PNC Financial Services Group

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name: PNC Financial Services Group

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PNC Financial Services Group (PNC Financial Services) is an American financial services company headquartered in Pittsburgh. The company’s business includes franchising regional banks in 19 states and the District of Columbia, specialized financial services, providing services to enterprises and government agencies, leading key asset management projects and processing businesses.

PNC Financial Services Group is the fifth largest bank (headquarters) in the United States, the sixth largest deposit bank, the sixth largest bank by total assets and the third largest bank ATM provider.

The history of the PNC Financial Services Group can be traced back to the Pittsburgh Trust & Savings Corporation established in Pittsburgh, Pennsylvania in 1852. In 1858, the headquarters of the Pittsburgh Trust and Savings Company was located on the corner of Fifth Avenue and Timber Street in Pittsburgh, and the headquarters of the Pittsburgh Trust and Savings Company still remains there.

The Pittsburgh Trust and Savings Company was renamed the First National Bank of Pittsburgh after 1863, and the First National Bank of Pittsburgh became the first bank under the National Banking Act that year.

By 1959, the First National Bank of Pittsburgh had evolved into the Pittsburgh National Bank after a series of mergers, and later became the main subsidiary of the Pittsburgh National Corporation.

In 1982, Pittsburgh Trust and Savings Corporation and Thrift National Corporation merged to form the PNC Financial Services Group. The merger of these two companies was the largest bank merger in American history.

In 2005, PNC Financial Services Group acquired Riggs Bank in Washington, DC. The chairman of the group is Jim Rohr and the chief executive officer is William Demchak.

In fiscal year 2011, PNC Financial Services Group’s revenue was US$14.326 billion, operating income was US$4.069 billion, net income was US$3.071 billion, total assets were US$271.205 billion, and total equity was US$37.246 billion. As of 2011, the group has 51891 employees.

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