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PNC Financial Services

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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 on the list of largest banks in the United States by assets and is one of the largest banks by number of branches, deposits, and number of ATMs.

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63-433: 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

126-619: 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

189-475: A 14-year shareholder class case focused on incidents that happened until HSBC purchased Household International Inc. in 2003. Having recently revealed a possible liability of up to US$ 3.6 billion in regulatory reports, HSBC Finance has offered to compensate US$ 1.575 billion to resolve all charges in Jaffe v. Household International. The deal remains subject to ratification by the court which is estimated to result in

252-431: 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

315-612: A Canadian operation which it inherited from Household International . Since the HSBC acquisition the Canadian subsidiary works more closely with HSBC Bank Canada . The unit offers mortgages , personal loans and insurance through 75 branches in 10 provinces and via merchant relationship with stores such as The Brick , Henry's , and Arctic Cat . HSBC Finance Canada ceased operations on March 21, 2012. 75 branches were closed immediately and approximately 500 staff members were laid off. In

378-446: A constrained budget environment require a prioritization scheme. As a way of illustration, the recent development of renewable energy has seen the rise of effective asset managers involved in the management of solar systems (solar parks, rooftops, and windmills). These teams often collaborate with financial asset managers in order to offer turnkey solutions to investors. Infrastructure asset management became very important in most of

441-748: A credit card issuer to the U.S. middle market segment. The deal closed in early December 2005 and is an all-cash transaction worth close to US$ 2 billion. HSBC will insert the Metris product line including the American DreamCard (under the Direct Merchants Bank brand) into the HSBC-NA credit card family of products. In 2009, HSBC Finance Corporation announced the discontinuation of loan originations of all products by its Consumer Lending business, but continue to service and collect

504-560: A pre-tax bill of roughly US$ 585 m to HSBC Finance in the second quarter of 2016 covering attorney costs and expenditures. Over the course of its history, HSBC Finance and its predecessor companies have been subject to various regulatory actions. For instance, it was alleged that Household Finance had placed borrowers in high-cost loans with costly prepayment penalties which had not been properly disclosed. To resolve this issue, Household agreed to pay $ 484 million in restitution and to change its lending practices. HSBC Finance Corporation has

567-482: A purchase of newer hardware. Large companies such as Oracle , that license software to clients distinguish between the right to use and the right to receive maintenance/support. HSBC Finance HSBC Finance Corporation is a financial services company and a subsidiary of HSBC Holdings . It is the sixth-largest issuer of MasterCard and Visa credit cards in the United States . HSBC Finance Corporation

630-521: A structure of this sort is directly connected to local governance. Enterprise asset management (EAM) systems are asset information systems that support the management of an organization's assets. An EAM includes an asset registry (inventory of assets and their attributes) combined with a computerized maintenance management system (CMMS) and other modules (such as inventory or materials management). Assets that are geographically distributed, interconnected or networked, are often also represented through

693-533: A variety of real estate secured and unsecured loans to primarily sub-prime customers, as well as increasing numbers of other product lines such as auto loans and service plan policies. On 2 March 2009, it was announced that HSBC would no longer accept new business from HFC/Beneficial, and would eliminate 6,100 jobs. The company website now states that the Beneficial and HFC companies and HSBC Credit Centers have closed their consumer finance businesses in

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756-422: Is a systematic process of developing, operating, maintaining, upgrading, and disposing of assets in the most cost-effective manner (including all costs, risks, and performance attributes). Theory of asset management primarily deals with the periodic matter of improving, maintaining or in other circumstances assuring the economic and capital value of an asset over time. The term is commonly used in engineering,

819-682: Is a term synonymous with physical and infrastructure asset management, it is used to describe management of more complex physical assets which require the application of specialist asset management engineering methods over their life-cycles in order to maximize value for their owners, whilst keeping risk to an acceptable level. SAM is a sub-discipline of IT asset management . The International Organization for Standardization published its management system standard for asset management in 2014. The ISO 55000 series provides terminology, requirements, and guidance for implementing, maintaining and improving an effective asset management system. The key to forming

882-714: 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

945-545: 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, the company adopted a new brand image and changed its name to PNC Financial Services Group. In 2001, PNC sold

1008-484: 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

1071-412: 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

1134-682: 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

1197-803: The Asset Management Council (AMC), the World Partners in Asset Management (WPiAM), Society for Maintenance and Reliability Professionals (SMRP), the Institute of Asset Management (IAM), the International Society of Engineering Asset Management (ISEAM), and the Global Forum on Maintenance and Asset Management (GFMAM). Engineering asset management is a more recent term that is used to describe

1260-623: The Marbles & Beneficial branded credit card portfolios were sold to SAV Credit . In January 2008, the Financial Services Authority fined HFC £1,085,000, for failing to take reasonable care in its sale of Payment Protection Insurance. Beneficial Finance is renowned for its predatory sales tactics. In June 2009, HSBC announced that 100 branches would be closed, including all six in Scotland, with all branches closing

