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PNC Financial Service Group

PNC Financial Services NYSE: PNC is a large bank holding company. The PNC Financial Services Group was founded in 1922. It is headquartered in Pittsburgh, Pennsylvania, the site of the predecessor Pittsburgh National Bank. When the holding companies Pittsburgh National Corporation and Provident National Corporation (which owned Provident National Bank of Philadelphia) merged, they chose their shared initials for the combined company and became PNC Financial Corporation. After some years of operating the two banks and others acquired thereafter independently with the small notation “A PNC Bank”, the banks, now spreading beyond Pennsylvania, were consolidated as one PNC Bank and the holding company renamed PNC Bank Corporation, but more recently the name has been changed again to underline the broader financial services it offers.

In response to stiff competition and banking deregulation, PNC Financial Services has undergone the metamorphosis from a traditional bank into a supplier of diverse financial services. In addition, it serves as investment manager and trustee for employee benefit plans and charitable and endowment assets; provides contribution plan services and investment options, risk management, investment analytics, and enterprise investment system services; and offers mutual fund transfer agency and accounting and administration services. Still, the flagship subsidiary of PNC Financial remains PNC Bank, which offers individual consumer and corporate services through approximately 775 branches in Delaware, Kentucky, Florida, Maryland, New Jersey, Ohio, Pennsylvania, Virginia, and Washington, DC. PNC also owns about 70% of publicly traded fund manager BlackRock, which specializes in fixed-income products. To offset industry speculation that it is a takeover target itself, PNC Financial Services bought United National Bancorp in 2004 and, after a good deal of drama, acquired Riggs National the following year.

PNC Financial Corporation’s investment management firm administers the BlackRock Funds and BlackRock Liquidity Funds, as well as separate accounts, on behalf of individual and institutional clients worldwide. BlackRock specializes in fixed-income products (around 70% of the firm’s approximately $340 billion of assets under management) and money market instruments, and also manages hedge funds. BlackRock also oversees the daily operations of publicly traded real estate investment trust Anthracite Capital. PNC owns about 70% of BlackRock, but is selling part of its stake to Merrill Lynch, which will own slightly less than half of the company.

This merger will create one of the top ten investment management companies in the world with assets under management approaching $1 trillion. BlackRock will acquire Merrill Lynch’s investment management business in exchange for a 49 percent ownership interest.

This transaction is expected to dramatically increase BlackRock’s net
Income. As a result, PNC anticipates having a greater earnings contribution
from BlackRock. The transaction is expected to be immediately accretive to
PNC.

1 PNC Plaza, 249 5th Ave.
Pittsburgh, PA 15222-2707

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