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PNC is the product of a merger of two distinguished Pennsylvania banks in 1983: Pittsburgh National Corporation and Provident National Corporation based in Philadelphia. Each of these institutions had served diverse markets so that merger creating PNC also became the largest bank in Pennsylvania.
Pittsburgh National Bank – the largest subsidiary of Pittsburgh National Corporation – originated in 1852 as the Pittsburgh Trust and Savings Company. James E. Laughlin, the founding partner of Jones & Laughlin, served as chair of the newly-formed bank.
The bank became the First National Bank of Pittsburgh in 1863, the first in the city to do so. During these early years, the bank established its headquarters on Wood Street, one door from the corner of Fifth Avenue. The company has been doing business on that street corner ever since.
Provident National Corporation dates back to the mid-nineteenth century. One of its predecessors, Provident Life and Trust Company, was established in 1865 as an insurance company.
In 1922, the Provident Life and Trust Company split into two independent entities: Provident Mutual Life Insurance Company and Provident Trust Company. The latter company combined with Provident Tradesmens Bank and Trust Company to create Provident National Bank in 1957. By the time of its merger with PNC, Provident operated branches throughout the Greater Philadelphia region.
During the 1930s, the First National Bank of Pittsburgh, one of the strongest commercial banks in the city, partnered with Peoples-Pittsburgh Trust Company. Together, these banks financed many of the municipal improvements undertaken during the Great Depression.
Because of their partnership, the leaders of First National of Pittsburgh and Peoples-Pittsburgh became national leaders in banking during the 1930s. Both of these banks established branches outside Pittsburgh in the smaller manufacturing towns of western Pennsylvania. They also began to offer loans to consumers for houses and cars with a relatively simple approval process. After the war, other banks followed the example of these PNC predecessors and expanded branch banking and consumer lending.
In 1946, First National of Pittsburgh and Peoples-Pittsburgh banks joined to form Peoples First National Bank and Trust Co. At the time of this merger, this bank had 275,000 customers and $28 million in capital.
Provident Trust Company.combined with Provident Tradesmens Bank and Trust Company to create Provident National Bank in 1957. By the time of its merger with PNC, Provident operated branches throughout the Greater Philadelphia region.
In 1959, Fidelity Trust Company merged with Peoples First which created Pittsburgh National Bank. This new bank had 52 offices throughout Greater Pittsburgh and $81 million in assets. It also adopted a new triangular symbol that represented the industrial and commercial strength of Pittsburgh's Golden Triangle.
In 1982, Pennsylvania changed its laws to allow statewide banking. Pittsburgh National and Provident National were the first two banks to act on the new legislation, and came together in 1983 in what was at the time the largest bank merger in U.S. history. Taking the shared initials of their holding companies, they created a new entity called PNC Financial Corp.
A series of mergers with local banks followed and, in 1986, PNC took the major step of merging with an out-of-state bank, Citizens Fidelity Corporation of Louisville, Kentucky. Shortly after, PNC acquired The Central Bancorporation of Cincinnati and the Bank of Delaware Corporation, which traces its roots back to 1795.
In 1990, PNC made the strategic decision to move from separate technology platforms, operated by each individual bank, to a single common platform. That allowed the bank to offer customers a common set of products and services, wherever they were located. And we shifted our organizational focus from geography to lines of business.
Another series of acquisitions began in 1991, when PNC purchased First Federal Savings and Loan Association of Pittsburgh. The addition of First Federal made PNC both the largest bank and the largest bank holding company in Pittsburgh. Between 1991 and 1996, PNC acquired nine financial institutions.
1993 and 1995
PNC's growing wealth management business was bolstered by two bank acquisitions in the '90s: The Massachusetts Company, Boston, which was the oldest trust company in the country, dating from 1818, and which counted John Quincy Adams, Daniel Webster and Henry Wadsworth Longfellow among its clients and Indian River Federal Savings Bank of Vero Beach, Fla., which added private banking capabilities to PNC's existing Florida trust business
In 1993, PNC acquired Sears Mortgage Company. PNC added the capabilities of Sears Mortgage to its existing PNC Mortgage operation to create one of the nation's largest mortgage originators and service providers at the time. Due to heavy consolidation in the industry, PNC made a strategic decision to exit the consumer mortgage business in 2000, selling PNC Mortgage to Washington Mutual Home Loans, Inc.
In 1995, PNC achieved its longtime goal of entering New Jersey by merging with Midlantic Corporation in a $3 billion transaction that instantly gave it a major presence in the southern New Jersey/Philadelphia market.
In 1999, PNC's steady transformation into a diversified company with national reach was further strengthened with the acquisition of First Data Investor Services Group (ISG), a leading provider of services to mutual funds and other investment vehicles. The addition of ISG solidified PNC's Global Investment Servicing (formerly known as PFPC Worldwide) entity as a premier provider of processing, technology and business solutions to the global investment industry.
In 2003, PNC acquired United National Bancorp. This acquisition strategically expanded our banking business in the growing and appealing markets of central New Jersey and the Lehigh Valley of Eastern Pennsylvania.
In 2005, PNC made a number of strategic acquisitions in growth areas, which included:
In 2006, BlackRock Financial Management acquired Merrill Lynch's investment management business creating one of the top 10 investment management companies in the world with assets under management more than $1 trillion. At the time, PNC owned 44.5 million shares representing an ownership interest of approximately 35 percent and Merrill Lynch had a 49 percent ownership interest. The transaction closed on Oct. 2, 2006.
PNC continues its expansion into growth areas through strategic business acquisitions, at the same time; the company is focused on a disciplined capital management strategy that included: