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Pnc Bank


PNC Financial Services Group, Inc. is an American financial services corporation, with assets (as of December 31, 2011) of approximately $271.205 billion.[1] PNC operations include a regional banking franchise operating primarily in nineteen states and the District of Columbia, specialized financial businesses serving companies and government entities, and leading Turnkey Asset Management Program and processing businesses.

PNC is the fifth largest bank in the United States (total branches), sixth largest bank by deposits in the United States, sixth largest by total assets,[2] [3] and the third largest bank off-premise ATM provider.[4] PNC is based in Pittsburgh.

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. The bank changed its name to First National Bank of Pittsburgh in 1863, after it became the first bank to receive a national charter as part of that years National Banking Act.[5]

By 1959, after a series of mergers, the bank had evolved into the Pittsburgh National Bank, which later became the leading subsidiary of Pittsburgh National Corporation. Another branch of the current bank, the Philadelphia based Provident National Corporation, dates back to the mid-19th century.[5]

In 1982, Pittsburgh National Corporation and Provident National Corporation merged into a new entity named PNC Financial Corporation. It was the largest bank merger in American history at the time.[5] 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 metropolitan area.[5] In 2005, PNC acquired Washington, D.C. based Riggs Bank.[5] PNC completed the acquisition of Maryland-based Mercantile Bankshares on March 2, 2007.[5] On June 7, 2007, PNC announced the acquisition of Yardville National Bancorp, a small commercial bank centered in central New Jersey and eastern Pennsylvania. The transaction was completed in March 2008.[5] On July 19, 2007, PNC announced the acquisition of Sterling Financial Corporation, a commercial and consumer bank with accounts and branches in central Pennsylvania, northeastern Maryland and Delaware. The transaction was also completed in 2008.[5]

In an October 9, 2008 article in the Wall Street Journal, PNC was cited by unnamed sources as one of the leading contenders to acquire Cleveland based National City Bank. On October 24, 2008, PNC announced that it would acquire Cleveland based National City Bank for US$5.2 billion in PNC Stock ($5.5 billion today).[6] The acquisition, which helped PNC double in size and to become the sixth largest bank in the United States by deposit and fifth largest by branches, came hours after PNC sold 15% of its stake to the United States Treasury as part of the $700 billion bailout plan, which it repurchased within 2 years. The deal was approved by shareholders of both banks on December 23, 2008,[7] and completed on December 31, 2008.[8]

The deal made PNC the largest bank in Pennsylvania, Ohio, and Kentucky, as well as the second largest bank in Maryland and Indiana. It also greatly expanded PNCs presence in the Midwest as well as entering the Florida market. National City complemented PNCs presence, as Western Pennsylvania, Cincinnati, Ohio and Louisville, Kentucky were among the few markets before the acquisition deal in which both banks had a major presence.[9]

PNC completed the conversion of the National City branches on June 14, 2010, having its footprint stretch from New York City to St. Louis, with branches as far south as Miami and as far north as Sault Ste. Marie, Michigan on the Upper Peninsula of Michigan.

A report in the December 15, 2010 issue of the American City Business Journals reported that PNC was looking to expand its Florida presence and that it was in talks to acquire Birmingham, Alabama-based Regions Financial Corporation, which would have greatly increased PNCs presence in the Southern United States.[10] Since the December 15 report, the Dow Jones has reported through the Wall Street Journal, that Regions Financial was never in talks to be acquired by PNC.[11] After PNC moved into Regions’ home market of Birmingham through the RBC Bank deal in March 2012, rumors of a potential PNC-Regions deal down the road came up again.[12]

It has also been reported that PNC has been in discussions with BankAtlantic,[10] which later came to be on January 31, 2011, when PNC bought BankAtlantics Tampa Bay Area branches.[13] The BankAtlantic deal, which will not include its South Florida branches where PNC already has a presence, closed in June 2011.

On July 26, 2011, it was announced that PNC would acquire 27 branches in the northern Atlanta suburbs from Flagstar Bank.