PNC Bank

The PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States.  PNC Bank provides deposit, lending, cash, management and investment services to more than 2.9 million consumer and small business customers in Pennsylvania, New Jersey, Maryland, Virginia, Delaware, Ohio, Kentucky, Indiana and the District of Columbia.  The bank offers retail banking, corporate and institutional banking, asset management, and global fund processing services.  The retail banking provides deposit, lending, brokerage, trust, investment management, and cash management services to consumer and small business customers.  PNC Bank has over 1,000 branches and 3,900 ATM machines.  The PNC Financial Services Group was founded in 1922 and is based in Pittsburgh, Pennsylvania

PNC owns 34 percent of BlackRock, one of the largest publicly traded investment management firms in the country, with more than $1.3 trillion in managed assets. BlackRock works on behalf of institutional and individual investors worldwide through a variety of equity, fixed income, liquidity and alternative investment products.  In addition, it provides risk management, investment system outsourcing, and financial advisory services to a growing number of institutional investors.

PNC Bank’s corporate and institutional banking business is a dominant player with middle market companies in our eight-state primary region.  In recent years, PNC has built one of the nation’s top 10 asset-based lending practices. The banks real estate lending group, serves owners, operators, and developers across the United States. The corporate and institutional banking offers lending, treasury management, and capital market products and services to mid-sized corporations, government entities, and large corporations.  Its lending products include secured and unsecured loans, letters of credit, and equipment leases; treasury management services comprise cash and investment management, receivables management, disbursement services, funds transfer services, information reporting, and global trade services; and capital markets-related products and services include foreign exchange, derivatives, loan syndications, mergers and acquisitions advisory services to middle-market companies, securities underwriting, and securities sales and trading.  PNC is now the number two syndicator of middle market transactions across the country.

With more than $2.6 trillion in total fund assets serviced and 76 million shareholder accounts, Global Investment Servicing is a leading provider of processing, technology and business solutions to the global investment industry.  The PNC Financial Services Group support an international client base from offices in the U.S. and Europe, offering fund accounting and administration services, transfer agency and shareholder services, global custody and securities lending services, subaccounting services, managed account services, alternative investment services, banking transaction services, marketing and distribution services and advanced output solutions.

On Oct. 16, 2008, The PNC Financial Services Group, Inc. reported net income of $248 million for the third quarter of 2008 compared with net income of $407 million for the third quarter of 2007 and net income of $505 million for the second quarter of 2008.  For the first nine months of 2008, the company earned net income of $1.13 billion compared with net income of $1.29 billion for the first nine months of 2007.

Total assets were $145.6 billion at September 30, 2008 compared with $131.4 billion at September 30, 2007 and $142.8 billion at June 30, 2008.  The increase compared with September 30, 2007 was primarily due to growth in loans and securities and the impact of acquisitions.  Average loans were $73.3 billion for the quarter and increased $8.5 billion, or 13 percent, compared with the year-earlier third quarter and $.5 billion, or 1 percent, compared with the second quarter of 2008.  The increase in average loans compared with the third quarter of 2007 was primarily a result of higher commercial loans, acquisitions and the transfer of education loans previously held for sale to the loan portfolio during the first quarter of 2008.

Average deposits of $85.0 billion for the third quarter of 2008 grew $6.6 billion, or 8 percent, compared with the third quarter of 2007.  Average deposits increased from the prior year third quarter as a result of acquisitions and growth in money market and time deposits.

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