The PNC Financial Services Group, Inc. (stylized as PNC) is an American bank holding company and

financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...

corporation based in

Pittsburgh Pittsburgh ( ) is a city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County, Pennsylvania, Allegheny County. It is the most populous city in both Allegheny County and Wester ...

Pennsylvania Pennsylvania (; ( Pennsylvania Dutch: )), officially the Commonwealth of Pennsylvania, is a state spanning the Mid-Atlantic, Northeastern, Appalachian, and Great Lakes regions of the United States. It borders Delaware to its southeast, ...

. Its

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

ing subsidiary, PNC Bank, operates in 27 states and the

District of Columbia ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...

, with 2,629 branches and 9,523 ATMs. PNC Bank is on the

list of largest banks in the United States The following table lists the 100 largest bank holding companies in the United States ranked by total assets of June 30, 2022 per the Federal Financial Institutions Examination Council; their market capitalization is also shown. This list does not ...

by assets and is one of the largest banks by number of branches, deposits, and number of ATMs. The company also provides financial services such as

asset management Asset management is a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings ...

wealth management Wealth management (WM) or wealth management advisory (WMA) is an investment advisory service that provides financial management and wealth advisory services to a wide array of clients ranging from affluent to high-net-worth (HNW) and ultra-high- ...

estate planning Estate planning is the process of anticipating and arranging, during a person's life, for the management and disposal of that person's estate during the person's life, in the event the person becomes incapacitated and after death. The planning inc ...

, loan servicing, and

information processing Information processing is the change (processing) of information in any manner detectable by an observer. As such, it is a process that ''describes'' everything that happens (changes) in the universe, from the falling of a rock (a change in posit ...

. PNC is one of the largest

Small Business Administration The United States Small Business Administration (SBA) is an independent agency of the United States government that provides support to entrepreneurs and small businesses. The mission of the Small Business Administration is "to maintain and stren ...

lenders and one of the largest

credit card A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the o ...

issuers. It also provides asset-based lending to

private equity firm A private equity firm is an investment management company that provides financial backing and makes investments in the private equity of startup or operating companies through a variety of loosely affiliated investment strategies including leve ...

s and middle market companies. PNC operates one of the largest

treasury management Treasury management (or treasury operations) includes management of an enterprise's holdings, with the ultimate goal of managing the firm's liquidity and mitigating its operational, financial and reputational risk. Treasury Management includes a fi ...

businesses and the second largest lead arranger of asset-based

loan syndication A syndicated loan is one that is provided by a group of lenders and is structured, arranged, and administered by one or several commercial banks or investment banks known as lead arrangers. The syndicated loan market is the dominant way for larg ...

s in the United States. Harris Williams & Co., a subsidiary of the company, is one of the country's largest

mergers and acquisitions Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...

advisory firms for

middle-market companies Authorities provide differing definitions of the middle-market or mid-market companies. While some authorities look to revenue generated by companies to define the middle market, other sources regard either asset size or number of employees as a bet ...

. Midland Loan Services, a division of PNC Real Estate based in

Overland Park, Kansas Overland Park ( ) is the second-most populous city in the U.S. state of Kansas. Located in Johnson County, Kansas, it is one of four principal cities in the Kansas City metropolitan area and the most populous suburb of Kansas City, Missouri. As o ...

and founded in 1991, is ranked by

Mortgage Bankers Association The Mortgage Bankers Association (MBA) is the United States national association representing all facets of the real estate finance industry. Headquartered in Washington, D.C., MBA represents over 2,200 member companies. MBA’s membership base in ...

as the 2nd largest master and primary servicer of commercial bank and savings institution loans. 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 The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

and has offices across the country.

History

PNC Financial Services traces its history to the Pittsburgh Trust and Savings Company which was founded in

on April 10, 1845. Due to the long recovery from the

Great Fire of Pittsburgh The Great Fire of Pittsburgh occurred on April 10, 1845, destroying a third of the city and causing between $6 million and $12 million in damage. While having little effect on the culture of the city except to spur further growth, it would provide ...

, Pittsburgh Trust and Savings was not fully operational until January 28, 1852. It originally opened offices at Liberty Avenue and 12th Street. The bank was renamed The Pittsburgh Trust Company in 1853. In 1858, the company located its corporate offices to the corner of

Fifth Avenue Fifth Avenue is a major and prominent thoroughfare in the borough of Manhattan in New York City. It stretches north from Washington Square Park in Greenwich Village to West 143rd Street in Harlem. It is one of the most expensive shopping stre ...

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 in the country to apply for a national charter as part of that year's

National Banking Act The National Banking Acts of 1863 and 1864 were two United States federal banking acts that established a system of National bank#United States, national banks, and created the United States National Banking System. They encouraged development of ...

