The PNC Financial Services Group, Inc. is an American

bank holding company A bank holding company is a company that controls one or more banks, but does not necessarily engage in banking itself. The compound bancorp (''banc''/''bank'' + '' corp ration') or bancorporation is often used to refer to such companies as w ...

and

financial services Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...

corporation based in

Pittsburgh, Pennsylvania Pittsburgh ( ) is a city in Allegheny County, Pennsylvania, United States, and its county seat. It is the List of municipalities in Pennsylvania#Municipalities, second-most populous city in Pennsylvania (after Philadelphia) and the List of Un ...

. Its banking subsidiary, PNC Bank, operates in 27

states State most commonly refers to: * State (polity), a centralized political organization that regulates law and society within a territory **Sovereign state, a sovereign polity in international law, commonly referred to as a country **Nation state, a ...

and the

District of Columbia Washington, D.C., formally the District of Columbia and commonly known as Washington or D.C., is the capital city and Federal district of the United States, federal district of the United States. The city is on the Potomac River, across from ...

, 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 September 30, 2024 per the Federal Financial Institutions Examination Council, along with the market capitalization of public banks. ...

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 all value for which a group or entity is responsible. It may apply both to tangible assets (physical objects such as complex process or manufacturing plants, infrastr ...

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-hi ...

estate planning Estate planning is the process of anticipating and arranging for the management and disposal of a person's Estate (law), estate during the person's life in preparation for future incapacity or death. The planning includes the bequest of assets to ...

, loan servicing, and

information processing In cognitive psychology, information processing is an approach to the goal of understanding human thinking that treats cognition as essentially Computing, computational in nature, with the mind being the ''software'' and the brain being the ''hard ...

. 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 str ...

lenders and one of the largest credit card issuers. It also provides asset-based lending to

private equity firm A private equity firm or private equity company (often described as a financial sponsor) is an investment management company that provides financial backing and makes investments in the private equity of a Startup company, startup or of an existin ...

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

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 a company, business organization, or one of their operating units is transferred to or consolidated with another entity. They may happen through direct absorpt ...

advisory firms for middle-market companies. Midland Loan Services, a division of PNC Real Estate based in

Overland Park, Kansas Overland Park ( ) is the largest city in Johnson County, Kansas, United States, and the List of cities in Kansas#Highest population listing, second-most populous city in the state of Kansas. It is one of four principal city, principal cities in ...

and founded in 1991, is ranked by Mortgage Bankers Association as the second 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 (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

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, 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 relocated its corporate offices to the corner of

Fifth Avenue Fifth Avenue is a major thoroughfare in the borough (New York City), borough of Manhattan in New York City. The avenue runs south from 143rd Street (Manhattan), West 143rd Street in Harlem to Washington Square Park in Greenwich Village. The se ...

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. 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. Another branch of the current bank, the

Philadelphia Philadelphia ( ), colloquially referred to as Philly, is the List of municipalities in Pennsylvania, most populous city in the U.S. state of Pennsylvania and the List of United States cities by population, sixth-most populous city in the Unit ...

-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 landlocked U.S. state, state in the Southeastern United States, Southeastern region of the United States. It borders Illinois, Indiana, and Ohio to the north, West Virginia to the ...

to the

New York metropolitan area The New York metropolitan area, also called the Tri-State area and sometimes referred to as Greater New York, is the List of cities by GDP, largest metropolitan economy in the world, with a List of U.S. metropolitan areas by GDP, gross metropo ...

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

economic indicator An economic indicator is a statistic about an Economics, 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. ...

which estimates the prices of the items found in the song " The Twelve Days of Christmas". In 1998, PNC acquired Hilliard Lyons 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) 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, Inc. (often abbreviated to WaMu) was an American Bank holding company, savings bank holding company based in Seattle. It was the parent company of Washington Mutual Bank, which was the largest savings and loan association in ...

due to volatility in the market. In 2004, PNC acquired United National Bancorp based in

Bridgewater, New Jersey Bridgewater Township is a Township (New Jersey), township in Somerset County, New Jersey, Somerset County in the U.S. state of New Jersey, located within the heart of the Raritan River, Raritan Valley region. Situated within Central Jersey, Cen ...

