{{Short description|Major bank based in Pittsburgh}} {{Use American English|date=May 2026}} {{Use mdy dates|date=November 2025}} {{Infobox company | name = The PNC Financial Services Group, Inc. | logo = PNClogo.svg | image = 250px | image_caption = Tower at PNC Plaza in Pittsburgh | type = Public | traded_as = {{ubl|{{NYSE|PNC}}|S&P 500 component}} | predecessor = {{nowrap| Pittsburgh National Corporation<br>Provident National Corporation}} | foundation = {{start date and age|1845|04|10}}<br>Operational: {{start date and age|1852|01|28}} | location_city = Tower at PNC Plaza,<br>Pittsburgh, Pennsylvania | location_country = U.S. | locations = 2,629 branches 9,523 automated teller machines (2021) | area_served = Worldwide | key_people = William S. Demchak (chairman and CEO)<br>Mark Wiedman (president) | industry = {{hlist|Banking|Investment banking|Financial services}} | products = Consumer banking, Corporate banking, Private banking, Financial analysis, Insurance, Investment banking, Mortgage loans, Private equity, Wealth management, Credit cards | revenue = {{up}} {{US$|link=yes}}21.1 billion | revenue_year = 2022 | operating_income = {{up}} US$7.9 billion (2022) | net_income = {{up}} {{US$}}6.1 billion (2022) | assets = {{increase}} {{US$|557 billion}} (2022) | aum = {{down}} {{US$}}325 billion (2021) | equity = {{increase}} {{US$}}55.726 billion (2021) | num_employees = 59,426 (2021) | subsid = PNC Bank | ratio = 10.3% Tier 1 capital (2021) | website = {{URL|pnc.com}} | footnotes = <ref name="10K">{{Cite web |title=The PNC Financial Services Group, Inc. 2020 Annual Report (Form 10-K) |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/713676/000071367621000025/pnc-20201231.htm |publisher=U.S. Securities and Exchange Commission}}</ref> }}'''The PNC Financial Services Group, Inc.''' is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, '''PNC Bank''', operates in 27 states and the District of Columbia, with 2,629 branches and 9,523 ATMs. PNC Bank is one of the largest banks in the US by assets and by number of branches, deposits, and ATMs.
The company also provides financial services such as asset management, wealth management, estate planning, loan servicing, and information processing. PNC is one of the largest Small Business Administration lenders and one of the largest credit card issuers. It also provides asset-based lending to private equity firms and middle market companies. PNC operates one of the largest treasury management businesses and the second largest lead arranger of asset-based loan syndications in the United States. Harris Williams & Co., a subsidiary of the company, is one of the country's largest mergers and acquisitions advisory firms for middle-market companies. Midland Loan Services, a division of PNC Real Estate based in Overland Park, Kansas and founded in 1991, is ranked by Mortgage Bankers Association as the second largest master and primary servicer of commercial bank and savings institution loans.<ref>{{Cite press release |title=MBA Releases 2017 Year-End Commercial/Multifamily Servicer Rankings |date=February 11, 2018 |publisher=Mortgage Bankers Association |url=https://www.mba.org/2018-press-releases/february/mba-releases-2017-year-end-commercial/multifamily-servicer-rankings |access-date=March 25, 2018 |archive-date=April 7, 2022 |archive-url=https://web.archive.org/web/20220407005342/https://www.mba.org/2018-press-releases/february/mba-releases-2017-year-end-commercial/multifamily-servicer-rankings |url-status=dead }}</ref><ref name=10K/><ref>{{Cite web |title=Corporate Profile |url=https://www.pnc.com/content/dam/pnc-com/pdf/aboutpnc/Fact%20Sheets/CorporateProfile.pdf |website=PNC Bank}}</ref><ref name="Solution Centers">{{Cite web |title=PNC Solution Centers Provide a Space to Blend Physical and Digital Banking |url=https://www.pnc.com/insights/our-commitments/customers/pnc-solution-centers-blends-physical-digital-banking.html |website=PNC Bank}}</ref>
==History== thumb|right|200px|1970s-era Pittsburgh National Bank logo, used until the 1982 merger to form PNC Bank PNC Financial Services traces its history to the '''Pittsburgh Trust and Savings Company''' which was founded in Pittsburgh, Pennsylvania, on April 10, 1845.<ref name="firsthundred">{{Cite book |last=Thurston |first=George Henry |url=https://archive.org/details/alleghenycounty00thurgoog |title=Allegheny County's Hundred Years |date=January 1, 1888 |publisher=A. A. Anderson & Son |access-date=April 12, 2017 |via=Internet Archive}}</ref><ref name="Thurston">{{Cite book |last=Thurston |first=George H. |url=http://digital.library.pitt.edu/cgi-bin/t/text/text-idx?idno=00adg8023m;view=toc;c=pitttext |title=Allegheny county's hundred years |publisher=University of Pittsburgh, Digital Research Library |year=1888 |location=Pittsburgh |page=258}}</ref>
Due to the long recovery from the Great Fire of Pittsburgh, Pittsburgh Trust and Savings was not fully operational until January 28, 1852.<ref>{{Cite news |date=January 29, 1909 |title=An Important Anniversary |work=Pittsburgh Press |url=https://news.google.com/newspapers?nid=1144&dat=19090128&id=Vy4bAAAAIBAJ&pg=5484,5936448&hl=en |via=Google}}</ref> It originally opened offices at Liberty Avenue and 12th Street. The bank was renamed The '''Pittsburgh Trust Company''' in 1853.<ref name="White">{{Cite book |last=White |first=Edward |url=http://digital.library.pitt.edu/cgi-bin/t/text/text-idx?idno=00afw8219m;view=toc;c=pitttext |title=A century of banking in Pittsburgh |publisher=University of Pittsburgh, Digital Research Library |year=1903 |location=Pittsburgh |page=19}}</ref> In 1858, the company relocated its corporate offices to the corner of Fifth Avenue and Wood Street in Pittsburgh, where they remain to this day. The bank changed its name to '''First National Bank of Pittsburgh''' in 1863 after it became the first bank in the country to apply for a national charter as part of that year's National Banking Act.<ref name="firsthundred" /> It received the 48th charter on August 5, 1863, with other later banks receiving charters sooner due to paperwork problems and the fact that the bank was already in business.<ref name="firsthundred" /><ref name="White" />
In 1946, First National merged with Peoples-Pittsburgh Trust Company – with whom it had worked closely since the 1930s – to form '''Peoples First National Bank & Trust'''. In 1959, Peoples First merged with Fidelity Trust Company to form '''Pittsburgh National Bank'''. At this time, the bank adopted the first version of its present logo{{snd}}a stylized triangle representing the city's Golden Triangle.<ref>{{Cite web |title=Corporate History |url=https://www.pnc.com/en/about-pnc/company-profile/legacy-project/corporate-history.html |access-date=March 23, 2022 |website=PNC}}</ref><ref>{{Cite news |last=Sabatini |first=Patricia |date=August 10, 1999 |title=Obituaries: Ex-bank executive and hospital trustee |page=C6 |work=Pittsburgh Post-Gazette |url=https://news.google.com/newspapers?nid=1129&dat=19990810&id=L4VSAAAAIBAJ&pg=6600,7822868&hl=en |via=Google}}</ref>
{{anchor|Provident National Bank}}Another branch of the current bank, the Philadelphia-based Provident National Corporation, dates back to 1865.<ref>{{Cite web |title=PNC Predecessor Banks: Provident National Corporation |url=https://www.pnclegacyproject.com/provident.html |url-status=dead |archive-url=https://web.archive.org/web/20190216175559/https://www.pnclegacyproject.com/provident.html |archive-date=February 16, 2019 |access-date=April 13, 2017}}</ref>
In 1982, Pittsburgh National Corporation and Provident National Corporation, both with PNC as their abbreviations, merged into a new entity named '''PNC Financial Corporation'''. It was the largest bank merger in American history at the time and created a company with $10.3 billion in assets.<ref>{{Cite news |date=November 3, 1982 |title=Banking Mergers Flourish |work=The New York Times |url=https://www.nytimes.com/1982/11/03/business/banking-mergers-flourish.html |url-access=subscription}}</ref><ref>{{Cite news |date=April 19, 1982 |title=The merger of two bank holding companies was announced |work=United Press International |url=http://www.upi.com/Archives/1982/04/19/The-merger-of-two-bank-holding-companies-was-announced/4882388040400/}}</ref> Between 1991 and 1996, PNC purchased more than ten{{clarification needed|date=September 2025|reason=how many?}} smaller banks and financial institutions, including the $30 billion dollar merger of Midlantic Bank of Edison New Jersey in 1996, that at the time, was one-third the size of PNC. That broadened its market base from Kentucky to the New York metropolitan area.{{Citation needed|date=March 2020}}
{| class="wikitable" |+Financial Summary<ref>{{Cite web |title=Financial Information |url=https://investor.pnc.com/financial-information |access-date=February 16, 2023 |website=The PNC Financial Services Group, Inc. |language=en}}</ref> | '''($ millions)''' |'''2017''' |'''2018''' |'''2019''' |'''2020''' |'''2021''' |'''2022''' |'''2023''' |- |Total Revenue |$ 15,252 |$ 16,190 |$ 16,839 |$ 16,901 |$ 19,211 |$ 21,120 |$21,490 |- |Net Income |$ 4,598 |$ 4,558 |$ 4,591 |$ 3,003 |$ 5,725 |$ 6,113 |$5,647 |- |Assets |$ 380,768 |$ 382,315 |$ 410,295 |$ 466,679 |$ 557,191 |$ 557,263 |$561,580 |- |Loans |$ 220,458 |$ 226,245 |$ 239,843 |$ 241,928 |$ 288,372 |$ 326,025 |$321,508 |- |Deposits |$ 265,053 |$ 267,839 |$ 288,540 |$ 365,345 |$ 457,278 |$ 436,282 |$421,418 |}
Since 1984, PNC 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".<ref>{{Cite web |title=PNC Christmas Price Index |url=https://www.pncchristmaspriceindex.com/}}</ref>
In 1998, PNC acquired Hilliard Lyons for $275 million in cash and stock.<ref>{{Cite news |last=Murray |first=Matt |date=August 21, 1998 |title=PNC Bank to Buy Hilliard-Lyons For $275 Million in Cash and Stock |work=The Wall Street Journal |url=https://www.wsj.com/articles/SB903656883392614000 |url-access=subscription}}</ref> Hilliard Lyons was sold in 2008.<ref>{{Cite news |date=April 1, 2008 |title=PNC's sale of Hilliard Lyons completed |work=Pittsburgh Business Times |url=https://www.bizjournals.com/pittsburgh/stories/2008/03/31/daily9.html}}</ref>
In 1998, PNC sold its credit card business to Metris (now HSBC Finance)<ref>{{Cite news |date=September 9, 1998 |title=COMPANY NEWS; Metris To Buy $1 Billion In Credit Card Loans From PNC |work=The New York Times |agency=Bloomberg News |url=https://www.nytimes.com/1998/09/09/business/company-news-metris-to-buy-1-billion-in-credit-card-loans-from-pnc.html |url-access=subscription}}</ref> and MBNA.<ref>{{Cite news |date=December 24, 1998 |title=COMPANY NEWS; MBNA Ix Buying PNC Bank's Credit Card Operations |work=The New York Times |agency=Dow Jones |url=https://www.nytimes.com/1998/12/24/business/company-news-mbna-is-buying-pnc-bank-s-credit-card-operations.html |url-access=subscription}}</ref>
In 2000, the company adopted a new brand image and changed its name to PNC Financial Services Group.<ref>{{Cite news |date=July 16, 2002 |title=Battle of the banks: Key dates in PNC and Dollar's history |work=Pittsburgh Post-Gazette |url=https://old.post-gazette.com/businessnews/20020716oldestbanksidep9.asp |archive-date=April 7, 2022 |access-date=November 18, 2020 |archive-url=https://web.archive.org/web/20220407005341/https://old.post-gazette.com/businessnews/20020716oldestbanksidep9.asp |url-status=dead }}</ref>
In 2001, PNC sold the original PNC Mortgage to Washington Mutual due to volatility in the market.<ref>{{Cite news |date=February 1, 2001 |title=PNC sells mortgage division |work=Pittsburgh Business Times |url=https://www.bizjournals.com/cincinnati/stories/2001/01/29/daily36.html}}</ref>
In 2004, PNC acquired United National Bancorp based in Bridgewater, New Jersey, for $321 million in cash and 6.6 million shares of its common stock.<ref>{{Cite news |date=January 2, 2004 |title=PNC buys United National Bancorp |work=Pittsburgh Business Times |url=https://www.bizjournals.com/pittsburgh/stories/2003/12/29/daily17.html}}</ref>
In 2005, PNC acquired Riggs National Corporation of Washington, D. C. Riggs had been fined after aiding Chilean dictator Augusto Pinochet in money laundering.<ref>{{Cite news |last=O'Hara |first=Terence |date=February 11, 2005 |title=Riggs, PNC Reach New Merger Agreement |newspaper=The Washington Post |url=https://www.washingtonpost.com/wp-dyn/articles/A13829-2005Feb10.html}}</ref><ref name="acquired">{{Cite web |title=PNC: Acquired Companies |url=http://phx.corporate-ir.net/phoenix.zhtml%3Fc%3D107246%26p%3Dirol-acquired |url-status=dead |archive-url=https://web.archive.org/web/20170310060326/http://phx.corporate-ir.net/phoenix.zhtml?c=107246&p=irol-acquired |archive-date=March 10, 2017 |access-date=April 13, 2017}}</ref> PNC became one of the largest banks in the Washington metropolitan area.