. It received the 48th charter on August 5, 1863, with other later banks receiving charters sooner due to paperwork problems and the fact that the bank was already in business. 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 logoa stylized triangle representing the city's

Golden Triangle Golden Triangle may refer to: Places Asia * Golden Triangle (Southeast Asia), named for its opium production * Golden Triangle (Yangtze), China, named for its rapid economic development * Golden Triangle (India), comprising the popular tourist ...

. In 1969, the bank reorganized as a holding company, Pittsburgh National Corporation. Another branch of the current bank, the

Philadelphia Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. Sinc ...

-based Provident National Corporation, dates back to 1865. 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. 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 Kentucky ( , ), officially the Commonwealth of Kentucky, is a state in the Southeastern region of the United States and one of the states of the Upper South. It borders Illinois, Indiana, and Ohio to the north; West Virginia and Virginia to ...

to the

New York metropolitan area The New York metropolitan area, also commonly referred to as the Tri-State area, is the largest metropolitan area in the world by urban area, urban landmass, at , and one of the list of most populous metropolitan areas, most populous urban agg ...

. Since 1984, PNC has compiled the Christmas Price Index, a humorous

economic indicator An economic indicator is a statistic about an economic activity. Economic indicators allow analysis of economic performance and predictions of future performance. One application of economic indicators is the study of business cycles. Economic i ...

which estimates the prices of the items found in the song "

The Twelve Days of Christmas The Twelve Days of Christmas, also known as Twelvetide, is a festive Christian season celebrating the Nativity of Jesus. In some Western ecclesiastical traditions, "Christmas Day" is considered the "First Day of Christmas" and the Twelve Days a ...

". In 1998, PNC acquired

Hilliard Lyons ''J.J.B. Hilliard, W.L. Lyons, LLC'' (d/b/a Hilliard Lyons) is a full-service wealth management firm with offices in Illinois, Indiana, Kentucky, Michigan, Mississippi, Missouri, North Carolina, Ohio, South Carolina, Tennessee, and West Virginia. ...

for $275 million in cash and stock. Hilliard Lyons was sold in 2008. In 1998, PNC sold its credit card business to Metris (now

HSBC Finance HSBC Finance Corporation is a financial services company and a subsidiary of HSBC Holdings. It is the sixth-largest issuer of MasterCard and Visa credit cards in the United States. HSBC Finance Corporation was formed from the legal entity that ...

) and

MBNA MBNA Corporation was a bank holding company and parent company of wholly owned subsidiary MBNA America Bank, N.A., headquartered in Wilmington, Delaware, prior to being acquired by Bank of America in 2006. History The former Maryland National ...

. In 2000, the company adopted a new brand image and changed its name to PNC Financial Services Group. In 2001, PNC sold the original PNC Mortgage to

Washington Mutual Washington Mutual (often abbreviated to WaMu) was the United States' largest savings and loan association until its collapse in 2008. A savings bank holding company is defined in United States Code: Title 12: Banks and Banking; Section 1842: Def ...

due to volatility in the market. 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. In 2005, PNC acquired Riggs National Corporation of

Washington, D. C. ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, Na ...

Riggs had been fined after aiding Chilean dictator Augusto Pinochet in

money laundering Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions ...

. PNC became one of the largest banks in the

Washington metropolitan area The Washington metropolitan area, also commonly referred to as the National Capital Region, is the metropolitan area centered on Washington, D.C. The metropolitan area includes all of Washington, D.C. and parts of the states of Maryland, Virgin ...

. In 2005, PNC began

outsourcing Outsourcing is an agreement in which one company hires another company to be responsible for a planned or existing activity which otherwise is or could be carried out internally, i.e. in-house, and sometimes involves transferring employees and ...

mortgages to

Wells Fargo Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and intern ...

. 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. Bancorp (stylized as us bancorp) is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution i ...

. After the National City merger (see below) in 2008, the

products were converted to PNC Bank products. On March 2, 2007, PNC acquired Maryland-based Mercantile Bankshares, making PNC the 8th largest bank in the United States by deposits. On October 26, 2007, PNC acquired Yardville National Bancorp, a small commercial bank centered in central New Jersey and eastern Pennsylvania. On September 15, 2007, PNC Bank acquired Citizens National Bank of

Laurel, Maryland Laurel is a city in Maryland, United States, located midway between Washington and Baltimore on the banks of the Patuxent River. While the city limits are entirely in northern Prince George's County, outlying developments extend into Anne Arunde ...

. 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 October 24, 2008, during the

financial crisis of 2007-2008 Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of finan ...

