PNC

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Business Overview
PNC offers a wide range of services for all our customers, from individuals and small businesses, to corporations and government entities. No matter how simple or complicated your needs, we're sure to have the products, knowledge and resources necessary for financial success.
Our businesses are broken up into the following categories:


Retail Banking

We provide deposit, lending, cash, management and investment services to more than 2.9 million consumer and small business customers in Pennsylvania, New Jersey, Maryland, Virginia, Delaware, Ohio, Kentucky, Indiana and the District of Columbia. No matter how you choose to bank with us -- by visiting one of our over 1,000 branches, using one of our 3,900 ATM machines, or by visiting our online banking site -- we make it easy to bank with us.

Our wealth management group offers a broad range of tailored investment, trust and private banking products and services to affluent individuals and families, including the ultra-affluent through our Hawthorn unit. Full service brokerage is provided through PNC Investments, LLC. We can also serve as investment manager and trustee for employee benefit plans and charitable and endowment assets for organizations across the country. With approximately $65 billion in assets under management, PNC is one of America's largest wealth managers.


Corporate & Institutional Banking

Our corporate & institutional banking business is a dominant player with middle market companies in our eight-state primary region. In recent years, PNC has built one of the nation's top 10 asset-based lending practices. Our real estate lending group, serves owners, operators, and developers across the United States. Reflecting our success in these segments, PNC is now the number two syndicator of middle market transactions across the country.

Underpinning our success is our outstanding set of credit, treasury management and capital markets products and services, many of which have been scaled to middle market sized entities and all of which are delivered by highly experienced relationship managers. PNC has also significantly expanded our value proposition to middle market-sized companies with the acquisition of Harris Williams, one of the nation's largest mergers and acquisitions advisory firms for that segment.


PFPC

With more than $2.6 trillion in total fund assets serviced and 76 million shareholder accounts, PFPC is a leading provider of processing, technology and business solutions to the global investment industry. We support an international client base from offices in the U.S. and Europe, offering fund accounting and administration services, transfer agency and shareholder services, global custody and securities lending services, subaccounting services, managed account services, alternative investment services, banking transaction services, marketing and distribution services and advanced output solutions.

The recent acquisitions of Albridge Solutions Inc., a provider of portfolio accounting and enterprise wealth management services, and Coates Analytics Group LP, a provider of Web-based analytics tools, continued the transformation of PFPC's business model. In addition to our processing capabilities, PFPC is increasingly a provider of information services to the global investment industry.


Asset Management

PNC owns 34 percent of BlackRock, one of the largest publicly traded investment management firms in the country, with more than $1.3 trillion in managed assets. BlackRock works on behalf of institutional and individual investors worldwide through a variety of equity, fixed income, liquidity and alternative investment products. In addition, it provides risk management, investment system outsourcing, and financial advisory services to a growing number of institutional investors.


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 working constantly 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.

New Opportunities

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 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; Hilliard Lyons, a full-service brokerage company; 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 PFPC 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, which include:
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. Conversion is expected to occur on September 15, 2007.

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 is expected to close early in the fourth quarter of 2007.
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 is expected to close in the first quarter of 2008.
On Nov. 16, 2007, PNC announced it signed a definitive agreement to sell J.J.B. Hilliard Lyons, Inc., a full-service brokerage and financial services provider headquartered in Louisville, Ky., to Bowling Green, Ky.-based Houchens Industries, Inc.



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
100 Best Companies For Working Mothers, Working Mother magazine
Corporate Stewardship Award Finalist, US Chamber of Commerce
Woodrow Wilson "Corporate Citizenship" Award for Jim Rohr and PNC
Technology Innovator in Financial Services, Information Week