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More info of PNC Bank
We highlight the importance of knowing the major U.S. banks, not only for their past, but also for their current advantages.
As a benchmark comparator on both sides of the continent, at Busconómico we want to help you evaluate these brands with such a long tradition. One of them is PNC Bank, whose origins date back to the 19th century and which we will learn more about below.
PNC Bank at the present time
PNC Bank actually represents one of the most important subsidiaries of the PNC Financial Services Group. Founded in Pittsburgh (Pennsylvania), it is headquartered in this city and also has offices established in 29 states of the American Union plus the District of Columbia, totaling more than 2,600 branches in the eastern part of the country.
In terms of importance, this institution belongs to the top 10 largest banks in terms of assets and is among the top 5 in terms of ATM volume, behind only the largest banks, such as Bank of America or Chase Bank.
As a curious fact, the name PNC corresponds to the initials of the companies that formed it and that merged in 1983: Provident National Corporation and Pittsburgh National Corporation.
PNC Services
As a financial institution, PNC Bank focuses on retail services for consumers and small businesses. Within its portfolio, the following departments stand out:
- Asset Management. They have an institutional service and another for wealth management for people with a high socioeconomic profile.
- Internet banking. Its Virtual Wallet accounts can be accessed through a free app. Designed for the Y generation, there are 3 accounts integrated in one: Spend (checking), Reserve (checking with interest) and Growth (savings).
- Personal loans and credits. This category includes products for commercial, private, student, automotive and credit card investments. They are distinguished by their numbers and amounts granted.
- Mortgages. Here you find 2 main classifications: residential and for commercial use. Within the latter, it offers support for purchase, development and permanent financing based on treasury management, capital markets and terms.
A Brief History of PNC Bank
As noted, the beginnings of this institution are found in the Pittsburgh Trust and Savings Company, created in 1845. In 1858, the company moved to its present location at the corner of Fifth Ave. and Wood Street.
By 1863, its name had changed to First National Bank of Pittsburgh and it was the first to apply for a national charter during financial reform.
In the 1930s, this entity achieved greater influence due to its alliance with the Peoples-Pittsburgh Trust Company. In those depression years, they devoted much effort to municipal development.
Later, both companies would establish agencies in the small manufacturing communities of western Pennsylvania and begin to offer easily accessible loans.
After World War II (1946), these institutions merged to create the Peoples First National Bank and Trust Co. This was followed by the integration with the Fidelity Trust Company to establish the Pittsburgh National Bank, adopting the triangular logo that represents the industrial and commercial strength of the city.
This entity was the founder of BlackRock (the world's largest asset management firm), but sold its majority stake in 2020, thus ceasing to be linked to the private equity fund.
Provident National Corporation
This base company of PNC Bank was founded in 1865 under the name of Provident Life and Trust Company and was dedicated to the insurance business. A little less than 60 years later, this company would become two separate entities: the Provident Trust Company and the Mutual Life Insurance Company.
In 1957, the former merged with Provident Tradesmens Bank and Trust Co. to form Provident National Bank. These events would be relevant to what would happen later on.
Following the banking changes (1982), Pittsburgh National and Provident National would take the opportunity to merge in 1983, forming the current PNC Financial Corporation.
This would be followed by the integration in 1986 with Citizens Fidelity Corp. and the purchase of The Central Bancorporation and also of the Bank of Delaware Corp.
Consolidation of PNC Financial Group
The decade of the 90's meant many changes for this financial institution. They began in 1990 with the unification of platforms to offer common services regardless of geographic location and the following year they purchased the First Federal Savings and Loan Association of Pittsburgh.
In addition to the 9 acquisitions made up to 1996, they were able to enter the New Jersey and Philadelphia markets by merging with Midlantic Corporation (1995).
Beginning in the new century, PNC Bank was an important part of the growth of the financial group that bears its name. Its long history speaks to a dedicated commitment to people, businesses and organizations.
In 2021, the institution acquired the business of the spanish bank BBVA in the United States, expanding its presence westward, especially in states such as Texas, California, Arizona and Colorado.
For these and other reasons, PNC Bank is one of the most recognized financial institutions in the country and we are pleased to introduce you to its products in the Busconómico search engine, with updated analysis and reviews.
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Contact info
Social denomination:
PNC Financial Services Group, Inc
Address:
Tower at PNC Plaza, Pittsburgh, Pennsylvania , U.S.