, the

National City acquisition by PNC The National City acquisition by PNC was the deal by PNC Financial Services to acquire National City Corp. on October 24, 2008 following National City's untenable loan losses during the subprime mortgage crisis. The deal received much controversy ...

for $5.2 billion in stock was completed. The acquisition was financed with

preferred stock Preferred stock (also called preferred shares, preference shares, or simply preferreds) is a component of share capital that may have any combination of features not possessed by common stock, including properties of both an equity and a debt ins ...

sold to the

United States Treasury The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and t ...

as part of the

Troubled Asset Relief Program The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by President G ...

implemented as part of the

Emergency Economic Stabilization Act of 2008 The Emergency Economic Stabilization Act of 2008, often called the "bank bailout of 2008", was proposed by Treasury Secretary Henry Paulson, passed by the 110th United States Congress, and signed into law by President George W. Bush. It became ...

. The stock issued to the U.S. Treasury was repurchased in 2010. PNC then became the 5th largest bank in the United States by deposit and fourth largest by branches. On August 14, 2009, PNC took over Dwelling House Savings & Loan and its only branch location in Pittsburgh's

Hill District The Hill District is a grouping of historically African American neighborhoods in the City of Pittsburgh, Pennsylvania. Beginning in the years leading up to World War I, "the Hill" was the cultural center of black life in the city and a major cent ...

after Dwelling House suffered from

bank failure A bank failure occurs when a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities. A bank usually fails economically when the market value of its assets ...

and was placed under receivership by the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cred ...

(FDIC). Dwelling House had been known in Pittsburgh to provide loans to low-income

African American African Americans (also referred to as Black Americans and Afro-Americans) are an ethnic group consisting of Americans with partial or total ancestry from sub-Saharan Africa. The term "African American" generally denotes descendants of ens ...

s that other banks would deny. The branch was closed and accounts were transferred to the existing PNC branch in the Hill District. In July 2010, PNC sold its Global Investment Servicing (GIS) subsidiary to

The Bank of New York Mellon The Bank of New York Mellon Corporation, commonly known as BNY Mellon, is an American investment banking services holding company headquartered in New York City. BNY Mellon was formed from the merger of The Bank of New York and the Mellon Financ ...

to repay funds from the

, which had been used for the National City acquisition (see above) in 2008. GIS, established in 1973 and with 4,700 employees, was the second-largest full-service

mutual fund A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV i ...

transfer agent in the U.S and the second-largest full-service accounting and administration provider to U.S. mutual funds. GIS serviced $1.9 trillion in total assets and 58 million shareholder accounts. It was known as PFPC until July 2008. In January 2011, PNC acquired BankAtlantic's

Tampa Bay Area The Tampa Bay area is a major populated area surrounding Tampa Bay on the west coast of Florida in the United States. It includes the main cities of Tampa, St. Petersburg, and Clearwater. It is the 18th largest metropolitan area in the United St ...

branches. In December 2011, PNC acquired 27 branches in the northern

Atlanta Atlanta ( ) is the capital and most populous city of the U.S. state of Georgia. It is the seat of Fulton County, the most populous county in Georgia, but its territory falls in both Fulton and DeKalb counties. With a population of 498,715 ...

suburbs with $240 million in deposits and $42 million in book value from

Flagstar Bank Flagstar Bank is a Michigan-based bank that has one of the largest residential mortgage servicers in the United States, as well as included in a list of the largest banks in the country. On April 26, 2021, New York Community Bancorp, Inc. (NYCB) ...

. In 2012, PNC acquired

RBC Bank RBC Bank is the trading name of RBC Bank (Georgia), N.A., the United States-based retail banking division of the Royal Bank of Canada (RBC) which is targeted toward Canadian snowbirds, expatriates, and frequent tourists. Despite its limited reac ...

from

Royal Bank of Canada Royal Bank of Canada (RBC; french: Banque royale du Canada) is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank serves over 17 million clients and has more than 89,000& ...

for $3.45 billion. RBC Bank had a 426 branches in southern

Virginia Virginia, officially the Commonwealth of Virginia, is a state in the Mid-Atlantic and Southeastern regions of the United States, between the Atlantic Coast and the Appalachian Mountains. The geography and climate of the Commonwealth ar ...

North Carolina North Carolina () is a state in the Southeastern region of the United States. The state is the 28th largest and 9th-most populous of the United States. It is bordered by Virginia to the north, the Atlantic Ocean to the east, Georgia and So ...

South Carolina )''Animis opibusque parati'' ( for, , Latin, Prepared in mind and resources, links=no) , anthem = " Carolina";" South Carolina On My Mind" , Former = Province of South Carolina , seat = Columbia , LargestCity = Charleston , LargestMetro = ...

Georgia Georgia most commonly refers to: * Georgia (country), a country in the Caucasus region of Eurasia * Georgia (U.S. state), a state in the Southeast United States Georgia may also refer to: Places Historical states and entities * Related to the ...

Alabama (We dare defend our rights) , anthem = "Alabama (state song), Alabama" , image_map = Alabama in United States.svg , seat = Montgomery, Alabama, Montgomery , LargestCity = Huntsville, Alabama, Huntsville , LargestCounty = Baldwin County, Al ...