In 2005, PNC began outsourcing mortgages to Wells Fargo.<ref>{{Cite news |last=Killian |first=Erin |date=September 15, 2005 |title=Wells Fargo, PNC partner in local home-mortgage venture |work=Washington Business Journal |url=https://www.bizjournals.com/washington/stories/2005/09/12/daily25.html}}</ref>
In August 2006, PNC got back into the credit card business by marketing and issuing credit cards under the MasterCard brand in partnership with U.S. Bancorp (U.S. Bank) .<ref>{{Cite news |last=Sabatini |first=Patricia |date=August 29, 2006 |title=PNC tries new credit cards, old strategy |work=Pittsburgh Post-Gazette |url=http://www.post-gazette.com/pg/06241/717054-28.stm}}</ref> After the National City merger (see below) in 2008, the U.S. Bancorp (U.S. Bank) products were converted to PNC Bank products.
On March 2, 2007, PNC acquired Maryland-based Mercantile Bankshares, making PNC the eighth largest bank in the United States by deposits.<ref name=acquired/><ref name="Postgazette">{{Cite news |last=Fitzpatrick |first=Dan |date=October 10, 2006 |title=PNC buying Maryland bank in $6 billion deal |work=Pittsburgh Post-Gazette |url=http://www.pittsburghpostgazette.com/pg/06283/728754-28.stm |archive-date=February 15, 2012 |access-date=November 13, 2006 |archive-url=https://web.archive.org/web/20120215064621/http://www.pittsburghpostgazette.com/pg/06283/728754-28.stm |url-status=dead }}</ref><ref>{{Cite press release |title=The PNC Financial Services Group Completes Acquisition of Mercantile Bankshares Corporation |date=March 2, 2007 |publisher=PNC Financial |url=https://pnc.mediaroom.com/index.php?s=3473&item=74138}}</ref>
On October 26, 2007, PNC acquired Yardville National Bancorp, a small commercial bank centered in central New Jersey and eastern Pennsylvania.<ref name=acquired/><ref>{{Cite press release |title=PNC Completes Acquisition Of Yardville National Bancorp |date=October 26, 2007 |publisher=PNC Financial |url=https://pnc.mediaroom.com/index.php?s=3473&item=74174}}</ref>
On September 15, 2007, PNC Bank acquired Citizens National Bank of Laurel, Maryland.<ref name="NIC-citizens">{{Cite web |title=Institution History for Laurel Main Street Branch (229427) |url=https://www.ffiec.gov/nicpubweb/nicweb/InstitutionHistory.aspx?parID_RSSD=229427&parDT_END=99991231 |website=Federal Financial Institutions Examination Council}}</ref>
On April 4, 2008, PNC acquired Sterling Financial Corporation, a commercial and consumer bank with accounts and branches in central Pennsylvania, northeastern Maryland and Delaware.<ref name=acquired/><ref>{{Cite press release |title=PNC Completes Acquisition of Sterling Financial Corporation |date=April 4, 2008 |publisher=PNC Financial |url=https://pnc.mediaroom.com/index.php?s=3473&item=74208}}</ref>
On October 24, 2008, during the 2008 financial crisis, the National City acquisition by PNC for $5.2 billion in stock was completed.<ref>{{Cite news |last=Dash |first=Eric |date=October 24, 2008 |title=PNC Gets National City in Latest Bank Acquisition |work=The New York Times |url=https://www.nytimes.com/2008/10/25/business/25bank.html |url-access=subscription}}</ref> The acquisition was financed with preferred stock sold to the United States Treasury as part of the Troubled Asset Relief Program implemented as part of the Emergency Economic Stabilization Act of 2008.<ref>{{Cite news |last1=Fitzpatrick |first1=Dan |last2=Enrich |first2=David |last3=Paletta |first3=Damian |date=October 25, 2008 |title=PNC Buys National City in Bank Shakeout |work=The Wall Street Journal |url=https://www.wsj.com/articles/SB122485472991366463 |url-access=subscription}}</ref> The stock issued to the U.S. Treasury was repurchased in 2010.<ref>{{Cite news |date=February 2, 2010 |title=PNC to Repay TARP Money After Sale of Unit |work=The New York Times |url=https://dealbook.nytimes.com/2010/02/02/pnc-to-repay-tarp-money-after-sale-of-unit/}}</ref> PNC then became the 5th largest bank in the United States by deposit and fourth largest by branches.<ref>{{Cite press release |title=PNC to Acquire National City |date=October 24, 2008 |publisher=PNC Financial |url=https://pnc.mediaroom.com/index.php?s=3473&item=74230 |via=PR Newswire}}</ref><ref>{{Cite news |last=Gordon |first=Paul |date=June 22, 2010 |title=National City conversion to PNC is complete |work=Journal Star |location=Peoria, Ill |url=http://www.pjstar.com/article/20100622/News/306229856}}</ref>
On August 14, 2009, PNC took over Dwelling House Savings & Loan and its only branch location in Pittsburgh's Hill District after Dwelling House failed and was placed in receivership by the Federal Deposit Insurance Corporation (FDIC).<ref>{{Cite news |last=Boselovic |first=Len |date=August 14, 2009 |title=PNC to take over troubled Dwelling House |work=Pittsburgh Post-Gazette |url=http://www.post-gazette.com/pg/09226/990937-100.stm}}</ref> Dwelling House had been known in Pittsburgh to provide loans to low-income African Americans that other banks would deny. The branch was closed and accounts were transferred to the existing PNC branch in the Hill District.<ref>{{Cite news |last=Grant |first=Tim |date=August 18, 2009 |title=Dwelling House accounts moved to PNC |work=Pittsburgh Post-Gazette |url=http://www.post-gazette.com/business/businessnews/2009/08/18/Dwelling-House-accounts-moved-to-PNC/stories/200908180243}}</ref>