1323-552: 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

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1386-420: The U.S. credit card arm of Britain's HSBC for a premium of about US$ 2.6 billion as a way to expand its domestic credit card business. The acquisition includes the HSBC unit's approximately US$ 30 billion credit card portfolio. The sale of the U.S. credit card division came a little more than a week after HSBC announced that it will sell almost half its retail branches in the United States. That included

1449-475: The United Kingdom, HFC Bank is a sub-prime consumer lender. Its branch network originally consisted of around 125 Beneficial Finance branches. Since Household International's acquisition by HSBC, HFC Bank has worked increasingly closely with HSBC Bank plc particularly for cross-selling purposes. HFC also provides retail finance for stores such as John Lewis , Currys & PC World . In October 2007,

1512-495: The United States, the website is no longer active, and that all loans have been sold with servicing transferred to third-party servicers. Children of former full-time Beneficial employees are considered for scholarships to four Maryland institutions of higher learning: Hood College , Johns Hopkins University , St. John's College and Washington College . Decision One mortgage company directly originated real estate secured loans sourced through mortgage brokers . This subsidiary

1575-470: The account. PNC is a sponsor of the following: Asset management Asset management is a systematic approach to the governance and realization of all value for which a group or entity is responsible. It may apply both to tangible assets (physical objects such as complex process or manufacturing plants, infrastructure, buildings or equipment) and to intangible assets (such as intellectual property , goodwill or financial assets ). Asset management

1638-497: 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

1701-416: The application of an asset management system, in accordance with the requirements of ISO 55001. The most frequent usage of the term portfolio manager (asset manager) refers to investment management , the sector of the financial services industry that manages investment funds and segregated client accounts . Asset management is part of a financial company that employs experts who manage money and handle

1764-662: 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

1827-624: 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

1890-469: The business world, and public infrastructure sectors to ensure a coordinated approach to the optimization of costs, risks, service/performance, and sustainability. The term has traditionally been used in the financial sector to describe people and companies who manage investments on behalf of others. Those include, for example, investment managers who manage the assets of a pension fund . The ISO 55000 series of standards, developed by ISO TC 251 , are

1953-471: 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 a new entity named PNC Financial Corporation . It

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2016-828: 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

2079-460: 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 the 48th charter on August 5, 1863, with other later banks receiving charters sooner due to paperwork problems and

2142-467: The constraints upon such licenses, e.g. a period. If, for example, one licenses software, often the license is for a given period. Adobe and Microsoft both offer time-based software licenses. In both the corporate and consumer worlds, there is a distinction between software ownership and the updating of software. One may own a version of the software, but not newer versions of the software. Cellular phones are often not updated by vendors, in an attempt to force

2205-629: 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 was renamed The Pittsburgh Trust Company in 1853. In 1858,

2268-458: The definition of enterprise asset management (EAM) by incorporating the management of all things of value to a municipal jurisdiction and its citizens' expectations. An example in which public asset management is used is land-use development and planning. Increasingly both consumers and organizations use assets, e.g. software, music, books, etc. where the user's rights are constrained by a license agreement. An asset management system would identify

2331-508: The developed countries in the 21st century, since their infrastructure network was almost completed in the 20th century and they have to manage to operate and maintain them cost-effectively. Physical, or Infrastructure Asset Management is a growing specialist engineering discipline, with many international technical societies now established to advance knowledge in this area, including the Engineers Australia technical society of

2394-508: 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

2457-613: The existing receivable portfolio as it runs off, while continuing efforts to reach out and assist mortgage customers with their loan repayments and home preservation. The Consumer Lending branch offices, branded in the US as HFC and Beneficial, had ceased taking new loan applications as soon as practical and substantially all branch offices will be closed as soon as commitments to customers are satisfied. In 2010, HSBC Finance sold its auto loan units to Santander Consumer USA . On August 10, 2011, Capital One Financial Corp announced that it will buy

2520-446: 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, the bank adopted the first version of its present logo – a stylized triangle representing

2583-466: The following month. The remaining branches would be closed to new business, and eventually close altogether. The company website is now offline, it previously stated; our branches have been closed since July 2009 . Operating under the HFC and Beneficial names, HSBC Finance Corporation is the second largest consumer finance company in the United States, with more than 900 branches in 46 states. It provides

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2646-429: The international standards for Asset Management. ISO 55000 provides an introduction and requirements specification for a management system for asset management. The ISO 55000 standard defines an asset as an "item, thing or entity that has potential or actual value to an organization". ISO 55001 specifies requirements for an asset management system within the context of the organization, and ISO 55002 gives guidelines for