, and

Florida Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...

. 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 5th largest bank by branches behind

Bank of America The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank w ...

Chase Chase or CHASE may refer to: Businesses * Chase Bank, a national bank based in New York City, New York * Chase Aircraft (1943–1954), a defunct American aircraft manufacturing company * Chase Coaches, a defunct bus operator in England * Chase Co ...

, and

and the 6th largest by total assets behind the aforementioned four banks and

Citibank Citibank, N. A. (N. A. stands for " National Association") is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City ...

. On July 30, 2012, PNC announced plans to put ATMs in 138

Harris Teeter Harris Teeter Supermarkets, Inc., also known as Harris Teeter Neighborhood Food & Pharmacy, is an American supermarket chain based in Matthews, North Carolina, a suburb of Charlotte. , the chain operates 261 stores in seven South Atlantic states ...

grocery stores in the

Carolinas The Carolinas are the U.S. states of North Carolina and South Carolina, considered collectively. They are bordered by Virginia to the north, Tennessee to the west, and Georgia to the southwest. The Atlantic Ocean is to the east. Combining Nort ...

, plus 53 other stores. In September 2014, PNC acquired Solebury Capital Group, a capital markets advisory firm, for $50 million. On October 2, 2015, the bank opened

Tower at PNC Plaza The Tower at PNC Plaza is a 33-story skyscraper in Pittsburgh, Pennsylvania. It is the corporate headquarters of the PNC Financial Services, PNC Financial Services Group and has approximately , standing 33 stories (545 feet) tall. Nearby buildin ...

, its new headquarters on the corner of Fifth Avenue and Wood Street in Downtown Pittsburgh. It was first announced in 2011. The building, owned by PNC and designed by

Gensler Gensler is a global design and architecture firm founded in San Francisco, California, in 1965. In 2021, Gensler generated $1.235 billion in revenue, the most of any architecture firm in the U.S. As of 2021, Gensler operated offices in 49 citi ...

, won awards for its

environmentally friendly Environment friendly processes, or environmental-friendly processes (also referred to as eco-friendly, nature-friendly, and green), are sustainability and marketing terms referring to goods and services, laws, guidelines and policies that clai ...

features. In April 2017, the company acquired the U.S. equipment finance business of

ECN Capital ECN Capital Corporation is a Canadian financing company with managed and advised assets of approximately US$29 billion. It provides credit portfolios to 90 U.S. financial institutions and also originates, manages and advises on prime credit asset ...

for $1.3 billion. In November 2017, the company acquired The Trout Group, an

investor relations Investor relations (IR) is a strategic management responsibility that is capable of integrating finance, communication, marketing and securities law compliance to enable the most effective two-way communication between a company, the financial com ...

and strategic advisory firm servicing the

healthcare industry The healthcare industry (also called the medical industry or health economy) is an aggregation and integration of sectors within the economic system that provides goods and services to treat patients with curative, preventive, rehabilitative, a ...

. In 2018, the company acquired Fortis Advisors, which provides post-merger shareholder services. The company ranked 165th on the 2018

Fortune 500 The ''Fortune'' 500 is an annual list compiled and published by ''Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...

list of the largest United States corporations by revenue. 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

Boston Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- mo ...

Denver Denver () is a consolidated city and county, the capital, and most populous city of the U.S. state of Colorado. Its population was 715,522 at the 2020 census, a 19.22% increase since 2010. It is the 19th-most populous city in the Unit ...

Kansas City The Kansas City metropolitan area is a bi-state metropolitan area anchored by Kansas City, Missouri. Its 14 counties straddle the border between the U.S. states of Missouri (9 counties) and Kansas (5 counties). With and a population of more ...

Nashville Nashville is the capital city of the U.S. state of Tennessee and the seat of Davidson County. With a population of 689,447 at the 2020 U.S. census, Nashville is the most populous city in the state, 21st most-populous city in the U.S., and the ...

, and several markets in Texas including

Austin Austin is the capital city of the U.S. state of Texas, as well as the seat and largest city of Travis County, with portions extending into Hays and Williamson counties. Incorporated on December 27, 1839, it is the 11th-most-populous city ...

Dallas Dallas () is the List of municipalities in Texas, third largest city in Texas and the largest city in the Dallas–Fort Worth metroplex, the List of metropolitan statistical areas, fourth-largest metropolitan area in the United States at 7.5 ...

Houston Houston (; ) is the most populous city in Texas, the most populous city in the Southern United States, the fourth-most populous city in the United States, and the sixth-most populous city in North America, with a population of 2,304,580 in ...

, &

San Antonio ("Cradle of Freedom") , image_map = , mapsize = 220px , map_caption = Interactive map of San Antonio , subdivision_type = Country , subdivision_name = United States , subdivision_type1= U.S. state, State , subdivision_name1 = Texas , s ...

