PNC Bank is on the list of largest banks in the United States by assets and is one of the largest banks by number of branches, deposits, and number of ATMs.
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27 Facts About PNC Bank
2.
PNC Bank operates one of the largest treasury management businesses and the second largest lead arranger of asset-based loan syndications in the United States.
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3.
Since 1984, PNC Bank has compiled the Christmas Price Index, a humorous economic indicator which estimates the prices of the items found in the song "The Twelve Days of Christmas".
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4.
PNC Bank Mortgage is credited with funding the first mortgage in the United States and has offices across the country.
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5.
Between 1991 and 1996, PNC purchased more than ten smaller banks and financial institutions, including the $30 billion dollar merger of Midlantic Bank of Edison New Jersey in 1996, that at the time, was one-third the size of PNC.
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6.
In 1998, PNC Bank acquired Hilliard Lyons for $275 million in cash and stock.
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7.
In 2001, PNC Bank sold the original PNC Bank Mortgage to Washington Mutual due to volatility in the market.
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8.
In 2004, PNC Bank acquired United National Bancorp based in Bridgewater, New Jersey for $321 million in cash and 6.
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9.
In 2005, PNC Bank acquired Riggs National Corporation of Washington, DC Riggs had been fined after aiding Chilean dictator Augusto Pinochet in money laundering.
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10.
On March 2,2007, PNC acquired Maryland-based Mercantile Bankshares, making PNC the 8th largest bank in the United States by deposits.
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11.
On October 26,2007, PNC acquired Yardville National Bancorp, a small commercial bank centered in central New Jersey and eastern Pennsylvania.
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12.
On September 15,2007, PNC Bank acquired Citizens National Bank of Laurel, Maryland.
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13.
In July 2010, PNC sold its Global Investment Servicing subsidiary to The Bank of New York Mellon to repay funds from the Troubled Asset Relief Program, which had been used for the National City acquisition in 2008.
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14.
In December 2011, PNC acquired 27 branches in the northern Atlanta suburbs with $240 million in deposits and $42 million in book value from Flagstar Bank.
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15.
RBC PNC Bank had a 426 branches in southern Virginia, North Carolina, South Carolina, Georgia, Alabama, and Florida.
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16.
On July 30,2012, PNC Bank announced plans to put ATMs in 138 Harris Teeter grocery stores in the Carolinas, plus 53 other stores.
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17.
In September 2014, PNC Bank acquired Solebury Capital Group, a capital markets advisory firm, for $50 million.
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18.
The building, owned by PNC Bank and designed by Gensler, won awards for its environmentally friendly features.
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19.
PNC Bank ranked 165th on the 2018 Fortune 500 list of the largest United States corporations by revenue.
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20.
In 2018, PNC began opening "Solution Centers", a hybrid between traditional bank branches and ATM-only services, mostly serving new markets.
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21.
In December 2013, the Department of Justice and the Consumer Financial Protection Bureau announced that they had reached an agreement with National City Bank to resolve allegations that the bank had charged Black and Hispanic borrowers higher prices for mortgages between 2002 and 2008, before the acquisition by PNC.
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22.
Also in March 2006, PNC Bank was sued by Paul Bariteau, an investor in the Military Channel.
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23.
Bariteau claimed PNC Bank let the chairman of the Military Channel make unauthorized withdrawals of millions of dollars from the company's account for personal use.
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24.
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.
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25.
In 2017, PNC Bank agreed to pay $16 million to settle claims of overtime wages by loan officers under the Fair Labor Standards Act.
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26.
PNC Bank is the successor to Allegiant Bank, which served as a trustee for NPS from 1998 to 2004.
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27.
In 2015, PNC Bank was one of 22 companies that violated disclosure requirements for municipal bonds by failing to divulge that the issuers had filed late financial reports.
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