In July 2010, PNC sold its Global Investment Servicing (GIS) 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 (see above) in 2008.<ref>{{Cite press release |title=BNY Mellon Completes Acquisition of PNC's Global Investment Servicing Business |date=July 1, 2010 |publisher=PNC Financial |url=http://www.prnewswire.com/news-releases/bny-mellon-completes-acquisition-of-pncs-global-investment-servicing-business-97580209.html |via=PR Newswire}}</ref> GIS, established in 1973 and with 4,700 employees, was the second-largest full-service mutual fund transfer agent in the U.S and the second-largest full-service accounting and administration provider to U.S. mutual funds. GIS serviced $1.9 trillion in total assets and 58 million shareholder accounts. It was known as PFPC until July 2008.<ref>{{Cite press release |title=PFPC Becomes PNC Global Investment Servicing |date=July 14, 2008 |publisher=PNC Financial |url=https://www.businesswire.com/news/home/20080714005561/en/PFPC-PNC-Global-Investment-Servicing |via=Business Wire}}</ref>
In January 2011, PNC acquired BankAtlantic's Tampa Bay Area branches.<ref>{{Cite news |last=Harrington |first=Jeff |date=January 31, 2011 |title=PNC enters Tampa Bay market, buying 19 BankAtlantic branches |work=Tampa Bay Times |url=http://www.tampabay.com/news/business/banking/pnc-enters-tampa-bay-market-buying-19-bankatlantic-branches/1148697 |access-date=April 6, 2017 |archive-date=April 7, 2017 |archive-url=https://web.archive.org/web/20170407054318/http://www.tampabay.com/news/business/banking/pnc-enters-tampa-bay-market-buying-19-bankatlantic-branches/1148697 |url-status=dead }}</ref><ref>{{Cite news |last=Sharma |first=Abhinav |date=January 31, 2011 |title=BankAtlantic to sell 19 branches to PNC Bank |work=Reuters |url=https://www.reuters.com/article/bankatlantic-pncbank/update-1-bankatlantic-to-sell-19-branches-to-pnc-bank-idINSGE70U0B320110131}}</ref>
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.<ref>{{Cite news |last=Peters |first=Andy |date=July 26, 2011 |title=PNC Completes Deal for Flagstar's Atlanta Branches |work=American Banker |url=https://www.americanbanker.com/news/pnc-completes-deal-for-flagstars-atlanta-branches}}</ref><ref>{{Cite news |date=July 26, 2011 |title=PNC Bank to acquire 27 metro ATL Flagstar branches |work=Atlanta Business Chronicle |url=https://www.bizjournals.com/atlanta/news/2011/07/26/pnc-bank-to-acquire-27-metro-atl.html}}</ref><ref>{{Cite press release |title=PNC Announces Agreement to Acquire 27 Branches from Flagstar |date=July 26, 2011 |publisher=PNC Financial |url=http://www.prnewswire.com/news-releases/pnc-announces-agreement-to-acquire-27-branches-from-flagstar-126206663.html |via=PR Newswire}}</ref>
In 2012, PNC acquired RBC Bank USA from Royal Bank of Canada for $3.45 billion.<ref name="RBC">{{Cite news |last=Delano |first=Jon |date=June 20, 2011 |title=PNC To Acquire RBC's United States Unit |work=CBS News |url=http://pittsburgh.cbslocal.com/2011/06/20/pnc-to-acquire-rbcs-united-states-unit}}</ref><ref>{{Cite news |date=June 19, 2011 |title=PNC to Buy R.B.C. Unit for $3.5 Billion |work=The New York Times |url=https://dealbook.nytimes.com/2011/06/20/pnc-agrees-to-buy-r-b-c-unit/ |url-access=subscription}}</ref><ref>{{Cite news |last=Bansal |first=Paritosh |date=June 19, 2011 |title=PNC to buy RBC unit for $3.45 billion |work=Reuters |url=https://www.reuters.com/article/us-rbc-pnc/pnc-to-buy-rbc-unit-for-3-45-billion-sources-idUSTRE75I2V520110619}}</ref> RBC Bank had 426 branches in southern Virginia, North Carolina, South Carolina, Georgia, Alabama, and Florida. Prior to the acquisition, PNC had slipped (due to mergers and growth in other firms) from its ranking following the 2008 National acquisition; this 2012 acquisition made PNC the fifth largest bank by branches behind Wells Fargo, Bank of America, Chase, and U.S. Bank and the sixth largest by total assets behind the aforementioned four banks and Citibank.<ref name=RBC/>
On July 30, 2012, PNC announced plans to put ATMs in 138 Harris Teeter grocery stores in the Carolinas, plus 53 other stores.<ref>{{Cite press release |title=PNC Bank Expands ATM Access to 191 Harris Teeter stores |date=July 30, 2012 |publisher=PNC Financial |url=https://www.prnewswire.com/news-releases/pnc-bank-expands-atm-access-to-191-harris-teeter-stores-164244066.html |via=PR Newswire}}</ref><ref>{{Cite news |date=July 30, 2012 |title=PNC Bank adds ATMs in 191 Harris Teeter stores |work=Washington Business Journal |url=https://www.bizjournals.com/washington/breaking_ground/2012/07/pnc-bank-adds-atms-in-191-harris.html}}</ref>
In September 2014, PNC acquired Solebury Capital Group, a capital markets advisory firm, for $50 million.<ref name="Tascarella">{{Cite news |last=Tascarell |first=Patty |date=September 30, 2014 |title=PNC buying IPO consulting firm |work=Pittsburgh Business Times |url=https://www.bizjournals.com/pittsburgh/blog/financial-district/2014/09/pnc-buying-ipo-consulting-firm.html}}</ref>
