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53-740: PNC Plaza may refer to one of several skyscrapers in the United States that have held large offices of the PNC Financial Services company: 500 West Jefferson , a 31-story skyscraper in Louisville, Kentucky Tower at PNC Plaza , a 33-story skyscraper in Pittsburgh, Pennsylvania PNC Plaza (Raleigh) , a 33-story skyscraper in Raleigh, North Carolina Topics referred to by

106-622: 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. In May 2020, the company sold its stake in BlackRock . On June 1, 2021, PNC acquired BBVA USA for $ 11.6 billion in cash. The acquisition significantly boosted its presence in Colorado and Texas, complemented its presence in Alabama and Florida, and introduced

159-431: A 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

212-614: A Joint Resolution of Congress, and the Third Legal Tender Act , enacted March 3, 1863, expanded the limit to $ 450 million. The largest amount of greenbacks outstanding at any one time was calculated as $ 447,300,203.10. The National Bank Act (ch. 58, 12  Stat.   665 ; February 25, 1863), originally known as the National Currency Act, was passed in the Senate by a 23–21 vote, and was supplemented

265-414: A case-by-case basis, taking into consideration whether the area needed a new bank, and if the applicant was of good moral standing. As this system could be subject to corruption, states began passing "free banking" laws in 1837, which meant that any applicant who filled out the correct paperwork and deposited an in-kind payment to the state would be granted a charter. By the 1860s, over half of states had such

318-547: A law on the books. However, the National Banking Act of 1864 (ch. 106, 13  Stat.   99 ; June 3, 1864) brought a close to the issue by establishing federally-issued bank charters, which took banking out of the hands of state governments. The first bank to receive a national charter was the First National Bank of Philadelphia, Pennsylvania (Charter #1). The first new national bank to open

371-500: 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. Between 1991 and 1996, PNC purchased more than ten 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

424-569: A single state-chartered bank (as in Indiana and Illinois), limited chartering of banks (as in Ohio), and free entry (as in New York). While the relative success of New York's "free banking" laws led several states also to adopt a free-entry banking regime, the system remained poorly integrated across state lines. Though all banknotes were uniformly denominated in dollars, notes would often circulate at

477-432: A steep discount in states beyond their issue. In the end, well-publicized frauds arose in states like Michigan, which had adopted free entry regimes but did not require the redeemability of bank issues for specie. The perception of dangerous " wildcat banking ”, along with the poor integration of the U.S. banking system, led to increasing public support for a uniform national banking regime. The United States Government, on

530-541: A year later by the National Banking Act of 1864. The goals of these acts was to create a single national currency, a nationalized bank chartering system, and to raise money for the Union war effort. The Act established national banks that could issue National Bank Notes which were backed by the United States Treasury and printed by the government itself. The quantity of notes that a bank was allowed to issue

583-518: Is different from Wikidata All article disambiguation pages All disambiguation pages PNC Financial Services 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

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636-408: Is ranked by Mortgage Bankers Association as the second largest master and primary servicer of commercial bank and savings institution loans. The name "PNC" is derived from the initials of both of the bank's two predecessor companies: Pittsburgh National Corporation and Provident National Corporation , which merged in 1983. PNC Mortgage (formerly National City Mortgage) is credited with funding

689-717: The 2007–2008 financial crisis , the National City acquisition by PNC for $ 5.2 billion in stock was completed. 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 . The stock issued to the U.S. Treasury was repurchased in 2010. PNC then became

742-487: The Fair Labor Standards Act . According to a lawsuit, funds entrusted to National Prearranged Services (NPS), a St. Louis–based company that sold prepaid funerals, were diverted and embezzled. 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. In 2017, a federal judge overturned the decision. In 2015, PNC

795-559: The New York metropolitan area . 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 ". In 1998, PNC acquired Hilliard Lyons for $ 275 million in cash and stock. Hilliard Lyons was sold in 2008. In 1998, PNC sold its credit card business to Metris (now HSBC Finance ) and MBNA . In 2000,

848-831: The Office of the Comptroller of the Currency as part of the United States Department of the Treasury . The Act shaped today's national banking system and its support of a uniform U.S. banking policy. At the end of the Second Bank of the United States in 1836, the control of banking regimes devolved mostly to the states. Different states adopted policies including a total ban on banking (as in Wisconsin),

901-415: The annual general meeting , fasting, and boycotts. On Mar 2, 2023, Donald Trump Jr. , cofounder of news aggregator MxM News, tweeted that PNC had abruptly cancelled all financial services for MxM without explanation. 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