. Two of PNC's "Big Four" competitors,

and Chase Bank, have both also been expanding into new markets through this method, including into PNC's home market of Pittsburgh. In August 2019, PNC launched a

Fintech Fintech, a portmanteau of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, blockchain, cloud computing, and big data are r ...

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. In May 2020, the company sold its stake in BlackRock. On June 1, 2021, PNC acquired

BBVA USA BBVA USA was a bank headquartered in Birmingham, Alabama. It was a subsidiary of Banco Bilbao Vizcaya Argentaria from 2007 until 2021, when it was acquired by PNC Financial Services. It operated mainly in Alabama, Arizona, California, Colorado, ...

for $11.6 billion in cash. The acquisition significantly boosted its presence in Colorado and Texas, complemented its presence in Alabama and Florida, and introduced the bank to the

Arizona Arizona ( ; nv, Hoozdo Hahoodzo ; ood, Alĭ ṣonak ) is a state in the Southwestern United States. It is the 6th largest and the 14th most populous of the 50 states. Its capital and largest city is Phoenix. Arizona is part of the Fou ...

California California is a U.S. state, state in the Western United States, located along the West Coast of the United States, Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the List of states and territori ...

, and

New Mexico ) , population_demonym = New Mexican ( es, Neomexicano, Neomejicano, Nuevo Mexicano) , seat = Santa Fe , LargestCity = Albuquerque , LargestMetro = Tiguex , OfficialLang = None , Languages = English, Spanish ( New Mexican), Navajo, Ker ...

markets. In 2021, PNC originated nearly 95,000 mortgages worth $34.8 billion. 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 Bank, Before Its Acquisition by PNC

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

Fair Housing Act The Civil Rights Act of 1968 () is a landmark law in the United States signed into law by United States President Lyndon B. Johnson during the King assassination riots. Titles II through VII comprise the Indian Civil Rights Act, which applie ...

and

Equal Credit Opportunity Act The Equal Credit Opportunity Act (ECOA) is a United States law (codified at et seq.), enacted 28 October 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on ...

by charging more than 75,000 borrowers higher loan rates based on their race or ethnicity rather than their risk level. National City's lack of pricing guidelines resulted in black borrowers being charged an average of $159 more in extra upfront fees or higher interest than white borrowers. Black borrowers also paid an average of $228 more annually over the life of the loan than white borrowers. Hispanics paid $125 more upfront and $154 more annually than white borrowers. Under the terms of the settlement, PNC was required to pay victims $35 million.

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 unknown retailer.

Lawsuit from Military Channel

Also in March 2006, PNC Bank was sued by Paul Bariteau, an investor in the

Military Channel American Heroes Channel (formerly Military Channel and originally Discovery Wings Channel) is an American multinational pay television television network, channel owned by the Warner Bros. Discovery Networks unit of Warner Bros. Discovery. The n ...

. Bariteau claimed PNC let the chairman of the Military Channel make unauthorized withdrawals of millions of dollars from the company's account for personal use.

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.

Overtime claim by loan officers

In 2017, PNC agreed to pay $16 million to settle claims of overtime wages by loan officers under the

Fair Labor Standards Act The Fair Labor Standards Act of 1938 (FLSA) is a United States labor law that creates the right to a minimum wage, and "time-and-a-half" overtime pay when people work over forty hours a week. It also prohibits employment of minors in "oppres ...

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. In 2017, a federal judge overturned the decision.

Municipal bonds disclosure violations

In 2015, PNC was one of 22 companies that violated disclosure requirements for

municipal bond A municipal bond, commonly known as a muni, is a Bond (finance), bond issued by state or local governments, or entities they create such as authorities and special districts. In the United States, interest income received by holders of municipal ...

s by failing to divulge that the issuers had filed late financial reports. It was fined $500,000.

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 George Russell Lakey (born November 2, 1937) is an activist, sociologist, and writer who added academic underpinning to the concept of nonviolent revolution. He also refined the practice of experiential training for activists which he calls "Dir ...

, and the

Rainforest Action Network Rainforest Action Network (RAN) is an environmental organization based in San Francisco, California, United States. The organization was founded by Randy "Hurricane" Hayes and Mike Roselle in 1985, and first gained national prominence with a gras ...

due to its funding of companies engaged in

mountaintop removal mining Mountaintop removal mining (MTR), also known as mountaintop mining (MTM), is a form of surface mining at the summit or summit ridge of a mountain. Coal seams are extracted from a mountain by removing the land, or overburden, above the seams. Thi ...

Appalachia Appalachia () is a cultural region in the Eastern United States that stretches from the Southern Tier of New York State to northern Alabama and Georgia. While the Appalachian Mountains stretch from Belle Isle in Newfoundland and Labrador, Ca ...