2709-563: The investments of clients. This is done either actively or passively. Physical and Infrastructure asset management is the combination of management, financial, economic, engineering, and other practices applied to physical assets to provide the best value level of service for the costs involved. It includes the management of the entire life cycle—including design, construction, commissioning, operating, maintaining, repairing, modifying, replacing, and decommissioning/disposal—of physical and infrastructure assets. Operation and maintenance of assets in

2772-686: 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

2835-460: 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

2898-642: The management of complex physical assets, a specific engineering practice that is concerned with optimizing assets, in the context of the organizations goals and objectives, through using multidiscipline engineering methodologies, and Terotechnology (which includes management, engineering, and financial expertise), to balance cost, risk, and performance. Engineering asset management includes multiple engineering disciplines, including but not limited to maintenance engineering , systems engineering , reliability engineering , process safety management , industrial engineering , and risk analysis . Engineering asset management

2961-480: 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

3024-678: The sale of 195 branches in New York and Connecticut to First Niagara Financial Group. HSBC said the two actions are part of its plan to make HSBC a more internationally focused business, but reassured that the U.S. is still considered a key market in its strategy. HSBC and Capital One said that they expect no immediate changes to the credit card programs and operations. HSBC customers will see no near-term service changes and should be able to use their credit cards normally. In 2013, HSBC Finance sold its US consumer loans to Springleaf Financial and Newcastle Investment Corp. In April 2015, HSBC Finance

3087-468: 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

3150-422: 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 the first mortgage in the United States and has offices across

3213-653: The typical physical assets or infrastructure assets, the soft assets might include permits, licenses, brands, patents, right-of-ways, and other entitlements or valued items. The EAM system is only one of the 'enablers' of good asset management. Asset managers need to make informed decisions to fulfill their organizational goals, this requires good asset information but also leadership, clarity of strategic priorities, competencies, inter-departmental collaboration and communications, workforce, and supply chain engagement, risk and change management systems, performance monitoring, and continual improvement. Public asset management expands

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3276-403: The use of geographic information systems (GIS) . GIS-centric asset registry standardizes data and improves interoperability, providing users the capability to reuse, coordinate, and share information efficiently and effectively. A GIS platform combined with information of both the "hard" and "soft" assets helps to remove the traditional silos of departmental functions. While the hard assets are

3339-507: Was a provider of consumer loans and credit cards in the United States , Canada and the United Kingdom . In October 2002, Household International settled for US$ 486 million charges of predatory lending by attorneys general in 46 U.S. states. On November 14, 2002, HSBC announced the acquisition of Household International Inc for a total value of US$ 15.3 billion. On March 28, 2003, HSBC acquired Household International, which

3402-510: 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

3465-421: 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,

3528-722: Was formed from the legal entity that had been known as Household International—shortly after Household International settled for US$ 486 million in charges pertaining to predatory lending, after burning through $ 389 million in legal fees and expenses —and is now expanding its consumer finance model via the HSBC Group to Brazil , India , Argentina and elsewhere. HSBC Finance Corporation's subsidiaries primarily provide real estate secured loans, auto finance loans, MasterCard and Visa credit card loans, private label credit cards, personal non-credit card loans and specialty insurance products to middle-market consumers. Household Finance Corp.

3591-438: Was founded in 1878 by Frank MacKey of Minneapolis, Minnesota. It claims that in 1895 it was the first financial company to offer the installment plan, under which a consumer loan could be repaid through a regular monthly amount rather than a lump sum on the due date. It was restructured in 1981 under a holding company named Household International Inc., and, in 1998, it acquired Beneficial Corporation . Household International

3654-563: Was merged in 2005 with a subsidiary company that became the HSBC Finance Corp. Household International CEO William Aldinger became the highest-paid director in the United Kingdom before announcing his departure in February 2005. On March 2, 2009, HSBC chairman Stephen Green said that, in retrospect, HSBC should not have acquired Household International. In August 2005, HSBC-N.A. announced plans to acquire Metris Companies, Inc,

3717-749: 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

3780-414: Was reported as having accidentally uploaded information on United States customers' mortgages, including social security numbers and telephone numbers, to a publicly accessible webserver that was subsequently indexed by Google search. The data included information from a large number of HSBC Finance's subsidiary firms. On 16 June 2016, HSBC Finance Corporation (HSBC Finance) has declared a settlement of

3843-532: Was shut down September 2007 due to the sub-prime mortgage meltdown. Approximately 1,500 employees were affected. HSBC Bank Nevada issues a range of HSBC-branded credit cards, to both credit card only customers and customers of HSBC Bank USA . HSBC was the third-largest issuer of private label credit cards in the United States, including cards for more than 70 active merchant relationships, including Best Buy , GM , Yamaha , Kawasaki , Neiman Marcus , Polaris and Saks Fifth Avenue . Most of its card portfolio

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3906-729: 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

3969-567: 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 the New York metropolitan area . Since 1984, PNC has compiled

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