PNC Bank
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PNC Bank is the flagship subsidiary of the PNC Financial Services Group, Inc. formly known as Pittsburgh National Bank and Provident National Bank based out of Pittsburgh, Pennsylvania, PNC Bank[] offers consumer and corporate services in nearly 800 branches in Delaware, the District of Columbia, Florida, Virginia, Kentucky, New Jersey, Ohio, Maryland, and Pennsylvania. PNC also owns about 70% of publicly traded fund manager BlackRock, which specializes in fixed-income products. BlackRock is in the process of merging with Merrill Lynch Investment Managers. The PNC Bank has 2 skyscrapers in Pittsburgh, PA and it is in the process of building PNC Plaza 3. It will be a 23 story mixed use green (one of the largest green building of its type in the U.S.A) building. The building will feature 11 stories of office space, nearly half of which will be occupied by the venerable Downtown law firm of Reed Smith. PNC is expected to take the rest of the office space. An upscale hotel with 185 rooms, about 35 more than originally planned, will occupy the upper 10 floors along with 30 luxury condominiums. The condos and hotel will share floors, but be separate from each other, with access by different elevators. The 13 buildings where the building will be built will be torn down in August 2006, and it will be completed in late 2008.
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 hide them from investors. [More Information...]
In 2004, PNC acquired the former United National Bancorp based in Bridgewater, New Jersey, and later announced that it will buy the Riggs National Bank which operates in the Washington, DC, area.
In 2005, PNC successfully completed the acquisition of Washington, DC, based Riggs National Bank but only after Riggs filed a lawsuit against PNC Bank. PNC wanted to void the deal after Riggs spent six months preparing the merger at their request. [More Information...]
In March 2006, PNC Bank was forced to reissue hundreds of debit cards to customers when their account information was compromised. [More Information...] In the same month, PNC Bank was sued by Paul Bariteau who was an investor in the Military Channel. Bariteau claims PNC let the channel’s chairman make unauthorized withdrawals of millions of dollars from the channel's account for personal use. [More Information...]
In April 2006, the J.D. Power Consumer Center released the results of its New York Retail Banking Satisfaction Study indicating that PNC Bank had an average number of satisfied customers.[link]
PNC has also subcontracted with American Express, Discover, ABN-AMRO, and Washington Federal to do home equity loans. They send out bulk mailings with offers and have a call center in Pennsylvania to handle this business.
See also
- PNC Park, home of the Pittsburgh Pirates
External links
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