. The protests included

political demonstration A political demonstration is an action by a mass group or collection of groups of people in favor of a political or other cause or people partaking in a protest against a cause of concern; it often consists of walking in a mass march formati ...

s at branches and offices and the annual general meeting, fasting, and boycotts.

Notable corporate buildings

* The

Pittsburgh, PA Pittsburgh ( ) is a city in the Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County. It is the most populous city in both Allegheny County and Western Pennsylvania, the second-most populous city in Pennsyl ...

(current corporate headquarters) *

One PNC Plaza One PNC Plaza is a high-rise office building located in the Golden Triangle neighborhood of the Central Business District of Pittsburgh, Pennsylvania, United States The United States of America (U.S.A. or USA), commonly known as the Unit ...

in Pittsburgh *

Two PNC Plaza Two PNC Plaza (once known as Equibank Plaza) is a high-rise office building located in the Golden Triangle of Pittsburgh, Pennsylvania, United States. Constructed in 1976, it is 446 feet (136 m) in height and has 34 stories, making it the talles ...

in Pittsburgh *

Three PNC Plaza Three PNC Plaza is a tall skyscraper in Pittsburgh, Pennsylvania. It was announced on December 19, 2005 and completed in 2009 with 23 floors. It was the tallest building constructed in the city since Highmark Tower was completed in 1988, until T ...

in Pittsburgh *

U.S. Steel Tower The U.S. Steel Tower, also known as the Steel Building or USX Tower (1988–2001), is a 64-story skyscraper at 600 Grant Street in downtown Pittsburgh, Pennsylvania. The interior has of leasable space. Standing tall, it is the tallest buil ...

in Pittsburgh (PNC is a major tenant) * PNC Bank Building at 1600 Market Street,

* PNC Bank Building in

Columbus, Ohio Columbus () is the state capital and the most populous city in the U.S. state of Ohio. With a 2020 census population of 905,748, it is the 14th-most populous city in the U.S., the second-most populous city in the Midwest, after Chicago, and t ...

* PNC Bank Building in

Toledo, Ohio Toledo ( ) is a city in and the county seat of Lucas County, Ohio, United States. A major Midwestern United States port city, Toledo is the fourth-most populous city in the state of Ohio, after Columbus, Cleveland, and Cincinnati, and according ...

* PNC Bank Building in

Washington, D.C. ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...

* PNC Center in

Cincinnati Cincinnati ( ) is a city in the U.S. state of Ohio and the county seat of Hamilton County. Settled in 1788, the city is located at the northern side of the confluence of the Licking and Ohio rivers, the latter of which marks the state line wit ...

* PNC Center in

Cleveland Cleveland ( ), officially the City of Cleveland, is a city in the U.S. state of Ohio and the county seat of Cuyahoga County. Located in the northeastern part of the state, it is situated along the southern shore of Lake Erie, across the U.S. ...

(former headquarters of

National City Corp. National City Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary Nation ...

) * PNC Center &

Hyatt Regency Indianapolis Hyatt Regency Indianapolis, also known as PNC Center, is a mixed-use high-rise in Indianapolis, Indiana. The building rises 22 floors and in height, and is currently the 17th-tallest building in the city. The structure was completed in 1977, a ...

Indianapolis Indianapolis (), colloquially known as Indy, is the state capital and most populous city of the U.S. state of Indiana and the seat of Marion County. According to the U.S. Census Bureau, the consolidated population of Indianapolis and Marion ...

* PNC Center in

Troy, Michigan Troy is a city in Oakland County, Michigan, United States. Its population was 87,294 at the 2020 U.S. census, making Troy the most populous city in the county and the 13th most-populous municipality in the state. Troy is a northern suburb of Me ...

(PNC is a major tenant) *

PNC Plaza PNC Plaza is a skyscraper in Downtown, Louisville, Kentucky and located at 500 West Jefferson Street. Owned by Pittsburgh-based PNC Bank, the 31-story, high structure was designed by architect Welton Becket and was completed in 1971. A notable ...

Louisville, Kentucky Louisville ( , , ) is the largest city in the Commonwealth of Kentucky and the 28th most-populous city in the United States. Louisville is the historical seat and, since 2003, the nominal seat of Jefferson County, on the Indiana border ...

Raleigh, North Carolina Raleigh (; ) is the capital city of the state of North Carolina and the List of North Carolina county seats, seat of Wake County, North Carolina, Wake County in the United States. It is the List of municipalities in North Carolina, second-most ...

PNC Tower PNC Tower is a skyscraper in Downtown Louisville, Kentucky, United States, and located at 101 South Fifth Street. Completed in 1972, the 40-story, high structure was designed by architects Wallace Harrison and Max Abramovitz based on the time ...

in Cincinnati *

in Louisville (PNC is a major tenant) *

One Tampa City Center One Tampa City Center, formerly known as GTE Center and Verizon Building, is an office skyscraper in Tampa, Florida. It was the tallest building in the state for three years and the tallest building in the city until the completion of the Bank o ...