On October 2, 2015, the bank opened Tower at PNC Plaza, its new headquarters on the corner of Fifth Avenue and Wood Street in downtown Pittsburgh.<ref>{{Cite news |last=Belko |first=Mark |date=October 1, 2015 |title=PNC shows off tower, its crown jewel |work=Pittsburgh Post-Gazette |url=http://www.post-gazette.com/business/development/2015/10/01/PNC-opens-new-400-million-Downtown-headquarters-pittsburgh/stories/201510010199}}</ref> It was first announced in 2011.<ref>{{Cite press release |title=PNC Announces Plans For World's Greenest Skyscraper |date=May 23, 2011 |publisher=PNC Financial |url=http://multivu.prnewswire.com/mnr/pnc/42893/}}</ref> The LEED Platinum building, owned by PNC and designed by Gensler, won awards for its environmentally friendly features.<ref>{{Cite news |last=Berg |first=Nate |date=July 15, 2016 |title=Award: The Tower at PNC Plaza |work=Architect |url=http://www.architectmagazine.com/awards/r-d-awards/award-the-tower-at-pnc-plaza_o}}</ref>
In April 2017, the company acquired the U.S. equipment finance business of ECN Capital for $1.3 billion.<ref>{{Cite press release |title=ECN Capital Completes Sale of US Equipment Finance Business to PNC |date=April 3, 2017 |publisher=Marketwired |url=http://www.marketwired.com/press-release/ecn-capital-completes-sale-of-us-equipment-finance-business-to-pnc-tsx-ecn-2207246.htm}}</ref><ref>{{Cite news |last=Fleisher |first=Chris |date=September 29, 2014 |title=With acquisition, PNC set to enter IPO market |work=Pittsburgh Tribune-Review |url=http://triblive.com/business/headlines/6883328-74/pnc-advisory-services}}</ref>
In November 2017, the company acquired The Trout Group, an investor relations and strategic advisory firm servicing the healthcare industry.<ref>{{Cite press release |title=PNC Bank Announces Definitive Agreement to Acquire The Trout Group, LLC |date=November 27, 2017 |publisher=PNC Financial |url=https://www.prnewswire.com/news-releases/pnc-bank-announces-definitive-agreement-to-acquire-the-trout-group-llc-300561754.html |via=PR Newswire}}</ref><ref>{{Cite news |last=Tascarella |first=Patty |date=November 27, 2017 |title=Why PNC reeled in Trout |work=Pittsburgh Business Times |url=https://www.bizjournals.com/pittsburgh/news/2017/11/27/why-pnc-reeled-in-trout.html}}</ref>
In 2018, the company acquired Fortis Advisors, which provides post-merger shareholder services.<ref>{{Cite press release |title=PNC Bank Announces Definitive Agreement To Acquire Fortis Advisors |date=December 20, 2017 |publisher=PNC Financial |url=https://www.prnewswire.com/news-releases/pnc-bank-announces-definitive-agreement-to-acquire-fortis-advisors-300573883.html |via=PR Newswire}}</ref><ref>{{Cite news |last=Tascarella |first=Patty |date=December 20, 2017 |title=PNC buying Fortis Advisors |work=Pittsburgh Business Times |url=https://www.bizjournals.com/pittsburgh/news/2017/12/20/pnc-buying-fortis-advisors.html}}</ref> The company ranked one hundred sixty fifth on the 2018 Fortune 500 list of the largest United States corporations by revenue.<ref>{{Cite magazine |title=Fortune 500 Companies 2018: Who Made the List |url=http://fortune.com/fortune500/list |magazine=Fortune |language=en-US |access-date=November 21, 2018 |archive-date=May 2, 2019 |archive-url=https://web.archive.org/web/20190502115903/http://fortune.com/fortune500/list/ |url-status=dead }}</ref>
In 2018, PNC began opening "Solution Centers", a hybrid between traditional bank branches and ATM-only services, mostly serving new markets. Through this method, PNC expanded its retail footprint into Boston, Denver, Kansas City, Nashville, and several markets in Texas including Austin, Dallas, Houston, and San Antonio.<ref name="Solution Centers" /> Two of PNC's "Big Four" competitors, Bank of America and Chase Bank, have both also been expanding into new markets through this method, including into PNC's home market of Pittsburgh.
In August 2019, PNC launched a Fintech incubator subsidiary called "numo" that functions as an internal startup. Its first development included indi, an instant payment and mobile banking company for gig workers.<ref>{{Cite magazine |last=Groenfeldt |first=Tom |date=August 29, 2019 |title=PNC Launches A Fintech Startup Inside The Bank |url=https://www.forbes.com/sites/tomgroenfeldt/2019/08/29/pnc-launches-a-fintech-startup-inside-the-bank/ |magazine=Forbes |language=en |access-date=December 10, 2021}}</ref>
In May 2020, the company sold its stake in BlackRock.<ref>{{Cite news |last=Sabatini |first=Patricia |date=May 15, 2020 |title=PNC sells Blackrock stake for $14.4 billion |work=Pittsburgh Post-Gazette |url=https://www.post-gazette.com/business/pittsburgh-company-news/2020/05/15/PNC-sells-Blackrock-stake-for-14-4-billion/stories/202005150123}}</ref>
On June 1, 2021, PNC acquired BBVA USA for $11.6 billion in cash.<ref>{{Cite news |date=November 16, 2020 |title=PNC to buy BBVA's U.S. banking arm for $11.6 billion in cash |work=Reuters |url=https://www.reuters.com/article/us-bbva-usa-m-a-pnc-finl-svc-cash-idUKKBN27W0JN}}</ref> The acquisition significantly boosted its presence in Colorado and Texas, complemented its presence in Alabama and Florida, and introduced the bank to the Arizona, California, and New Mexico markets.<ref>{{Cite web |last=Cocheo |first=Steve |date=November 18, 2020 |title=PNC to Vault to #5 Ahead of U.S. Bank in BBVA Deal Embracing Branches |url=https://thefinancialbrand.com/104331/pnc-bbva-merger-acquisition-branch-expansion-trend-digital-demchak/ |website=The Financial Brand}}</ref>
In 2021, PNC originated nearly 95,000 mortgages worth $34.8 billion.<ref>{{Cite web |title=PNC Bank Mortgages |url=https://originationdata.com/institution/AD6GFRVSDT01YPT1CS68 |access-date=October 23, 2022}}</ref> This is a 23% increase vs prior year and stands as their highest origination volume to date.
