PNC Financial Services Group, Inc. is a U.S.-based financial services corporation, with assets (as of December 31, 2011) of approximately $271.205 billion.PNC operations include a regional banking franchise operating primarily in nineteen states and the District of Columbia, specialized financial businesses serving companies and government entities, and leading Turnkey Asset Management Program and processing businesses.
PNC is currently the seventh largest bank by deposits in the United States, as well as the sixth largest by total assets, fifth in total branches,and is the third largest bank off-premise ATM provider.PNC is based in Pittsburgh.
PNC Financial Services traces its history to the Pittsburgh Trust and Savings Company which was founded in Pittsburgh, Pennsylvania, in 1852. In 1858, the company located its corporate offices at 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 to receive a national charter as part of that year's National Banking Act.
By 1959, after a series of mergers, the bank had evolved into the Pittsburgh National Corporation. Another branch of the current bank, the Philadelphia based Provident National Corporation, dates back to the mid-19th century.
In 1982, Pittsburgh National Corporation and Provident National Corporation merged into a new entity named PNC Financial Corporation.Between 1991 and 1996, PNC purchased over ten smaller banks and financial institutions that broadened its market base from Kentucky to the Greater New York metropolitan area.In 2005, PNC acquired Washington, D.C. based Riggs Bank.PNC completed the acquisition of Maryland-based Mercantile Bankshares on March 2, 2007. On June 7, 2007, PNC announced the acquisition of Yardville National Bancorp, a small commercial bank centered in central New Jersey and eastern Pennsylvania. The transaction was completed in March 2008. On July 19, 2007, PNC announced the acquisition of Sterling Financial Corporation, a commercial and consumer bank with accounts and branches in central Pennsylvania, northeastern Maryland and Delaware. The transaction was also completed in 2008.
Net income $ 3.071 billion (2011)