Tampa, Florida Tampa () is a city on the Gulf Coast of the United States, Gulf Coast of the U.S. state of Florida. The city's borders include the north shore of Tampa Bay and the east shore of Old Tampa Bay. Tampa is the largest city in the Tampa Bay area and ...

(PNC holds the naming rights and is a major tenant) *

File:3 pnc plaza.jpg,

, Pittsburgh File:Two PNC Plaza.jpg,

, Pittsburgh File:PNC Tower new.JPG,

Cincinnati, Ohio Cincinnati ( ) is a city in the U.S. state of Ohio and the county seat of Hamilton County. Settled in 1788, the city is located at the northern side of the confluence of the Licking and Ohio rivers, the latter of which marks the state line wit ...

File:Rbcplaza.JPG,

File:PNC Plaza.JPG,

File:National City Center, Cleveland.jpg, PNC Center, Cleveland File:WTP D10 AMP 1.jpg, PNC Bank Building, Philadelphia File:PNCColumbus.JPG, PNC Bank Building, Columbus, Ohio File:USA-Cincinnati-PNC Center.JPG, PNC Center, Cincinnati File:National City Bank Building, Toledo.JPG, National City Bank Building, Toledo, Ohio

Naming rights and sponsorships

PNC owns corporate

naming rights Naming rights are a financial transaction and form of advertising or memorialization whereby a corporation, person, or other entity purchases the right to name a facility, object, location, program, or event, typically for a defined period of t ...

to the following: *

PNC Park PNC Park is a baseball stadium on the North Shore (Pittsburgh), North Shore of Pittsburgh, Pennsylvania. It is the fifth home of the Pittsburgh Pirates of Major League Baseball (MLB). It was opened during the 2001 Major League Baseball season, ...

, home of the

Pittsburgh Pirates The Pittsburgh Pirates are an American professional baseball team based in Pittsburgh. The Pirates compete in Major League Baseball (MLB) as a member club of the National League (NL) Central division. Founded as part of the American Associati ...

baseball team *

PNC Arena PNC Arena (originally Raleigh Entertainment & Sports Arena and formerly the RBC Center) is an indoor arena located in Raleigh, North Carolina. The arena seats 18,680 for ice hockey and 19,722 for basketball, including 61 suites, 13 loge boxes an ...

. Home of the

North Carolina State University North Carolina State University (NC State) is a public land-grant research university in Raleigh, North Carolina. Founded in 1887 and part of the University of North Carolina system, it is the largest university in the Carolinas. The universit ...

men's basketball team and the NHL's

Carolina Hurricanes The Carolina Hurricanes (colloquially known as the Canes) are a professional ice hockey team based in Raleigh, North Carolina. They compete in the National Hockey League (NHL) as a member of the Metropolitan Division in the Eastern Conference, ...

PNC Field PNC Field is a 10,000-seat minor league baseball stadium that is located in Moosic, Pennsylvania in the Wyoming Valley, Scranton/Wilkes-Barre metropolitan area that was built in 1989 and rebuilt in 2013. The stadium is home to the Scranton/Wilke ...

, home of the

Scranton/Wilkes-Barre RailRiders The Scranton/Wilkes-Barre RailRiders (often abbreviated to SWB RailRiders) are a Minor League Baseball team of the International League (IL) and the Triple-A (baseball), Triple-A affiliate of the New York Yankees. They are located in Moosic, Pen ...

Triple A team *

PNC Bank Arts Center The PNC Bank Arts Center (originally the Garden State Arts Center) is an amphitheatre in Holmdel, New Jersey. About 17,500 people can occupy the venue; there are 7,000 seats and the grass area can hold about 10,500 people. Concerts are from May t ...

an outdoor amphitheatre in

Holmdel Township, New Jersey Holmdel Township (usually shortened to Holmdel) is a township in Monmouth County, New Jersey, United States. The township is centrally located in the Raritan Valley region, being within the regional and cultural influence of the Raritan Baysh ...

PNC Music Pavilion PNC Music Pavilion (originally Blockbuster Pavilion and formerly Verizon Wireless Amphitheatre) is an outdoor amphitheatre, amphitheater in Charlotte, North Carolina, that specializes in hosting large concerts. The venue largely replaced the Caro ...

, an outdoor amphitheater in

Charlotte, North Carolina Charlotte ( ) is the most populous city in the U.S. state of North Carolina. Located in the Piedmont region, it is the county seat of Mecklenburg County. The population was 874,579 at the 2020 census, making Charlotte the 16th-most populo ...