In July 2024, PNC partnered with Coinbase to offer cryptocurrency trading services to its customers through Coinbase's institutional platform.<ref>{{Cite news |last=Lang |first=Hannah |last2=Lang |first2=Hannah |date=July 22, 2025 |title=PNC taps Coinbase to create crypto trading offering for bank customers |url=https://www.reuters.com/legal/government/pnc-taps-coinbase-create-crypto-trading-offering-bank-customers-2025-07-22/ |access-date=July 23, 2025 |work=Reuters |language=en}}</ref>
In September 2025, PNC announced the acquisition of FirstBank, a Colorado-based lender with $26 billion in assets, for $4.1 billion.<ref>{{Cite web |title=PNC to buy Colorado's FirstBank for $4.1bn|url=https://www.ft.com/content/b4197df2-8b66-498f-81cf-1e06f25433cc |date=September 8, 2025|author-first1=Zehra |author-last1=Munir|author-first2=Akila |author-last2=Quinio |access-date=September 8, 2025 |website=www.ft.com}}</ref> In December 2025, it was announced that PNC had received all required regulatory approvals to proceed with its acquisition of FirstBank Holding Company and its subsidiary, FirstBank.<ref>{{Cite web |last=Maddela |first=Vidya Sagar |date=2025-12-15 |title=PNC secures regulatory approval for FirstBank acquisition |url=https://www.retailbankerinternational.com/news/pnc-firstbank-acquisition-regulatory-approval/ |access-date=2025-12-15 |website=Future Banking |language=en-US}}</ref> The merger closed on January 5, 2026<ref>https://investor.pnc.com/news-events/financial-press-releases/detail/674/pnc-completes-acquisition-of-firstbank</ref>.
==Legal issues== ===Overcharging of Black and Hispanic borrowers by National City=== In December 2013, the US Department of Justice and the Consumer Financial Protection Bureau (CFPB) 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. Regulators claimed that National City had violated the Fair Housing Act and Equal Credit Opportunity Act by charging more than 75,000 borrowers higher loan rates based on their race or ethnicity rather than their risk level. National City's lack of pricing guidelines resulted in black borrowers being charged an average of $159 more in extra upfront fees or higher interest than white borrowers. Black borrowers also paid an average of $228 more annually over the life of the loan than white borrowers. Hispanics paid $125 more upfront and $154 more annually than white borrowers. Under the terms of the settlement, PNC was required to pay victims $35 million.<ref>{{Cite press release |title=CFPB and DOJ Take Action Against National City Bank for Discriminatory Mortgage Pricing |date=December 23, 2013 |publisher=Consumer Financial Protection Bureau |url=http://www.consumerfinance.gov/about-us/newsroom/cfpb-and-doj-take-action-against-national-city-bank-for-discriminatory-mortgage-pricing/}}</ref>
=== Retailer breach forced PNC to reissue customer cards === In March 2006, PNC and other large banks were forced to reissue hundreds of debit cards to customers after card numbers were disclosed by a breach at an unspecified retailer.<ref>{{Cite news |last=Kantor |first=Andrew |date=March 16, 2006 |title=USA Today Cyberspeak |work=USA Today |url=https://usatoday30.usatoday.com/tech/columnist/andrewkantor/2006-03-16-debit-card_x.htm}}</ref>
===Lawsuit from Military Channel=== Also in March 2006, PNC Bank was sued by Paul Bariteau, an investor in the Military Channel. Bariteau claimed PNC let the chairman of the Military Channel make unauthorized withdrawals of millions of dollars from the company's account for personal use.<ref>{{Cite web |date=October 30, 2006 |title=BARITEAU V. PNC FINANCIAL SERVICES GROUP, INC. (W.D.KY. 10-30-2006) |url=https://casetext.com/case/bariteau-v-pnc-financial-services-group |archive-url=https://web.archive.org/web/20170410214327/https://casetext.com/case/bariteau-v-pnc-financial-services-group |url-status=dead |archive-date=April 10, 2017 |website=casetext}}</ref>
===Securities fraud settlement=== [[File:PNC Center, Troy, MI.jpg|thumb|PNC Center, Troy, Michigan]] 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.<ref>{{Cite news |date=November 24, 2004 |title=AIG Agrees to Settle Fraud Cases |work=Los Angeles Times |agency=Associated Press |url=https://www.latimes.com/archives/la-xpm-2004-nov-24-fi-aig24-story.html}}</ref>
===Overtime claim by loan officers=== In 2017, PNC agreed to pay $16 million to settle claims of overtime wages by loan officers under the Fair Labor Standards Act.<ref>{{Cite news |last=Lee |first=Suevon |date=January 5, 2017 |title=APNC To Pay $16M To Settle Loan Officers' Wage Claims |work=Law360 |url=https://www.law360.com/articles/878133/pnc-to-pay-16m-to-settle-loan-officers-wage-claims}}</ref>
