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PNC Bank History |
PNC Bank History can be traced back to Pittsburgh Trust and Savings Company that was established in 1852 in Pittsburgh, Pennsylvania. During its long history, the bank has gone through a number of merger and acquisitions with well known banking and financial services firms in the United States. During 1858, the bank shifted its headquarters at Fifth Avenue and Wood Street in Pittsburgh. In 1863, the name of the bank was changed to First National Bank of Pittsburgh after becoming the first bank to receive the national charter as per the National Banking Act of that year.
After going through a number of mergers, the bank finally evolved into Pittsburgh National Corporation. Later in 1982, Pittsburgh National Corporation merged with Provident National Corporation to form the new entity called PNC Financial Corporation. During the period from 1991 to 1996, PNC acquired more than ten smaller financial institutions that expand its market base in Kentucky and Greater New York Metropolitan area. The bank purchased Riggs Bank based in Washington, D.C. in 2005 and further completed the acquisition of Mercantile Bankshares based in Maryland.
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Moreover in July, 2007, PNC Financial Services Group announced the purchase of Sterling Financial Corporation, a well known commercial and consumer banking firm having branches in Delaware, northeastern Maryland and Central Pennsylvania. Later in October 24, 2008, the bank declared that it would purchase National City Bank based in Cleveland for US $5.2 billion in PNC stock. The acquisition made it possible for PNC to double its size and become the 6th largest bank in the U.S. by deposits and also the 5th largest in terms of branches. The acquisition was completed on 31st December, 2008, after the shareholders of both the banks approved the deal. With this, PNC Bank became the largest bank in Ohio, Kentucky and Pennsylvania and the second largest in Indiana and Maryland.
The conversion process of National City branches was completed on 14th July, 2010. Today, the bank offers deposits, lending as well as cash management services and products to over 5 million consumers and small business customers. PNC Bank has operation in more than 2,500 branch locations and it operates over 6,400 ATMs. The branches of the bank can be found in District of Columbia and 15 other important states of the United States. One can easily find the branches or the ATMs of the bank with the help of the locator tool available on the official website of the bank. For comprehensive details on the banking products and services provided by the bank, visit its website.
Website:https://www.pnc.com/webapp/unsec/NCProductsAndService.do?siteArea=/pnccorp/PNC/Home/About+PNC/Our+Organization/Corporate+History
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