954-448: The 1870s, when the growing popularity of checks and the declining profitability of national bank currency issues caused a resurgence. The granting of charters led to the creation of many national banks and a national banking system which grew at a fast pace. The number of national banks rose from 66 immediately after the Act to 7,473 in 1913. Initially, this rise in national banking came at

1007-458: 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. 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,

1060-563: The 5th largest bank in the United States by deposit and fourth largest by branches. 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). Dwelling House had been known in Pittsburgh to provide loans to low–income African Americans that other banks would deny. The branch

1113-577: The Civil War, when Congress and Lincoln were struggling to finance the war efforts. Without a national mechanism for issuing currency, the Lincoln administration could not exploit the powers and loopholes that, for example, Britain could with its central bank, in order to finance the high expenses involved. Previously, the damage that would be done to state banks by national competition was sufficient to prevent significant national bank chartering. But using

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1166-561: 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. In January 2011, PNC acquired BankAtlantic's Tampa Bay Area branches. 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 . In 2012, PNC acquired RBC Bank from Royal Bank of Canada for $ 3.45 billion. RBC Bank had

1219-518: The account. PNC is a sponsor of the following: National Banking Act The National Banking Acts of 1863 and 1864 were two United States federal banking acts that established a system of national banks chartered at the federal level, and created the United States National Banking System. They encouraged development of a national currency backed by bank holdings of U.S. Treasury securities and established

1272-502: The aforementioned four banks and Citibank . On July 30, 2012, PNC announced plans to put ATMs in 138 Harris Teeter grocery stores in the Carolinas , plus 53 other stores. In September 2014, PNC acquired Solebury Capital Group, a capital markets advisory firm, for $ 50 million. 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 . It

1325-528: The bank adopted the first version of its present logo – a stylized triangle representing the city's Golden Triangle . In 1969, the bank reorganized as a holding company, Pittsburgh National Corporation. Another branch of the current bank, the Philadelphia –based Provident National Corporation, dates back to 1865. In 1982, Pittsburgh National Corporation and Provident National Corporation, both with PNC as their abbreviations, merged into

1378-662: 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

1431-626: The bank to the Arizona , California , and New Mexico markets. In 2021, PNC originated nearly 95,000 mortgages worth $ 34.8 billion. This is a 23% increase vs prior year and stands as their highest origination volume to date. In December 2013, the Department of Justice and the Consumer Financial Protection Bureau announced that they had reached an agreement with National City Bank to resolve allegations that

1484-467: The banking system included hiring a new staff, being hands-on with several aspects such as "personally evaluating applications for bank charters and consoled prospective bankers", and "assisting in the design of the new national bank notes, and arranged for their engraving, printing, and distribution." As an result of McCulloch's efforts, many banks were just not willing to conform to his system of operations. This prompted Congress to pass "a 10 percent tax on

1537-832: The company acquired Fortis Advisors, which provides post–merger shareholder services. The company ranked one hundred sixty fifth on the 2018 Fortune 500 list of the largest United States corporations by revenue. 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 . 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

1590-597: The company adopted a new brand image and changed its name to PNC Financial Services Group. In 2001, PNC sold the original PNC Mortgage to Washington Mutual due to volatility in the market. 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. In 2005, PNC acquired Riggs National Corporation of Washington, D. C. Riggs had been fined after aiding Chilean dictator Augusto Pinochet in money laundering . PNC became one of

1643-475: The creation of national banks, set out a plan for establishing a national currency backed by government securities held by other banks, and gave the federal government the ability to sell war bonds and securities (in order to help the war effort ). National banks were chartered by the federal government, and were subject to stricter regulation; they had higher capital requirements and were not allowed to loan more than 10% of their holdings. A high tax on state banks

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1696-516: The eighth largest bank in the United States by deposits. On October 26, 2007, PNC acquired Yardville National Bancorp, a small commercial bank centered in central New Jersey and eastern Pennsylvania. On September 15, 2007, PNC Bank acquired Citizens National Bank of Laurel, Maryland . 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. On October 24, 2008, during

1749-456: The expense of state banking—the number of state banks dwindled from 1,466 in 1863 to 247 in 1868. Though state banks were no longer allowed to issue notes, local bankers took advantage of less strict capital requirements ($ 10,000 for state banks vs. $ 50,000–200,000 for national banks) and opened new branches en masse. These new state banks then served as competition for national banks, growing to 15,526 in number by 1913. The years leading up to

1802-698: The first mortgage in the United States and has offices across the country. PNC Financial Services traces its history to the Pittsburgh Trust and Savings Company which was founded in Pittsburgh, Pennsylvania , on April 10, 1845. Due to the long recovery from the Great Fire of Pittsburgh , Pittsburgh Trust and Savings was not fully operational until January 28, 1852. It originally opened offices at Liberty Avenue and 12th Street. The bank