* PNC Sports Complex in

Emmitsburg, Maryland Emmitsburg is a town in Frederick County, Maryland, United States, south of the Mason-Dixon line separating Maryland from Pennsylvania. Founded in 1785, Emmitsburg is the home of Mount St. Mary's University. The town has two Catholic pilgrima ...

in Dallas, TX *

PNC Stadium PNC Stadium (formerly BBVA Compass Stadium then BBVA Stadium) is an American multi-purpose stadium located in Houston, Texas that is home to Houston Dynamo FC, a Major League Soccer club, the Houston Dash of the National Women's Soccer League ...

, formerly BBVA Stadium PNC is a sponsor of: *

American Airlines Center The American Airlines Center (AAC) is a multi-purpose indoor arena located in the Victory Park neighborhood in downtown Dallas, Texas. The arena serves as the home of the Dallas Mavericks of the National Basketball Association and the Dallas S ...

- Official Partner of the American Airlines Center. *

Chip Ganassi Racing Chip Ganassi Racing, LLC (CGR), also sometimes branded as Chip Ganassi Racing Teams, is an American auto racing organization with teams competing in the IndyCar Series, NTT IndyCar Series, International Motor Sports Association, IMSA WeatherTech ...

- Primary sponsor on the #9

Honda is a Japanese public multinational conglomerate manufacturer of automobiles, motorcycles, and power equipment, headquartered in Minato, Tokyo, Japan. Honda has been the world's largest motorcycle manufacturer since 1959, reaching a product ...

of driver

Scott Dixon Scott Ronald Dixon (born 22 July 1980) is a professional racing driver from New Zealand, who competes in the NTT IndyCar Series for Chip Ganassi Racing. Dixon has won the IndyCar championship six times: in 2003, 2008, 2013, 2015, 2018 and 202 ...

in the NTT

IndyCar Series The IndyCar Series, currently known as the NTT IndyCar Series under sponsorship, is the highest class of regional North American open-wheel single-seater formula racing cars in the United States, which has been conducted under the auspices of ...

. *

Chicago Bears The Chicago Bears are a professional American football team based in Chicago. The Bears compete in the National Football League (NFL) as a member club of the league's National Football Conference (NFC) North division. The Bears have won nine NF ...

- Official Bank of the Chicago Bears. *

Cincinnati Reds The Cincinnati Reds are an American professional baseball team based in Cincinnati. They compete in Major League Baseball (MLB) as a member club of the National League (NL) National League Central, Central division and were a charter member of ...

- Official Bank of the Cincinnati Reds. * Dallas Stars - Official Partner of the Dallas Stars. *

Washington Nationals The Washington Nationals are an American professional baseball team based in Washington, D.C.. They compete in Major League Baseball (MLB) as a member of the National League (NL) East division. From 2005 to 2007, the team played in RFK Stadiu ...

- Official Bank of the Washington Nationals. *

- Official Bank of the Pittsburgh Pirates. *

Pittsburgh Steelers The Pittsburgh Steelers are a professional American football team based in Pittsburgh. The Steelers compete in the National Football League (NFL) as a member club of the American Football Conference (AFC) North division. Founded in , the Steel ...

- Official Bank of the Pittsburgh Steelers. *

- Official Bank of the Carolina Hurricanes. *

- Official Bank of NC State. *

NASCAR The National Association for Stock Car Auto Racing, LLC (NASCAR) is an American auto racing sanctioning and operating company that is best known for stock car racing. The privately owned company was founded by Bill France Sr. in 1948, and hi ...

- Official Bank and official wealth management partner of NASCAR. *

Sesame Street ''Sesame Street'' is an American educational children's television series that combines live-action, sketch comedy, animation and puppetry. It is produced by Sesame Workshop (known as the Children's Television Workshop until June 2000) a ...

- Official Partner of Sesame Street.

Chief executives

* William S. Demchak April 23, 2013 – present *

Jim Rohr James E. Rohr (born October 18, 1948) is former Chairman of PNC Financial Services Group (commonly known as PNC Bank) and former CEO. Rohr served as CEO from May 2000 to April 2013 and as Chairman from May 2001 to April 2014, both times taking ove ...

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

* {{Authority control 1852 establishments in Pennsylvania Banks based in Pennsylvania Economy of the Eastern United States Companies listed on the New York Stock Exchange American companies established in 1852 Banks established in 1852 Mortgage lenders of the United States Online brokerages Companies based in Pittsburgh

History

Legal issues

Overcharging of Black and Hispanic Borrowers by National City Bank, Before Its Acquisition by PNC

Retailer breach forced PNC to reissue customer cards

Lawsuit from Military Channel

Securities fraud settlement

Overtime claim by loan officers

National Prearranged Services Fraud

Municipal bonds disclosure violations

Controversies

Funding of mountaintop removal mining

Notable corporate buildings

Naming rights and sponsorships

Chief executives

See also

References

External links