===National Prearranged Services fraud=== Funds entrusted to National Prearranged Services (NPS), a St.{{nbsp}}Louis{{En dash}}based company that sold prepaid funerals, were diverted and embezzled by Brent Cassity and other executives at the firm. PNC Bank is the successor to Allegiant Bank, which served as a trustee for NPS from 1998 to 2004. In 2015, a jury ordered PNC to pay $391 million.<ref>{{Cite news |last=Kurane |first=Supriya |date=March 10, 2015 |title=U.S. jury orders PNC Bank to pay $391 million in funeral scam case |work=Reuters |url=https://www.reuters.com/article/us-pnc-bank-settlement/u-s-jury-orders-pnc-bank-to-pay-391-million-in-funeral-scam-case-idUSKBN0M60CG20150310}}</ref> In 2017, a federal judge overturned the decision and ordered a retrial.<ref>{{Cite news |last=Patrick |first=Robert |date=August 17, 2017 |title=Federal appeals court overturns $491 million jury award in prepaid funeral company fraud |work=St. Louis Post-Dispatch |url=http://www.stltoday.com/news/local/crime-and-courts/federal-appeals-court-overturns-million-jury-award-in-prepaid-funeral/article_0c9768e3-a6be-51be-ad46-9a820d043639.html}}</ref> In 2021, a $106 million judgement was affirmed by the Eighth Circuit. <ref>{{Cite news |date=August 21, 2021|title=Reilly Law Announces that Eighth Circuit Affirms $106 Million Judgment in Bank Trustee Breach of Duty Case|work=GlobeNewswire|url=https://www.globenewswire.com/news-release/2021/08/31/2289521/0/en/Reilly-Law-Announces-that-Eighth-Circuit-Affirms-106-Million-Judgment-in-Bank-Trustee-Breach-of-Duty-Case.html}}</ref>
===Municipal bonds disclosure violations=== In 2015, PNC was one of 22 companies that violated disclosure requirements for municipal bonds by failing to divulge that the issuers had filed late financial reports. It was fined $500,000.<ref>{{Cite press release |title=SEC Sanctions 22 Underwriting Firms for Fraudulent Municipal Bond Offerings |date=September 30, 2015 |publisher=Securities and Exchange Commission |url=https://www.sec.gov/news/pressrelease/2015-220.html}}</ref>
==Controversies== ===Funding of mountaintop removal mining=== Beginning in 2010, until it changed its policy in February 2015, PNC was the subject of protests by the Earth Quaker Action Team, led by George Lakey, and the Rainforest Action Network due to its funding of companies engaged in mountaintop removal mining in Appalachia. The protests included political demonstrations at branches and offices and the annual general meeting, fasting, and boycotts.<ref>{{Cite news |date=May 7, 2012 |title=Quaker group, walking from Philadelphia to Pittsburgh, protests in front of PNC Bank |work=The Patriot-News |url=https://www.pennlive.com/midstate/2012/05/quaker_group_walking_from_phil.html}}</ref><ref>{{Cite news |last=Sorkin |first=Andrew Ross |date=March 10, 2015 |title=A New Tack in the War on Mining Mountains |work=The New York Times |url=https://www.nytimes.com/2015/03/10/business/dealbook/pnc-joins-banks-not-financing-mountaintop-coal-removal.html |authorlink=Andrew Ross Sorkin}}</ref>
===Cancelling MxM News Financial Accounts=== On March 2, 2023, Donald Trump Jr., cofounder of news aggregator MxM News, tweeted that PNC had abruptly cancelled all financial services for MxM without explanation.<ref>{{Cite news |date=March 2, 2023 |title=Donald Trump Jr Twitter account |url=https://twitter.com/DonaldJTrumpJr/status/1631414696501706754}}</ref> Trump and cofounder Taylor Budowich alleged that PNC disapproved of Trump’s political leanings since no reason was given for the closure. PNC claimed it was a “good faith error” and reopened the account.<ref>{{Cite news |date=March 3, 2023 |title=PNC Bank reopens Donald Trump Jr's MxM News app account, blames 'good faith error' |url=https://www.msn.com/en-us/news/politics/pnc-bank-reopens-donald-trump-jrs-mxm-news-app-account-blames-good-faith-error/ar-AA18bMQe}}</ref><ref>{{Cite web |date=March 3, 2023 |title=PNC Bank dumping Donald Trump Jr. leaves conservatives furious—"Outrageous" |url=https://www.newsweek.com/pnc-bank-trump-mxm-news-account-1785290 |access-date=November 10, 2025 |website=Newsweek |language=en}}</ref>
==Notable corporate buildings== <!-- To be listed below, buildings must be notable enough to have Wikipedia articles --> [[File:PNC headquarters.jpg|thumb|upright|One PNC Plaza. PNC's former corporate headquarters in Downtown Pittsburgh.]] [[File:Freeport, Pennsylvania (4884055568).jpg|thumb|right|200px|Outside a branch in Freeport, Pennsylvania.]] * The Tower at PNC Plaza in Pittsburgh, Pennsylvania (current corporate headquarters) * One PNC Plaza in Pittsburgh, Pennsylvania * Two PNC Plaza in Pittsburgh, Pennsylvania * Three PNC Plaza in Pittsburgh, Pennsylvania * U.S. Steel Tower in Pittsburgh, Pennsylvania (PNC is a major tenant) * PNC Bank Building at 1600 Market Street, Philadelphia, Pennsylvania * PNC Bank Building in Columbus, Ohio * PNC Bank Building in Toledo, Ohio * PNC Bank Building in Washington, D.C. * PNC Center in Cincinnati, Ohio * PNC Center in Cleveland, Ohio (former headquarters of National City Corp.) * PNC Center and Hyatt Regency Indianapolis in Indianapolis, Indiana * PNC Center in Troy, Michigan * PNC Plaza in Louisville, Kentucky * PNC Plaza in Raleigh, North Carolina * PNC Tower in Cincinnati, Ohio * PNC Tower in Louisville, Kentucky (PNC is a major tenant) * One Tampa City Center in Tampa, Florida (PNC holds the naming rights and is a major tenant) * PNC Plaza in Dallas, Texas * 201 Mission Street in San Francisco, California
<gallery align="center" widths="200px" heights="200px"> File:3 pnc plaza.jpg|Three PNC Plaza, Pittsburgh, Pennsylvania File:Two PNC Plaza.jpg|Two PNC Plaza, Pittsburgh, Pennsylvania File:PNC Tower new.JPG|PNC Tower, Cincinnati, Ohio File:Rbcplaza.JPG|PNC Plaza, Raleigh, North Carolina File:PNC Plaza.JPG|PNC Plaza, Louisville, Kentucky File:PNClev.jpg|PNC Center, Cleveland, Ohio File:WTP D10 AMP 1.jpg|PNC Bank Building, Philadelphia, Pennsylvania File:PNCColumbus.JPG|PNC Bank Building, Columbus, Ohio File:USA-Cincinnati-PNC Center.JPG|PNC Center, Cincinnati, Ohio File:National City Bank Building, Toledo.JPG|PNC Bank Building, Toledo, Ohio </gallery>
