KNOWLEDGE FINANCIAL.COM
FINANCIALSERVICES
PNC Financial Services (NYSE: PNC) is a U.S.-based financial services corporation, with
assets (as of December 31, 2008) of $138.9 billion. PNC operations include a regional
banking franchise operating primarily in eight states and the District of Columbia,
specialized financial businesses serving companies and government entities, and
leading asset management and processing businesses.
PNC is America's 5th largest bank by deposits and is the third largest bank off-premise
ATM provider in the country.[1]
HISTORY OF PNC;
PNC Financial Services traces its history to the Pittsburgh Trust and Savings Company
which was founded in Pittsburgh, Pennsylvania in 1852. In 1858 the company located its
corporate offices at the corner of Fifth Avenue and Wood Street in Pittsburgh where they
remain to this day.
By 1959, after a series of mergers, the Pittsburgh Trust and Savings Company had
evolved into the Pittsburgh National Corporation. Another branch of the current bank, the
Philadelphia based Provident National Corporation, dates to the mid-19th century.
In 1982, Pittsburgh National Corporation and Provident National Corporation merged
under the new entity named PNC Financial Corporation. Between 1991 and 1996 PNC
purchased over ten smaller banks and financial institutions that broadened its market
base from Kentucky to the Greater New York Metro area.
In 2005 PNC acquired Washington, D.C. based Riggs National Corporation. In 2006, PNC
announced that it would be acquiring Maryland-based Mercantile Bankshares in 2007.
On June 7, 2007, PNC announced the acquisition of Yardville National Bancorp, a small
commercial bank centered in central New Jersey and eastern Pennsylvania.
On July 19, 2007, PNC announced the acquisition of Sterling Financial Corporation, a
commercial and consumer bank with accounts and branches in central Pennsylvania,
northeastern Maryland and Delaware. These mergers made PNC the 8th largest bank by
deposits in the United States.
In an October 9, 2008 article in the Wall Street Journal, PNC was cited by unnamed
sources as one of the leading contenders to acquire Cleveland based National City Bank
[1]. On October 24, 2008, PNC announced that it would acquire National City.
The transaction will make PNC the fifth largest bank in the United States by deposits [2].
PNC will pay $5.58 billion to purchase National City stock and pay off warrant holders. As
part of the deal, PNC will receive $7.7 billion in capital under provisions of the federal
government's Emergency Economic Stabilization Act of 2008. [3] This "take-under"
enabled PNC to skirt capital ratio issues through the governments complicity in buying a
healthier bank at a discount to market value.
On October 24, 2008, PNC announced that it will acquire Cleveland, Ohio based National City
Bank for 5.2 Billion in PNC Stock.[8] The acquisition, which helps PNC double in size and
become the fifth largest bank in the United States by deposit and fourth largest by
branches, came hours after PNC sold 15% of its stake to the United States Treasury as part
of the $700 billion bailout plan.
PNC must buy back the stake from the U.S. Treasury within ten years, though the bank itself
expects to buy back the stake within five.[9] The deal was approved by shareholders of both
banks on December 23, 2008,[10] and completed on December 31, 2008.[11]
The deal made PNC the largest bank in Pennsylvania, Ohio, and Kentucky, as well as the
second largest bank in Maryland and Indiana. It will also greatly expanded PNC's presence
in the Midwest as well as entering the Florida market.

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-----------------------------------------------------
-------------------
By getting pre-qualified you
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-----------------------------------------------------
-------------------
Pre-approval can speed up the buying
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EQUITYCASH-OUT
Making the Most of Home Equity
The equity you have in your home can
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Home equity loans usually offer lower
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We offer a wide range of mortgage
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---------------------------------------------------------
-
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The Benefits of Home Ownership
Other than being able to say it's all
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FHA MORTGAGE LOAN PROGRAMS
FHA might be just what you need.
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Available on 1-4 unit properties.
----------------------------------------------------
-----------
Low down payments
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FHA HAS
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Benefits of an FHA-Insured Loan
If one or more of the following
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You're worried about qualifying for a
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You don't have perfect credit.
----------------------------------------------------
--------------
REVERSE MORTGAGE
A Reverse Mortgage is a home loan
available to individuals aged 62 or
older as a payout of home equity to
the borrower.
Reverse mortgage borrowers can
receive a lump sum, monthly
payments or hold the money in a
savings account as a credit line.
Commercial Mortgage for
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If you’re looking to buy a nice property in a great location in south Florida
Drastic price reductions, many options, negotiation power with interest rate still historically
low. What’s a better time to invest in real estate?
Real Estate remains among the best, the safest long-term investments
Let us help you purchase a property this year; and you will be thankful for years to come!
COMMERCIAL REAL ESTATE
Now is the Perfect Time for Investing in Commercial Real Estate.
Want to Know Why?
REAL ESTATE SERVICE:
LET A PROFESSIONAL REALTOR ASSIST YOU IN YOUR HOME BUYING & HOME SELLING
PROCESS.
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AT: 786-709-6577 --- Fortune International Realty
-----------------------------
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-----------------------------------
If you are considering buying, selling, financing, or refinancing a
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BUYING, SELLING, LEASING A REAL STATE PROPERTY IN SOUTH FLORIDA IS THE AFFAIR OF A LICENSED REAL ESTATE PROFESSIONAL.
CALL Mr. ANTONY AT: 786-709-577 FOR A COMPLETE REAL ESTATE SERVICE!
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