. November 3, 1982.
- ^ "The merger of two bank holding companies was announced". United Press International. April 19, 1982.
- ^ "Financial Information". The PNC Financial Services Group, Inc. Retrieved 2023-02-16.
- ^ "PNC Christmas Price Index".
- ^ Murray, Matt (August 21, 1998). "PNC Bank to Buy Hilliard-Lyons For $275 Million in Cash and Stock". The Wall Street Journal.
- ^ "PNC's sale of Hilliard Lyons completed". Pittsburgh Business Times. April 1, 2008.
- ^ "COMPANY NEWS; Metris To Buy $1 Billion In Credit Card Loans From PNC". The New York Times. Bloomberg News. September 9, 1998.
- ^ "COMPANY NEWS; MBNA Ix Buying PNC Bank's Credit Card Operations". The New York Times. Dow Jones. December 24, 1998.
- ^ "Battle of the banks: Key dates in PNC and Dollar's history". Pittsburgh Post-Gazette. July 16, 2002.
- ^ "PNC sells mortgage division". Pittsburgh Business Times. February 1, 2001.
- ^ "PNC buys United National Bancorp". Pittsburgh Business Times. January 2, 2004.
- ^ O'Hara, Terence (February 11, 2005). "Riggs, PNC Reach New Merger Agreement". The Washington Post.
- ^ a b c d "PNC: Acquired Companies". Archived from the original on 2017-03-10. Retrieved 2017-04-13.
- ^ Killian, Erin (September 15, 2005). "Wells Fargo, PNC partner in local home-mortgage venture". Washington Business Journal.
- ^ Sabatini, Patricia (August 29, 2006). "PNC tries new credit cards, old strategy". Pittsburgh Post-Gazette.
- ^ Fitzpatrick, Dan (October 10, 2006). "PNC buying Maryland bank in $6 billion deal". Pittsburgh Post-Gazette.
- ^ "The PNC Financial Services Group Completes Acquisition of Mercantile Bankshares Corporation" (Press release). PNC Financial. March 2, 2007.
- ^ "PNC Completes Acquisition Of Yardville National Bancorp" (Press release). PNC Financial. October 26, 2007.
- ^ "Institution History for Laurel Main Street Branch (229427)". Federal Financial Institutions Examination Council.
- ^ "PNC Completes Acquisition of Sterling Financial Corporation" (Press release). PNC Financial. April 4, 2008.
- ^ Dash, Eric (October 24, 2008). "PNC Gets National City in Latest Bank Acquisition". The New York Times.
- ^ Fitzpatrick, Dan; Enrich, David; Paletta, Damian (October 25, 2008). "PNC Buys National City in Bank Shakeout". The Wall Street Journal.
- ^ "PNC to Repay TARP Money After Sale of Unit". The New York Times. February 2, 2010.
- ^ "PNC to Acquire National City" (Press release). PNC Financial. October 24, 2008 – via PR Newswire.
- ^ Gordon, Paul (June 22, 2010). "National City conversion to PNC is complete". Journal Star. Peoria, Ill.
- ^ Boselovic, Len (August 14, 2009). "PNC to take over troubled Dwelling House". Pittsburgh Post-Gazette.
- ^ Grant, Tim (August 18, 2009). "Dwelling House accounts moved to PNC". Pittsburgh Post-Gazette.
- ^ "BNY Mellon Completes Acquisition of PNC's Global Investment Servicing Business" (Press release). PNC Financial. July 1, 2010 – via PR Newswire.
- ^ "PFPC Becomes PNC Global Investment Servicing" (Press release). PNC Financial. July 14, 2008 – via Business Wire.
- ^ Harrington, Jeff (January 31, 2011). "PNC enters Tampa Bay market, buying 19 BankAtlantic branches". Tampa Bay Times. Archived from the original on April 7, 2017. Retrieved April 6, 2017.
- ^ Sharma, Abhinav (January 31, 2011). "BankAtlantic to sell 19 branches to PNC Bank". Reuters.
- ^ Peters, Andy (July 26, 2011). "PNC Completes Deal for Flagstar's Atlanta Branches". American Banker.
- ^ "PNC Bank to acquire 27 metro ATL Flagstar branches". Atlanta Business Chronicle. July 26, 2011.
- ^ "PNC Announces Agreement to Acquire 27 Branches from Flagstar" (Press release). PNC Financial. July 26, 2011 – via PR Newswire.
- ^ a b Delano, Jon (June 20, 2011). "PNC To Acquire RBC's United States Unit". CBS News.
- ^ "PNC to Buy R.B.C. Unit for $3.5 Billion". The New York Times. June 19, 2011.
- ^ Bansal, Paritosh (June 19, 2011). "PNC to buy RBC unit for $3.45 billion". Reuters.
- ^ "PNC Bank Expands ATM Access to 191 Harris Teeter stores" (Press release). PNC Financial. July 30, 2012 – via PR Newswire.
- ^ "PNC Bank adds ATMs in 191 Harris Teeter stores". Washington Business Journal. July 30, 2012.
- ^ Tascarell, Patty (September 30, 2014). "PNC buying IPO consulting firm". Pittsburgh Business Times.
