PNC Financial Services Group, Inc. history, company profile (overview) and history video
PNC Financial Services Group, Inc. is a banking and financial services company headquartered in Pittsburgh, Pennsylvania, United States.
PNC HISTORY
PNC Financial Services traces its history back to 1845, when the Pittsburgh Trust and Savings Company was founded in Pittsburgh, Pennsylvania.
In 1853, the bank changed its name to The Pittsburgh Trust Company.
In 1863, the bank was renamed First National Bank of Pittsburgh.
In 1946, First National Bank of Pittsburgh merged with Peoples-Pittsburgh Trust Company to form Peoples First National Bank & Trust.
In 1959, Peoples First National Bank & Trust merged with Fidelity Trust Company to form Pittsburgh National Bank.
In 1982, Pittsburgh National Corporation merged with Provident National Corporation to form a new entity named PNC Financial Corporation. At that time, it was the largest bank merger in American history. The name “PNC” is derived from the same initials of both of the PNC’s predecessor companies: Pittsburgh National Corporation and Provident National Corporation.
In 1998, PNC acquired Hilliard Lyons.
In 2000, PNC Financial Corporation changed its name to PNC Financial Services Group.
In 2005, PNC acquired Riggs National Corporation of Washington, D. C.
In 2005, PNC began outsourcing mortgages to Wells Fargo.
In March 2007, PNC acquired Mercantile Bankshares.
In October 2007, PNC acquired Yardville National Bancorp.
In 2008, PNC acquired National City Corporation.
In 2010, PNC sold its Global Investment Servicing (GIS) subsidiary to the Bank of New York Mellon.
In 2011, PNC acquired RBC Bank (USA), the U.S. subsidiary of Royal Bank of Canada.
In 2011, the company also acquired 27 branches in metropolitan Atlanta, Georgia, from Flagstar Bank, a subsidiary of Flagstar Bancorp, Inc.
In 2012, PNC acquired RBC Bank (Georgia), N.A., the United States-based retail banking division of the Royal Bank of Canada (RBC)
In 2014, PNC acquired Solebury Capital Group, a capital markets advisory company.
In 2017, PNC acquired The Trout Group, an investor relations and strategic advisory company servicing the healthcare industry.
In 2018, PNC acquired Fortis Advisors, a provider of post-merger shareholder services.
In 2020, PNC sold its stake in BlackRock.
In 2021, PNC acquired BBVA USA, a subsidiary of Banco Bilbao Vizcaya Argentaria (BBVA).
OPERATIONS
The company operates through the following business segments: Personal, Small Business, and Corporate & Institutional.
Personal
The Personal segment consists of banking accounts, debit & credit cards, savings, mortgages, personal loans, auto loans, investments, wealth management, and others.
Small Business
The Small Business segment covers business accounts, business credit cards, savings, payments, treasury management, loans, vehicle finance loans, commercial real estate loans, retirement plans, health savings accounts, and others.
Corporate & Institutional
The Corporate & Institutional segment involves financing services, institutional asset management, retirement plans, treasury management, capital markets-related products and services, foreign exchange, international services, and others.
With more than 53,000 employees, PNC Financial Services Group, Inc. is considered one of the largest diversified financial services institutions in the United States. According to Forbes, it is considered one of the Largest Public Companies in the World.
*Information from Forbes.com, Wikipedia.org, and ”www.pnc.com/en”.
**Video published on YouTube by “Companies History“.