, 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. Riggs had been fined after aiding Chilean dictator

Augusto Pinochet Augusto José Ramón Pinochet Ugarte (25 November 1915 – 10 December 2006) was a Chilean military officer and politician who was the dictator of Military dictatorship of Chile, Chile from 1973 to 1990. From 1973 to 1981, he was the leader ...

money laundering Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, sex work, terrorism, corruption, and embezzlement, and converting the funds i ...

. PNC became one of the largest banks in the

Washington metropolitan area The Washington metropolitan area, also referred to as the National Capital Region, Greater Washington, or locally as the DMV (short for Washington, D.C., District of Columbia, Maryland, and Virginia), is the metropolitan area comprising Washing ...

. In 2005, PNC began

outsourcing Outsourcing is a business practice in which companies use external providers to carry out business processes that would otherwise be handled internally. Outsourcing sometimes involves transferring employees and assets from one firm to another ...

mortgages to

Wells Fargo Wells Fargo & Company is an American multinational financial services company with a significant global presence. The company operates in 35 countries and serves over 70 million customers worldwide. It is a systemically important fi ...

. 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. Bank) . After the National City merger (see below) in 2008, the U.S. Bancorp (U.S. Bank) products were converted to PNC Bank products. On March 2, 2007, PNC acquired Maryland-based Mercantile Bankshares, making PNC the eighth 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, D.C., and Baltimore on the banks of the Patuxent River, in northern Prince George's County. Its population was 30,060 at the 2020 census. Founded as a mill town i ...

. 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

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

, 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. It is one of 15 current U.S. government departments. The department oversees the Bureau of Engraving and ...

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 U.S. Presi ...

implemented as part of the

Emergency Economic Stabilization Act of 2008 The Emergency Economic Stabilization Act of 2008, also known as the "bank bailout of 2008" or the "Wall Street bailout", was a United States federal law enacted during the Great Recession, which created federal programs to "bail out" failing fi ...

. 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 after Dwelling House failed and was placed in receivership by the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is a State-owned enterprises of the United States, United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was cr ...

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

African American African Americans, also known as Black Americans and formerly also called Afro-Americans, are an Race and ethnicity in the United States, American racial and ethnic group that consists of Americans who have total or partial ancestry from an ...

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, is an American international financial services company headquartered in New York City. It was established in its current form in July 2007 by the merger of the Bank of New York an ...

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 an investment fund that pools money from many investors to purchase Security (finance), securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in ...

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 metropolitan area surrounding Tampa Bay on the Gulf Coast of Florida in the United States. It includes the main cities of Tampa, Florida, Tampa, St. Petersburg, Florida, St. Petersburg, and Clearwater, Florida, Clea ...

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

Atlanta Atlanta ( ) is the List of capitals in the United States, capital and List of municipalities in Georgia (U.S. state), most populous city in the U.S. state of Georgia (U.S. state), Georgia. It is the county seat, seat of Fulton County, Georg ...

suburbs with $240 million in deposits and $42 million in book value from Flagstar Bank. In 2012, PNC acquired RBC Bank from

Royal Bank of Canada Royal Bank of Canada (RBC; ) is a Canadian multinational Financial institution, financial services company and the Big Five (banks), largest bank in Canada by market capitalization. The bank serves over 20 million clients and has more than ...

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

Virginia Virginia, officially the Commonwealth of Virginia, is a U.S. state, state in the Southeastern United States, Southeastern and Mid-Atlantic (United States), Mid-Atlantic regions of the United States between the East Coast of the United States ...

North Carolina North Carolina ( ) is a U.S. state, state in the Southeastern United States, Southeastern region of the United States. It is bordered by Virginia to the north, the Atlantic Ocean to the east, South Carolina to the south, Georgia (U.S. stat ...

South Carolina South Carolina ( ) is a U.S. state, state in the Southeastern United States, Southeastern region of the United States. It borders North Carolina to the north and northeast, the Atlantic Ocean to the southeast, and Georgia (U.S. state), Georg ...

