January 1st, 1804
Profile Information:Bank Headquarters: Pittsburgh, Pennsylvania, United States of America
Stock Symbol: PNC
CEO: Jim Rohr
The PNC Bank is the primary subsidiary of the PNC Financial Services group which is based in Pittsburgh, Pennsylvania. The bank offers customers both consumer and corporate based products across a network in the North Eastern section of the United States covering in Delaware, the District of Columbia, Florida, Virginia, Kentucky, New Jersey, Ohio, Indiana, Maryland, & Pennsylvania, as well as one branch in West Virginia. Despite the small area that the bank covers, the bank is America's 6th largest bank by deposits and is the third largest bank off-premise ATM provider.
The company has placed a great emphasis on the communities around the banking locations, and has created an initiative for sponsorship to improve education, health and human services, and cultural and arts activities in the banks areas. The initiatives include the PNC ``Grow Up Great" commitment to early childhood development which clearly shows the banks investment into providing funds to improve the lives of the next generations.
In terms of expansion, the company acquired the Cleveland Ohio based National City Bank for a total of $5.2B in PNC stock. This acquisition doubled PNC in size and made the bank the 5th largest in the United States. This however did more than double its size; the acquisition meant that the bank had an entirely new network of banking in a geographically clustered area around the state of Ohio and a few banks located in Miami Florida. Because of the acquisition the bank now has a foothold in the market for the North Eastern Segment of the United States banking industry and an almost stranglehold presence in the lake cities in the states around Michigan.
As a result of the purchase of National City Bank, PNC Bank now has a total of over 60,000 employees across the United States and overseas, over 6,000 automatic teller machines and 2,600 branches in the United States Alone. The bank boasts $270B in assets and $18.1B in deposits to cover the 6 million customers in the 16 states that the bank currently operates in.
PNC Bank may acquire a larger portion of the banking market in the next few years due to its relative stability in the financial crisis in which the bank did not require any bailing out by the Federal Government. This may be seen most in the home city of Pittsburgh in which the bank now currently sees itself with a 46% market share in the city, which is three times that of the next highest competitor in the city. This type of concentration banking will make the companies home city and state a stronghold for the bank and a symbol of its success having such a high saturation percent in a highly metropolitan city. As a result of the deal with the National City Bank, PNC is now also the largest bank in the states of Pennsylvania, Ohio, and Kentucky, as well as the second largest bank in Maryland and Indiana.