This page shows the PNC Bank History from the beginnings to the current day.
PNC Financial Services originated from the Pittsburgh Trust and Savings Company (PTSC) and was opened by steel chiefs B.F. Jones and James Laughlin some time in 1852. The Pittsburgh National Bank (PNB) was established in 1959 as a result of a series of merging involving the PTSC. PNC Financial Services’ other forerunner was the Provident National Bank that was headquartered in Philadelphia is known originally as the Tradesmens National Bank of Philadelphia (TNBP) in the mid-19th century. In 1982, Provident National Bank and Pittsburgh National Bank merged together and the PNC Financial Corporation was formed.
PNC Bank Expansion In The 1990s
In 1991, PNC went through a restructuring program that reflected PNC’s desire to diversify its holdings. So, it decided to concentrate on the business areas investment and trust management, corporate banking, retail banking, and investment banking. Between 1991 and 1996 PNC expanded rapidly that broadened its customer base from Kentucky to the Greater New York metro areas. In 1992, all of PNC’s affiliated companies and banks took on the name PNC Bank; the following year PNC Financial Corp., became PNC Bank Corporation.
In the late 1990s the company has decided to go through a restructuring program again to handle less profitable operations. This has included closing 9 branches and selling 16 branches in Pennsylvania. It was also to sell off its credit card business that has a total of 3.3 million accounts.
PNC continued to purchase First Data Investor Services Group (FDISG) for $1.1 billion. This has resulted in its subsidiary PFPC Worldwide (now known as PNC Global Investment Servicing) becoming the 2nd largest full-service mutual fund transfer agent in the United States.
PNC Bank And The 21st Century
In 2000, PNC Bank Corp. became The PNC Financial Services Group showing its dedication to its diversified services.
PNC continued to acquire Washington, D.C. based Riggs National Corporation (RNC) in 2005; Maryland-based Mercantile Bankshares in 2007; Yardville National Bancorp that was predominantly in eastern Pennsylvania and Central New Jersey in 2007; and Sterling Financial Corporation that was predominantly in Delaware, Central Pennsylvania, and Northeastern Maryland in 2007. PNC have become the 8th largest bank in the United States in terms of deposits.
October 24, 2008 PNC declared that it is to acquire National City Bank (NCB) based in Cleveland, Ohio when complete PNC will become the 5th largest bank by deposits and fourth largest by branches in the US.
PNC Bank Services
Presently, the PNC Bank operates more than 1100 branches and close to 4000 ATM. It is also considered as the largest bank that is off the premises of the country that provides ATM services.
It offers a full range of consumer banking services such as PNC online banking and personal loans.
PNC Bank is a subsidiary of PNC Bank FSI which functions as a diversified financial services company. The main business of PNC Financial Service includes corporate and institutional banking, retail banking, global fund processing management, and asset management. They are headquartered in Pittsburgh, Pennsylvania. It also serves many customers in the state of New Jersey, Pennsylvania, Washington DC, Ohio, Virginia, Maryland, Delaware, and Kentucky.
Hopefully this PNC Bank History page has given you some useful information, if you want further details on PNC bank then please visit its official homepage here.