Georgia Georgia most commonly refers to: * Georgia (country), a country in the South Caucasus * Georgia (U.S. state), a state in the southeastern United States Georgia may also refer to: People and fictional characters * Georgia (name), a list of pe ...

Alabama Alabama ( ) is a U.S. state, state in the Southeastern United States, Southeastern and Deep South, Deep Southern regions of the United States. It borders Tennessee to the north, Georgia (U.S. state), Georgia to the east, Florida and the Gu ...

, and

Florida Florida ( ; ) is a U.S. state, state in the Southeastern United States, Southeastern region of the United States. It borders the Gulf of Mexico to the west, Alabama to the northwest, Georgia (U.S. state), Georgia to the north, the Atlantic ...

. 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 fifth largest bank by branches behind

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

, Chase, and U.S. Bank and the sixth largest by total assets behind the aforementioned four banks and

Citibank Citibank, N.A. ("N. A." stands for "National bank (United States), National Association"; stylized as citibank) is the primary U.S. banking subsidiary of Citigroup, a financial services multinational corporation, multinational corporation. Ci ...

. On July 30, 2012, PNC announced plans to put ATMs in 138 Harris Teeter grocery stores in the

Carolinas The Carolinas, also known simply as Carolina, 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 (U.S. state), Georgia to the southwes ...

, 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, its new headquarters on the corner of Fifth Avenue and Wood Street in

downtown Pittsburgh Downtown Pittsburgh, colloquially referred to as the Golden Triangle, and officially the Central Business District, is the urban downtown center of Pittsburgh, Pennsylvania, United States. It is located at the confluence of the Allegheny River an ...

. It was first announced in 2011. The LEED Platinum building, owned by PNC and designed by

Gensler Gensler is a global design and architecture firm headquartered in San Francisco, California. It is the largest architecture firm in the world by revenue and number of architects. In 2022, Gensler generated $1.785 billion in revenue, the most o ...

, 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 c ...

features. In April 2017, the company acquired the U.S. equipment finance business of ECN Capital 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 Regulatory compliance, compliance to enable the most effective two-way communication between a 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, ...

. In 2018, the company acquired Fortis Advisors, which provides post-merger shareholder services. The company ranked one hundred sixty fifth on the 2018

Fortune 500 The ''Fortune'' 500 is an annual list compiled and published by ''Fortune (magazine), Fortune'' magazine that ranks 500 of the largest United States Joint-stock company#Closely held corporations and publicly traded corporations, corporations by ...

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 is the capital and most populous city in the Commonwealth (U.S. state), Commonwealth of Massachusetts in the United States. The city serves as the cultural and Financial centre, financial center of New England, a region of the Northeas ...

Denver Denver ( ) is a List of municipalities in Colorado#Consolidated city and county, consolidated city and county, the List of capitals in the United States, capital and List of municipalities in Colorado, most populous city of the U.S. state of ...

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 t ...

Nashville Nashville, often known as Music City, is the capital and List of municipalities in Tennessee, most populous city in the U.S. state of Tennessee. It is the county seat, seat of Davidson County, Tennessee, Davidson County in Middle Tennessee, locat ...

, and several markets in Texas including Austin,

Dallas Dallas () is a city in the U.S. state of Texas and the most populous city in the Dallas–Fort Worth metroplex, the List of Texas metropolitan areas, most populous metropolitan area in Texas and the Metropolitan statistical area, fourth-most ...

Houston Houston ( ) is the List of cities in Texas by population, most populous city in the U.S. state of Texas and in the Southern United States. Located in Southeast Texas near Galveston Bay and the Gulf of Mexico, it is the county seat, seat of ...

, and

San Antonio San Antonio ( ; Spanish for " Saint Anthony") is a city in the U.S. state of Texas and the most populous city in Greater San Antonio. San Antonio is the third-largest metropolitan area in Texas and the 24th-largest metropolitan area in the ...

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

and

Chase Bank JPMorgan Chase Bank, N.A., Trade name, doing business as Chase, is an American National bank (United States), national bank headquartered in New York City that constitutes the retail banking, consumer and commercial bank, commercial banking su ...

, 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 Financial technology (abbreviated as fintech) refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, ...

