With roots in commercial banking that date back to the 1800s, PNC has grown to be one of the leading financial services organizations in the country. And we're consistently working to find opportunities to better serve our customers, our shareholders and the communities in which we work.
The many institutions that have come together to form PNC date back to the very beginnings of commercial banking:
Pittsburgh National Corporation was established as the Pittsburgh Trust and Savings Company in 1852, making it the oldest bank in Pittsburgh. Within months, the company moved its offices to Wood Street, one door from the corner of Fifth Avenue, and in 1858 it acquired the corner lot. The company has been doing business at the corner of Fifth Avenue and Wood Street ever since.
- The bank was the first to apply for a charter under the National Banking Act of 1863, and soon became the First National Bank of Pittsburgh.
- In 1946, the bank joined with Peoples-Pittsburgh Trust Company to form Peoples First National Bank and Trust Company.
- And in 1959, Fidelity Trust Company merged with Peoples First, which, in turn, merged with First National. A new bank was born - Pittsburgh National Bank - with a new symbol that expressed the industrial and commercial strength of Pittsburgh's Golden Triangle.
Provident National Corporation dates back to the mid-19th century. One of its predecessors, Provident Life and Trust Company, was established in 1865 by Quakers as an insurance company and became known informally as "the Quaker bank."
- In 1922, the Provident Life and Trust Company split into two independent entities: Provident Mutual Life Insurance Company and Provident Trust Company.
- In 1957, Provident Trust Company of Philadelphia and Provident Tradesmens Bank and Trust Company merged, creating Provident National Bank.
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.
Consolidation and Growth
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 us 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 that broadened its customer base to include northern Pennsylvania, Philadelphia, Cincinnati, northern Kentucky and Pittsburgh.
- In 1995, PNC achieved its longtime goal of entering New Jersey by merging with Midlantic Corporation in a $3 billion deal that instantly gave it a major presence in the southern New Jersey/Philadelphia market.
A National Presence
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.
- PNC's wealth management group became known as PNC Advisors in 1999, and now consists of the former PNC Private Bank; PNC's Institutional Trust and Investment Group; and Hawthorn, a wealth management firm serving particularly affluent clients.
- BlackRock became a part of PNC's asset management business during the mid-1990s, and is currently one of the largest investment managers in the U.S.
- 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 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:
- PNC acquired Riggs National Corporation. PNC gained entry into the Greater Washington area that includes Washington, D.C., Maryland and Virginia - one the nation's most appealing financial services markets and the fifth-most affluent metropolitan regions in the U.S.
- Harris Williams & Co., a leading mergers and acquisitions advisor to middle market companies and private equity firms, became part of the PNC Corporate & Institutional Banking business.
- BlackRock acquired SSRM Holdings Inc., the holding company of State Street Research Management Company & SSR Realty Advisors Inc., from MetLife. This transaction expanded the scale and scope of BlackRock's mutual fund products and distribution capabilities as well as strengthened them as a global leader in fixed income assets.
- 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. PNC will continue to own 44.5 million shares representing an ownership interest of approximately 35 percent and Merrill Lynch will now have a 49 percent ownership interest. The transaction closed on October 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 includes:
- Completing the acquisition of Mercantile Bankshares Corporation on March 2, 2007. This transaction significantly expanded PNC's presence in the Mid-Atlantic region, adding an additional 240 offices in the District of Columbia, Maryland, Delaware, Virginia and Southeastern Pennsylvania.
- Acquiring ARCS Commercial Mortgage, the largest independent multifamily lender in the country and the leading Fannie Mae DUS lender. This transaction closed on July 2, 2007.
- On June 7, 2007, PNC announced it signed a definitive agreement to acquire Hamilton, N.J.-based Yardville National Bancorp, a commerical and consumer bank with $3 billion in assets, $2 billion in deposits and 33 branches in central New Jersey and eastern Pennsylvania. This transaction closed on March 11, 2008.
- On July 19, 2007, PNC announced it signed a definitive agreement to acquire Lancaster, Pa.-based Sterling Financial Corporation, a diversified financial services company with $3.3 billion in assets and 67 branches in Pennsylvania, Maryland and Delaware. This transaction closed on April 4, 2008.
- Continuing the transformation of PNC's Global Investment Servicing (formerly known as PFPC Worldwide) business model, in addition to its processing capabilities, Global Investment Servicing is increasingly a provider of information services to the global investment industry through its acquisitions of Albridge Solutions Inc. (transaction closed on Dec. 7, 2007), a provider of portfolio accounting and enterprise wealth management services, and Coates Analytics Group LP (transaction closed on Dec. 10, 2007), a provider of Web-based analytics tools.
- On Feb. 2, 2010, PNC announced a definitive agreement to sell its PNC Global Investment Servicing (formerly PFPC) subsidiary to BNY Mellon. The sale, which closed on July 1, 2010, further focuses PNC on its core banking business while offering PNC GIS the scale and scope to compete more effectively throughout the world.
- On March 31, 2008, PNC completed the definitive agreement to sell J.J.B. Hilliard, W.L. Lyons, Inc., a full-service brokerage and financial services provider headquartered in Louisville, Ky., to Bowling Green, Ky.-based Houchens Industries, Inc.
- On Oct. 24, 2008, PNC announced it signed a definitive agreement to acquire National City Corporation. The transaction closed on Dec. 31, 2008.
- On Jan. 31, 2011, PNC Bank entered into an agreement to purchase 19 branches and 2 related facilities in the Tampa ? St. Petersburg area and the associated deposits from BankAtlantic Bancorp, Inc., the parent company of BankAtlantic. This transaction was completed on June 6, 2011.
- On June 20, 2011, PNC announced it signed a definitive agreement to acquire RBC Bank (USA), the U.S. subsidiary of Royal Bank of Canada for $3.45 billion in cash and stock. Through this agreement PNC will enter a number of highly attractive regions with deep roots in the Southeast. RBC Bank (USA) serves approximately 900,000 customers through 426 branches in North Carolina, South Carolina, Georgia, Florida, Alabama and Virginia. The acquisition closed on March 2, 2012.
- On July 26, 2011, PNC announced that it has signed a definitive agreement to acquire 27 branches in metropolitan Atlanta, Georgia from Flagstar Bank, FSB, a subsidiary of Flagstar Bancorp, Inc. This transaction closed on Dec. 9, 2011.
A World-class Leader
From its local banking roots, PNC has developed into one of the leading providers of financial services in the country, with international reach. PNC has been recognized nationally and regionally for its accomplishments and success, including:
- Ranked among the "Most Admired Companies", Fortune magazine
- Fortune 200 company - No. 151 on Fortune 500 listing, Fortune magazine
- Great Workplace Award for Employee Engagement, Gallup
- 100 Best Companies For Working Mothers, Working Mother magazine
- Committee Encouraging Corporate Philanthropy (CECP) Trustee Leadership Award to Jim Rohr for PNC's Grow Up Great Early Education Initiative
- Outstanding overall CRA Rating, Office of the Comptroller
- Sustainable Cities Award to PNC for eco-friendly business practices, Urban Land Institute and Financial Times
- CIO 100 for Technology Innovation, Information Week