==Naming rights and sponsorships== {{div col}}PNC owns corporate naming rights to the following: * PNC Park, a ballpark in Pittsburgh, Pennsylvania, home of the MLB's Pittsburgh Pirates. * PNC Field, a ballpark in Moosic, Pennsylvania, home of the Scranton/Wilkes-Barre RailRiders the Triple-A minor league baseball affiliate of the New York Yankees. * PNC Bank Arts Center, an outdoor amphitheatre in Holmdel Township, New Jersey. * PNC Sports Complex at the Knott Arena in Emmitsburg, Maryland, home of the Mount St. Mary's Mountaineers men's basketball and women's basketball teams.<ref>{{Cite news |last=Bernstein |first=Rachel |date=August 21, 2011 |title=PNC Gets Naming Rights for Mount St Mary's Sports Complex |work=Daily Record |location=Baltimore |url=http://thedailyrecord.com/2011/08/21/pnc-gets-naming-rights-for-mount-st-mary’s-sports-complex/}}</ref> * PNC Plaza at the American Airlines Center in Dallas, Texas, home of the NBA's Dallas Mavericks, and NHL's Dallas Stars.<ref>{{Cite press release |title=Stars, American Airlines Center, PNC Bank announce multi-year partnership |date=December 1, 2020 |publisher=National Hockey League |url=https://www.nhl.com/stars/news/dallas-stars-american-airlines-center-pnc-bank-announce-multi-year-partnership/c-319737284}}</ref> {{div col end}}
PNC is a sponsor of the following:
{{div col}} * American Airlines Center {{En dash}} Official Partner of the American Airlines Center. * Carolina Hurricanes {{En dash}} Official Bank of the Carolina Hurricanes. * Chicago Bears {{En dash}} Official Bank of the Chicago Bears. * Chip Ganassi Racing {{En dash}} Primary sponsor on the No. 9 Dallara DW12-Honda of driver Scott Dixon in the NTT IndyCar Series. * Cincinnati Reds {{En dash}} Official Bank of the Cincinnati Reds. * Dallas Stars {{En dash}} Official Partner of the Dallas Stars. * NASCAR {{En dash}} Official Bank of NASCAR * North Carolina State University {{En dash}} Official Bank of North Carolina State. * Pittsburgh Pirates {{En dash}} Official Bank of the Pittsburgh Pirates. * Pittsburgh Steelers {{En dash}} Official Bank of the Pittsburgh Steelers. * Sesame Street {{En dash}} Official Partner of Sesame Street. * University of Louisville {{En dash}} Official Bank of the University of Louisville. * Washington Nationals {{En dash}} Official Bank of the Washington Nationals. * Wilkes-Barre/Scranton Penguins {{En dash}} Official Bank of the Wilkes-Barre/Scranton Penguins.
{{div col end}}
==Chief executives== * William S. Demchak, since April 23, 2013<ref>{{Cite news |last=Marcinek |first=Laura |date=February 15, 2013 |title=PNC Names Demchak to Succeed Rohr as Bank's CEO |work=Bloomberg News |url=https://www.bloomberg.com/news/articles/2013-02-14/pnc-financial-names-demchak-to-succeed-rohr-as-chief-executive}}</ref> * James E. Rohr CEO May{{nbsp}}1, 2000{{snd}}April{{nbsp}}23, 2013, Chairman May 2001{{snd}}April 2014 * Thomas H. O'Brien CEO of PNC April 1, 1985<ref>{{Cite news |last=Lansner |first=Jonathan |date=March 22, 1985 |title=Pittsburgh National Bank gets new management team |work=Pittsburgh Press |url=https://news.google.com/newspapers?nid=1144&dat=19850322&id=3sUdAAAAIBAJ&pg=5154,4580495&hl=en |via=Google}}</ref><ref>{{Cite news |date=June 11, 1988 |title=O'Brien Named Chairman |work=Pittsburgh Post-Gazette |url=https://news.google.com/newspapers?nid=1129&dat=19880611&id=l8tRAAAAIBAJ&pg=6014,3340339&hl=en |via=Google}}</ref> – May 1, 2000<ref>{{Cite news |last=Sabatini |first=Patricia |date=February 18, 2000 |title=O'Brien retiring, Rohr to lead PNC |work=Pittsburgh Post Gazette |url=http://old.post-gazette.com/businessnews/20000218pnc1.asp |access-date=March 23, 2022 |archive-date=August 8, 2022 |archive-url=https://web.archive.org/web/20220808220640/http://old.post-gazette.com/businessnews/20000218pnc1.asp |url-status=dead }}</ref> ** Robert C. Milsom CEO of Pittsburgh National 1985{{snd}}December{{nbsp}}31, 1989<ref>{{Cite news |date=December 22, 1989 |title=Pittsburgh National Chairman Announces Retirement |work=Beaver County Times |url=https://news.google.com/newspapers?id=b6I1AAAAIBAJ&pg=1536,4325822 |access-date=March 23, 2022 |via=Google}}</ref> * Merle E. Gilliand November 1968<ref>{{Cite news |date=November 9, 1968 |title=Annual Dinner Schedule for Industrial Realtors |page=13 |work=Leader-Times |location=Kittanning, Pennsylvania |url=https://www.newspapers.com/clip/98266538/simpsons-leader-times/ |access-date=March 23, 2022 |via=newspapers.com}}</ref>{{snd}}April{{nbsp}}1, 1985<ref>{{Cite news |date=December 11, 1998 |title=Merle E. Gilliand, 76, Chairman Who Led Growth of PNC Bank |work=The New York Times |url=https://www.nytimes.com/1998/12/11/nyregion/merle-e-gilliand-76-chairman-who-led-growth-of-pnc-bank.html |url-access=subscription |via=Google}}</ref>
== See also == {{Portal|Pennsylvania|Banks}} * BBVA USA
==References== {{Reflist|colwidth=30em}}
==External links== {{commons category}} * {{Official website|https://www.PNC.com}} {{Finance links | name = PNC Financial Services | google = PNC | yahoo = PNC | bloomberg = PNC:US | symbol = PNC | sec_cik = PNC }}
{{PNC Financial Services Group}} {{Pittsburgh}} {{Pittsburgh Corporations}} {{Online brokerages}} {{S&P 500 companies}} {{Authority control}}
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