1855-470: 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,

1908-688: The largest banks in the Washington metropolitan area . In 2005, PNC began outsourcing mortgages to Wells Fargo . 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) . 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

1961-462: 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. 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. Also in March 2006, PNC Bank

2014-405: The national government's promise to redeem them and their value was dependent on public confidence in the government as well as the ability of the government to give out specie in exchange for the bills in the future. Many thought this promise backing the bills was about as good as the green ink printed on one side, hence the name "greenbacks." The Second Legal Tender Act , enacted July 11, 1862,

2067-445: The national system, increasing the number of national banks substantially. The National Banking Acts served to create the (federal-state) dual structure that is now a defining characteristic of the U.S. banking system and economy. The Comptroller of the Currency continues to have significance in the U.S. economy and is responsible for administration and supervision of national banks as well as certain activities of bank subsidiaries (per

2120-440: The notes of state banks, signaling its determination that national banks would triumph and the state banks would fade away." A later act, passed on March 3, 1865, imposed a tax of 10 percent on the notes of state banks to take effect on July 1, 1866. Similar to previous taxes, this effectively forced all non-federal currency from circulation. It also resulted in the creation of demand deposit accounts , and encouraged banks to join

2173-550: The other hand, still had limited taxation capabilities and so had an interest in the seigniorage potential of a national bank. In 1846, the Polk Administration created a United States Treasury system that moved public funds from private banks to Treasury branches to fund the Mexican–American War . However, the revenue generated this way was limited without a national currency. This became more urgent during

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2226-432: The passing of the 10% tax on banknotes consisted of events surrounding the National Banking Act of 1864. During this time period, Hugh McCulloch was determined to "fight against the national banking legislation, which he rightly perceived as a threat to state-chartered banking. Although he tried to block the system's creation, he [McCulloch] was not determined to be its champion." Part of his plans to revamp this portion of

2279-415: The same term [REDACTED] This disambiguation page lists articles associated with the title PNC Plaza . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=PNC_Plaza&oldid=1153505537 " Category : Disambiguation pages Hidden categories: Short description

2332-466: The war crisis, Lincoln was able to expand this effort. One of the first attempts to issue a national currency came in the early days of the Civil War when Congress approved the Legal Tender Act of 1862 , allowing the issue of $ 150 million in national notes known as greenbacks and mandating that paper money be issued and accepted in lieu of gold and silver coins. The bills were backed only by

2385-554: Was The First National Bank of Davenport, Iowa (Charter #15). Additionally, the new Act converted more than 1,500 state banks to national banks. The National Bank Act of 1863 was passed on February 25, 1863, and was the first attempt to establish a federal banking system after the failures of the First and Second Banks of the United States, and served as the predecessor to the Federal Reserve Act of 1913. The act allowed

2438-512: Was closed and accounts were transferred to the existing PNC branch in the Hill District. 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. GIS, established in 1973 and with 4,700 employees, was the second–largest full–service mutual fund transfer agent in

2491-427: Was first announced in 2011. The LEED Platinum building, owned by PNC and designed by Gensler , won awards for its environmentally friendly features. In April 2017, the company acquired the U.S. equipment finance business of ECN Capital for $ 1.3 billion. In November 2017, the company acquired The Trout Group, an investor relations and strategic advisory firm servicing the healthcare industry . In 2018,

2544-556: Was intentionally set so high as to effectively prohibit further circulation of state bank and private notes. By this time the conversion from state banks to national banks was well underway. The constitutionality of the tax came before the Supreme Court in Veazie Bank v. Fenno , a case by a state-chartered Maine bank and the collector of internal revenue. The Court ruled 7–2 in favor of the government. State banks declined until

2597-484: Was levied to discourage competition, and by 1865 most state banks had either received national charters or collapsed. The 1864 act, based on a New York State law, brought the federal government into active supervision of commercial banks. Further acts passed in 1865 and 1866 imposed a tax to speed the adoption of the system. All banks (national or otherwise) had to pay a 10 percent tax on payments that they made in currency notes other than national bank notes. The tax rate

2650-806: 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. 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

2703-498: Was proportional to the bank's level of capital deposited with the Comptroller of the Currency at the Treasury. To further control the currency, the Act taxed notes issued by state and local banks, essentially pushing non-federally issued paper currency out of circulation. Since the establishment of the Republic, state governments had held authority to regulate banks. Before the act, state legislatures typically issued bank charters on

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2756-408: Was renamed The Pittsburgh Trust Company in 1853. In 1858, the company located 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 . It received

2809-731: 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. 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. In 2017, PNC agreed to pay $ 16 million to settle claims of overtime wages by loan officers under

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