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 BlackRock, Inc. is an American Multinational corporation, multinational investment company. Founded in 1988, initially as an enterprise risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager ...

. On June 1, 2021, PNC acquired BBVA USA 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 is a U.S. state, state in the Southwestern United States, Southwestern region of the United States, sharing the Four Corners region of the western United States with Colorado, New Mexico, and Utah. It also borders Nevada to the nort ...

California California () is a U.S. state, state in the Western United States that lies on the West Coast of the United States, Pacific Coast. It borders Oregon to the north, Nevada and Arizona to the east, and shares Mexico–United States border, an ...

, and

New Mexico New Mexico is a state in the Southwestern United States, Southwestern region of the United States. It is one of the Mountain States of the southern Rocky Mountains, sharing the Four Corners region with Utah, Colorado, and Arizona. It also ...

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

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 Lists of landmark court decisions, landmark law in the United States signed into law by President of the United States, United States President Lyndon B. Johnson during the King assassination riots. Titles ...

and

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

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 unspecified retailer.

Lawsuit from Military Channel

Also in March 2006, PNC Bank was sued by Paul Bariteau, an investor in the Military Channel. 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 "oppre ...

National Prearranged Services fraud

According to a lawsuit, funds entrusted to National Prearranged Services (NPS), a St.Louisbased 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 and ordered a retrial. In 2021, a $106 million judgement was affirmed by the Eighth Circuit.

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 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 bonds is often ...

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 "Dire ...

, and the Rainforest Action Network due to its funding of companies engaged in mountaintop removal mining in

Appalachia Appalachia ( ) is a geographic region located in the Appalachian Mountains#Regions, central and southern sections of the Appalachian Mountains in the east of North America. In the north, its boundaries stretch from the western Catskill Mountai ...

. 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 An annual general meeting (AGM, also known as the annual meeting) is a meeting of the general membership of an organization. These organizations include membership associations and companies with shareholders. These meetings may be required ...

, fasting, and boycotts.

Cancelling MxM News Financial Accounts

On Mar 2, 2023, Donald Trump Jr., cofounder of news aggregator MxM News, tweeted that PNC had abruptly cancelled all financial services for MxM without explanation. Trump and cofounder Taylor Budowich alleged that PNC disapproved of Trump’s political leanings since no reason was given for the closure. PNC claimed it was a “good faith error” and reopened the account.

Notable corporate buildings

* The Tower at PNC Plaza in

(current corporate headquarters) * One PNC Plaza in Pittsburgh, Pennsylvania * Two PNC Plaza in Pittsburgh, Pennsylvania * Three PNC Plaza in Pittsburgh, Pennsylvania *

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. At tall, it is the tallest building i ...

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

Philadelphia, Pennsylvania Philadelphia ( ), colloquially referred to as Philly, is the List of municipalities in Pennsylvania, most populous city in the U.S. state of Pennsylvania and the List of United States cities by population, sixth-most populous city in the Unit ...

* PNC Bank Building in

Columbus, Ohio Columbus (, ) is the List of capitals in the United States, capital and List of cities in Ohio, most populous city of the U.S. state of Ohio. With a 2020 United States census, 2020 census population of 905,748, it is the List of United States ...

* PNC Bank Building in

Toledo, Ohio Toledo ( ) is a city in Lucas County, Ohio, United States, and its county seat. It is located at the western end of Lake Erie along the Maumee River. Toledo is the List of cities in Ohio, fourth-most populous city in Ohio and List of United Sta ...

* PNC Bank Building in

Washington, D.C. Washington, D.C., formally the District of Columbia and commonly known as Washington or D.C., is the capital city and federal district of the United States. The city is on the Potomac River, across from Virginia, and shares land borders with ...

* PNC Center in

Cincinnati, Ohio Cincinnati ( ; colloquially nicknamed Cincy) is a city in Hamilton County, Ohio, United States, and its county seat. Settled in 1788, the city is located on the northern side of the confluence of the Licking River (Kentucky), Licking and Ohio Ri ...

* PNC Center in

Cleveland, Ohio Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, Ohio, Cuyahoga County. Located along the southern shore of Lake Erie, it is situated across the Canada–United States border, Canada–U.S. maritime border ...

(former headquarters of

National City Corp. National City Corporation was a regional bank holding company based in Cleveland, Ohio, 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 National Ci ...

) * PNC Center and Hyatt Regency Indianapolis in

Indianapolis, Indiana Indianapolis ( ), colloquially known as Indy, is the List of capitals in the United States, capital and List of municipalities in Indiana, most populous city of the U.S. state of Indiana and the county seat of Marion County, Indiana, Marion ...

* PNC Center in

Troy, Michigan Troy is a city in Oakland County, Michigan, Oakland County in the U.S. state of Michigan. A northern suburb of Metro Detroit, Detroit, Troy is located about north of downtown Detroit. As of the 2020 census, the city had a population of 87,294, ...

* PNC Plaza in

Louisville, Kentucky Louisville is the List of cities in Kentucky, most populous city in the Commonwealth of Kentucky, sixth-most populous city in the Southeastern United States, Southeast, and the list of United States cities by population, 27th-most-populous city ...

* PNC Plaza in

Raleigh, North Carolina Raleigh ( ) is the List of capitals in the United States, capital city of the U.S. state of North Carolina. It is the List of municipalities in North Carolina, second-most populous city in the state (after Charlotte, North Carolina, Charlotte) ...

* PNC Tower in

(PNC is a major tenant) * One Tampa City Center in

Tampa, Florida Tampa ( ) is a city on the Gulf Coast of the United States, Gulf Coast of the U.S. state of Florida. Tampa'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 t ...

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

Dallas, Texas Dallas () is a city in the U.S. state of Texas and the most populous city in the Dallas–Fort Worth metroplex, the List of Texas metropolitan areas, most populous metropolitan area in Texas and the Metropolitan statistical area, fourth-most ...

File:3 pnc plaza.jpg, Three PNC Plaza, Pittsburgh, Pennsylvania File:Two PNC Plaza.jpg, Two PNC Plaza, Pittsburgh, Pennsylvania File:PNC Tower new.JPG, PNC Tower,

File:Rbcplaza.JPG, PNC Plaza,

File:PNC Plaza.JPG, PNC Plaza,

File:PNClev.jpg, PNC Center,

File:WTP D10 AMP 1.jpg, PNC Bank Building,

File:PNCColumbus.JPG, PNC Bank Building,

File:USA-Cincinnati-PNC Center.JPG, PNC Center,

File:National City Bank Building, Toledo.JPG, PNC Bank Building,

Naming rights and sponsorships

PNC owns corporate

naming rights Naming rights are a financial transaction and form of advertising or memorialization where a corporation, person, or other entity purchases the right to name a facility, object, location, program, or event (most often sports venues), typical ...

to the following: * PNC Park, a

ballpark A ballpark, or baseball park, is a type of sports venue where baseball is played. The playing field is divided into two field sections called the infield and the outfield. The infield is an area whose dimensions are rigidly defined in part ba ...

, home of the

MLB Major League Baseball (MLB) is a professional baseball league composed of 30 teams, divided equally between the National League (baseball), National League (NL) and the American League (AL), with 29 in the United States and 1 in Canada. MLB i ...

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 (baseball), National League (NL) National League Central, Central ...

. * PNC Field, a

Moosic, Pennsylvania Moosic ( ) is a borough in Lackawanna County, Pennsylvania, United States, south of downtown Scranton and northeast of downtown Wilkes-Barre, on the Lackawanna River. Moosic is in a former coal-mining region. A few older industries existe ...

, 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 ...

the Triple-A

minor league baseball Minor League Baseball (MiLB) is a professional baseball organization below Major League Baseball (MLB), constituted of teams affiliated with MLB clubs. It was founded on September 5, 1901, in response to the growing dominance of the National Le ...

affiliate of the

New York Yankees The New York Yankees are an American professional baseball team based in the Boroughs of New York City, New York City borough of the Bronx. The Yankees compete in Major League Baseball (MLB) as a member club of the American League (AL) Am ...

