PNC Bank NA is the principal subsidiary of the PNC Financial Services Group, Inc. Based in Pittsburgh, Pennsylvania, PNC Bank offers consumer and corporate services in over 2,500 branches in Alabama, Delaware, the District of Columbia, Florida, Georgia, Kentucky, Indiana, Illinois, Maryland, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Virginia, West Virginia, & Wisconsin. PNC owns about 21% of publicly traded fund manager BlackRock.
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. PNC acquired the former United National Bancorp based in Bridgewater, New Jersey in 2004, and later announced that it would buy the Riggs National Bank which operated in the Washington, DC, area. Among other offenses, Riggs had aided Chilean dictator Augusto Pinochet in laundering money.
PNC successfully completed the acquisition of Riggs in 2005 after the banks resolved a disagreement on the acquisition price.
PNC Mortgage (formerly National City Mortgage) is the mortgage division of PNC. Acquired through the National City deal, PNC Mortgage is credited with the first mortgage in the United States, and has offices across the country.
This is the second mortgage division to be named PNC Mortgage. PNC had sold off the original PNC Mortgage to Washington Mutual in 2001 due to volatility in the market despite the fact that the market was in a “boom” period at the time, then subsequently outsourcing mortgages to Wells Fargo until the National City deal. PNC has no plans to enter the subprime lending market that plagued National City Mortgage.
The corporation’s Global Investment Servicing subsidiary was the second-largest full-service mutual fund transfer agent in the U.S and the second-largest full service accounting & administration provider to U.S. mutual funds. PNC Global Investment Servicing had provided services to the global investment industry since 1973. With 4,700 employees, PNC Global Investment Servicing operates from Ireland, the United States and the Cayman Islands, PNC International Bank Limited operates from Luxembourg. PNC Global Investment Servicing services $1.9 trillion in total assets and 58 million shareholder accounts. In 2007 PNC Global Investment Servicing Trustee & Custodial Services Limited was awarded a banking license by financial regulators allowing it to expand further into Europe. As a result, the name changed to PNC Global Investment Servicing. PNC Global Investment Servicing was formally known as PFPC until July 2008.