- ^ Belko, Mark (October 1, 2015). "PNC shows off tower, its crown jewel". Pittsburgh Post-Gazette.
- ^ "PNC Announces Plans For World's Greenest Skyscraper" (Press release). PNC Financial. May 23, 2011.
- ^ Berg, Nate (July 15, 2016). "Award: The Tower at PNC Plaza". Architect.
- ^ "ECN Capital Completes Sale of US Equipment Finance Business to PNC" (Press release). Marketwired. April 3, 2017.
- ^ Fleisher, Chris (September 29, 2014). "With acquisition, PNC set to enter IPO market". Pittsburgh Tribune-Review.
- ^ "PNC Bank Announces Definitive Agreement to Acquire The Trout Group, LLC" (Press release). PNC Financial. November 27, 2017 – via PR Newswire.
- ^ Tascarella, Patty (November 27, 2017). "Why PNC reeled in Trout". Pittsburgh Business Times.
- ^ "PNC Bank Announces Definitive Agreement To Acquire Fortis Advisors" (Press release). PNC Financial. December 20, 2017 – via PR Newswire.
- ^ Tascarella, Patty (December 20, 2017). "PNC buying Fortis Advisors". Pittsburgh Business Times.
- ^ "Fortune 500 Companies 2018: Who Made the List". Fortune. Archived from the original on 2019-05-02. Retrieved 2018-11-21.
- ^ Groenfeldt, Tom (August 29, 2019). "PNC Launches A Fintech Startup Inside The Bank". Forbes. Retrieved 2021-12-10.
- ^ Sabatini, Patricia (May 15, 2020). "PNC sells Blackrock stake for $14.4 billion". Pittsburgh Post-Gazette.
- ^ "PNC to buy BBVA's U.S. banking arm for $11.6 billion in cash". Reuters. November 16, 2020.
- ^ Cocheo, Steve (November 18, 2020). "PNC to Vault to #5 Ahead of U.S. Bank in BBVA Deal Embracing Branches". The Financial Brand.
- ^ "PNC Bank Mortgages". Retrieved October 23, 2022.
- ^ "CFPB and DOJ Take Action Against National City Bank for Discriminatory Mortgage Pricing" (Press release). Consumer Financial Protection Bureau. December 23, 2013.
- ^ Kantor, Andrew (March 16, 2006). "USA Today Cyberspeak". USA Today.
- ^ "BARITEAU V. PNC FINANCIAL SERVICES GROUP, INC. (W.D.KY. 10-30-2006)". casetext. October 30, 2006.
- ^ "AIG Agrees to Settle Fraud Cases". Los Angeles Times. Associated Press. November 24, 2004.
- ^ Lee, Suevon (January 5, 2017). "APNC To Pay $16M To Settle Loan Officers' Wage Claims". Law360.
- ^ Kurane, Supriya (March 10, 2015). "U.S. jury orders PNC Bank to pay $391 million in funeral scam case". Reuters.
- ^ Patrick, Robert (August 17, 2017). "Federal appeals court overturns $491 million jury award in prepaid funeral company fraud". St. Louis Post-Dispatch.
- ^ "SEC Sanctions 22 Underwriting Firms for Fraudulent Municipal Bond Offerings" (Press release). Securities and Exchange Commission. September 30, 2015.
- ^ "Quaker group, walking from Philadelphia to Pittsburgh, protests in front of PNC Bank". The Patriot-News. May 7, 2012.
- ^ Sorkin, Andrew Ross (March 10, 2015). "A New Tack in the War on Mining Mountains". The New York Times.
- ^ "Donald Trump Jr Twitter account". March 2, 2023.
- ^ "PNC Bank reopens Donald Trump Jr's MxM News app account, blames 'good faith error'". March 3, 2023.
- ^ Bernstein, Rachel (August 21, 2011). "PNC Gets Naming Rights for Mount St Mary's Sports Complex". Daily Record. Baltimore.
- ^ "Stars, American Airlines Center, PNC Bank announce multi-year partnership" (Press release). National Hockey League. December 1, 2020.
- ^ Marcinek, Laura (February 15, 2013). "PNC Names Demchak to Succeed Rohr as Bank's CEO". Bloomberg News.
- Pittsburgh Press– via Google.
- ^ "O'Brien Named Chairman". Pittsburgh Post-Gazette. June 11, 1988 – via Google.
- ^ Sabatini, Patricia (February 18, 2000). "O'Brien retiring, Rohr to lead PNC". Pittsburgh Post Gazette. Archived from the original on August 8, 2022. Retrieved March 23, 2022.
- Beaver County Times. December 22, 1989. Retrieved March 23, 2022 – via Google.
- ^ "Annual Dinner Schedule for Industrial Realtors". Leader-Times. Kittanning, Pennsylvania. November 9, 1968. p. 13. Retrieved March 23, 2022 – via newspapers.com.
- ^ "Merle E. Gilliand, 76, Chairman Who Led Growth of PNC Bank". The New York Times. December 11, 1998 – via Google.
External links
- Official website
- Business data for PNC Financial Services: