PNC Financial Services Group Inc. agreed to buy the U.S. arm of Spain’s BBVA for $11.6 billion, the companies said Monday, in one of the largest bank tie-ups since the financial crisis. [28][32], On September 15, 2007, PNC Bank acquired Citizens National Bank of Laurel, Maryland. If you have a physical or other impairment that might require an accommodation (including any technical assistance with the PNC Careers website or submission process), whether during the job application and hiring process or afterward if you are selected for a PNC position, please call 877-968-7762 and select Recruiting … 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[12] as part of that year's National Banking Act. PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset … The PNC Financial Services Group is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset … [citation needed], By 2014, the movement had spread across the country. On March 2, 2007, PNC acquired Maryland-based Mercantile Bankshares, making PNC the 8th largest bank in the United States by deposits. In February 2012, EQAT convinced various Quaker groups to withdraw nearly two million dollars (later increased to over three million) invested with PNC, and in April of that year, EQAT along with students from various colleges, protested by dancing to bluegrass music next to the University of Pennsylvania’s PNC campus branch. [73], In 2015, PNC was one of 22 companies that violated disclosure requirements for municipal bonds by failing to divulge that the issuers had filed late financial reports. [1], As of December 31, 2017, PNC had $5.3 billion in outstanding credit card loans. The bank was renamed The Pittsburgh Trust Company in 1853. PNC Bank has branches in 19 states and the District of Columbia and offices in Canada, China, Germany and the United Kingdom. [41], In July 2010, PNC sold its Global Investment Servicing (GIS) subsidiary to The Bank of New York Mellon to repay funds from the Troubled Asset Relief Program, which were used for the National City acquisition. [28][34], On October 24, 2008, during the financial crisis of 2007-2008, the National City acquisition by PNC for $5.2 billion in stock was completed. [1] In 2016, PNC ranked as the 12th largest credit card issuer, with $33 billion in purchase volume.[7]. Operating out of offices in the United States, Canada, and the United Kingdom, PNC Business Credit provides asset-based lending to private equity firms and middle market companies. Hispanics paid $125 more upfront and $154 more annually than white borrowers. [69], 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. Regulators claimed that National City had violated the Fair Housing Act and Equal Credit Opportunity Act by charging more than 75,000 borrowers higher loan rates based on their race or ethnicity rather than their risk level. During the fast, members publicly protested dressed in traditional Quaker costumes when the Philadelphia Chamber of Congress awarding PNC's J. William Mills with the William Penn Award. [1], This is the second mortgage division to be named PNC Mortgage. On December 6, 2014, thirty protests were held in branches across twelve states. [79], Students at Temple University and Swarthmore College held sit-ins to protest the bank, and EQAT next protested PNC by conducting Quaker-style worship (sitting in silence until let to speak) during a shareholders meeting in D.C. "At the end of the meeting, the activists gave a gift bag to CEO James Rohr with a framed picture of the Appalachian Mountains and a pamphlet about the dangers of mountaintop removal." [1][3][4] The pending BBVA USA acquisition would boost its presence in Colorado and Texas significantly, complement their existing presence in Alabama and Florida, and introduce the bank to the Arizona, California, and New Mexico markets. [46][47][48], In 2012, PNC acquired RBC Bank from Royal Bank of Canada for $3.45 billion. [58][59], In November 2017, the company acquired The Trout Group, an investor relations and strategic advisory firm servicing the healthcare industry. Protesters sang Christmas carols while delivering stockings full of coal to a PNC Bank in Media, Pennsylvania." [5], PNC is one of the largest Small Business Administration lenders. The PNC Financial Services Group, Inc. NYSE: PNC $177.40 down $-1.36 (-0.76%) BLK. Another branch of the current bank, the Philadelphia-based Provident National Corporation, dates back to 1865. PNC Financial Services Group, Inc. (stylized as PNC) is a bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. PNC operates one of the largest treasury management businesses and the second largest lead arranger of asset-based loan syndications in the United States. [70], In 2017, PNC agreed to pay $16 million to settle claims of overtime wages by loan officers under the Fair Labor Standards Act. Two weeks later, they held a "die-in" alongside activists from Occupy Philadelphia, where protesters acted dead by laying on the floor of a PNC bank. [78] After the bank ignored their request, EQAT began to protest. Currency in USD, Trade prices are not sourced from all markets. EQAT held a series of protests at PNC branches along the way. PNC Financial Services Group, Inc. is a holding company, which engages in the provision of financial services. Police arrested the leader George Lakey and three others. [14] It originally opened offices at Liberty Avenue and 12th Street. On October 21, 2013, EQAT staged the largest bank branch protest in U.S. history. [1] Hawthorn Family Wealth provides asset management services for family offices with over $20 million in net worth and directly oversaw almost $31 billion as of 2017. All rights reserved. However, none of the companies with which PNC conducted business produced that much coal via mountaintop removal, and thus the new policy did not represent change. Overview. BlackRock, Inc. NYSE: BLK $781.71 down $-2.31 (-0.29%) Related Articles. 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