. * PNC Bank Arts Center, an outdoor amphitheatre in Holmdel Township, New Jersey. * PNC Music Pavilion, an outdoor amphitheatre in

Charlotte, North Carolina Charlotte ( ) is the List of municipalities in North Carolina, most populous city in the U.S. state of North Carolina and the county seat of Mecklenburg County, North Carolina, Mecklenburg County. The population was 874,579 at the 2020 United ...

. * PNC Sports Complex at the Knott Arena in Emmitsburg, Maryland, home of the Mount St. Mary's Mountaineers

men's basketball Basketball is a team sport in which two teams, most commonly of five players each, opposing one another on a rectangular Basketball court, court, compete with the primary objective of #Shooting, shooting a basketball (ball), basketball (appro ...

and

women's basketball Women's basketball is the team sport of basketball played by women. It was first played in 1892, one year after men's basketball, at Smith College in Massachusetts. It spread across the United States, in large parts via women's college compet ...

teams. * PNC Plaza at the

American Airlines Center The American Airlines Center (AAC) is a multi-purpose List of indoor arenas, indoor arena located in the Victory Park, Dallas, Victory Park neighborhood in downtown Dallas, Texas. The arena serves as the home of the Dallas Stars of the National ...

, home of the

NBA The National Basketball Association (NBA) is a professional basketball league in North America composed of 30 teams (29 in the United States and 1 in Canada). The NBA is one of the major professional sports leagues in the United States and Ca ...

Dallas Mavericks The Dallas Mavericks (often referred to as the Mavs) are an American professional basketball team based in Dallas. The Mavericks compete in the National Basketball Association (NBA) as a member of the Southwest Division (NBA), Southwest Divisi ...

, and

NHL The National Hockey League (NHL; , ''LNH'') is a professional ice hockey league in North America composed of 32 teams25 in the United States and 7 in Canada. The NHL is one of the major professional sports leagues in the United States and Cana ...

Dallas Stars The Dallas Stars are a professional ice hockey team based in Dallas. The Stars compete in the National Hockey League (NHL) as a member of the Central Division (NHL), Central Division in the Western Conference (NHL), Western Conference. The Stars ...

. PNC is a sponsor of the following: *

Official Partner of the American Airlines Center. *

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

Official Bank of the Carolina Hurricanes. *

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 of the National Football Conference (NFC) NFC North, North division. They are one of two remaining ...

Official Bank of the Chicago Bears. * Chip Ganassi Racing Primary sponsor on the No. 9 Dallara DW12-Honda of driver Scott Dixon in the NTT IndyCar Series. * Cincinnati Reds Official Bank of the Cincinnati Reds. *

Official Partner of the Dallas Stars. * NASCAR Official Bank of NASCAR * North Carolina State University Official Bank of North Carolina State. *

Official Bank of the Pittsburgh Pirates. * Pittsburgh Steelers Official Bank of the Pittsburgh Steelers. * Sesame Street Official Partner of Sesame Street. * University of Louisville Official Bank of the University of Louisville. * Washington Nationals Official Bank of the Washington Nationals. * Wilkes-Barre/Scranton Penguins Official Bank of the Wilkes-Barre/Scranton Penguins.

Chief executives

* William S. Demchak, since April 23, 2013 * Jim Rohr, James E. Rohr CEO May1, 2000April23, 2013, Chairman May 2001April 2014 * Thomas H. O'Brien CEO of PNC April 1, 1985 – May 1, 2000 ** Robert C. Milsom CEO of Pittsburgh National 1985December31, 1989 * Merle E. Gilliand November 1968April1, 1985

References

External links

* {{Authority control 1852 establishments in Pennsylvania American companies established in 1852 Banks based in Pennsylvania Pittsburgh Economy of the Midwestern United States Economy of the Northeastern United States Economy of the Northwestern United States Economy of the Southeastern United States Economy of the Southwestern United States Companies listed on the New York Stock Exchange Banks established in 1852 Mortgage lenders of the United States Online brokerages Companies based in Pittsburgh Rogue trading banks Primary dealers Subprime mortgage lenders Systemically important financial institutions Investment banks in the United States

History

Legal issues

Overcharging of Black and Hispanic borrowers by National City

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

Cancelling MxM News Financial Accounts

Notable corporate buildings

Naming rights and sponsorships

Chief executives

See also

References

External links