Megan Brooks
PNC Bank, one of the largest banks in the US, traces its roots to the Pittsburgh Trust and Savings Company, founded in 1845. The bank was renamed The Pittsburgh Trust Company in 1853 and became the First National Bank of Pittsburgh, the city's first national bank. In 1983, Pittsburgh National Corporation merged with Provident National Corporation to form PNC Financial Services Group, the largest bank merger in US history at the time. PNC continued to grow through acquisitions in the 1980s and 1990s, eventually surpassing its rival Mellon Financial in size and expanding its market base beyond Pennsylvania.
| Characteristics | Values |
|---|---|
| Date PNC was formed | 1983 |
| Banks that merged to form PNC | Pittsburgh National Corporation and Provident National Corporation |
| Location of Provident National Corporation | Philadelphia |
| Date Provident National Corporation was founded | 1865 |
| Date Pittsburgh National Corporation was founded | 1852 |
| Previous name of Pittsburgh National Corporation | Pittsburgh Trust and Savings Company |
| PNC's first bank acquisition | 1986 |
| PNC's main competitors | Wells Fargo, JPMorgan Chase, Citigroup, and Bank of America |
| PNC's rank in the US by branches | 4th |
| PNC's rank in the US by deposits | 5th |
| PNC's net income in 2024 | $6 billion |
| PNC's rank in the mid-2020s by commercial bank size in the US | 6th |
| PNC's number of branches | 2,629 |
| PNC's number of ATMs | 9,523 |
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What You'll Learn
PNC's origins in Provident National Corporation
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 one of the largest banks in the US by assets and number of branches, deposits, and ATMs.
PNC Financial Services traces its history back to the Pittsburgh Trust and Savings Company, founded in Pittsburgh, Pennsylvania, on April 10, 1845. Due to the long recovery from the Great Fire of Pittsburgh, the company was not fully operational until January 28, 1852, and was renamed The Pittsburgh Trust Company in 1853. In 1858, the company relocated its corporate offices to the corner of Fifth Avenue and Wood Street in Pittsburgh, where they remain to this day.
The Provident National Corporation, a Philadelphia-based branch of the current bank, dates back to the mid-19th century. One of its predecessors, the Provident Life and Trust Company, was established in 1865 as an insurance company. In 1922, the Provident Life and Trust Company split into two independent entities: the Provident Mutual Life Insurance Company and the Provident Trust Company. The Provident Trust Company later combined with the Provident Tradesmens Bank and Trust Company to create the Provident National Bank in 1957. By the time of its merger with PNC, Provident operated branches throughout the Greater Philadelphia region.
In 1983, the Pittsburgh National Corporation and the Provident National Corporation, both with PNC as their abbreviations, merged into a new entity named PNC Financial Corporation. This merger brought together two highly capitalized and profitable banks, creating the largest bank in Pennsylvania and the largest bank merger in American history at the time, with $10.3 billion in assets.
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PNC Financial Services Group formation in 1983
PNC Financial Services is a regional financial services company that was founded in 1983 and is based in Pittsburgh, Pennsylvania. It operates across 27 states and the District of Columbia, ranking as the sixth-largest commercial bank in the United States as of 2023.
The PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation. Its banking subsidiary, PNC Bank, has 2,629 branches and 9,523 ATMs. PNC Bank is one of the largest banks in the US by assets and branches, deposits, and ATMs. 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.
PNC Financial Services traces its history back to the Pittsburgh Trust and Savings Company, founded in Pittsburgh, Pennsylvania, on April 10, 1845. Due to the long recovery from the Great Fire of Pittsburgh, the company 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, the company relocated its corporate offices to the corner of Fifth Avenue and Wood Street in Pittsburgh, where they remain today.
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 was the largest bank merger in American history at the time, bringing together two highly capitalized and profitable banks, with $10.3 billion in assets. The merger of these two banks in 1983 formed the combined PNC Financial Corporation.
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PNC's predecessor banks and their contributions
PNC Financial Services Group, Inc., the American bank holding company, traces its history back to the Pittsburgh Trust and Savings Company, founded in 1845. Over the years, PNC has acquired several predecessor banks, each with its own unique history and contributions to local communities.
One notable predecessor is the Provident National Corporation, which dates back to the mid-19th century. In 1865, one of its predecessors, the Provident Life and Trust Company, was established as an insurance company. In 1922, it split into two independent entities: the Provident Mutual Life Insurance Company and the Provident Trust Company, which later combined with the Provident Tradesmens Bank and Trust Company to create the Provident National Bank in 1957. By the time of its merger with PNC, Provident had branches throughout the Greater Philadelphia region.
Another key predecessor is the Pittsburgh National Bank, which originated as the Pittsburgh Trust and Savings Company. It became the First National Bank of Pittsburgh, the city's first national bank. During the 1930s, the First National Bank of Pittsburgh partnered with the Peoples-Pittsburgh Trust Company, and together, they financed many municipal improvements during the Great Depression. This partnership established branches outside Pittsburgh and contributed to the growth of western Pennsylvania.
PNC has also acquired other significant banks, including the Citizens National Bank of Laurel, Maryland, in 2007, and Sterling Financial Corporation in 2008, expanding its presence in central Pennsylvania, Maryland, and Delaware. PNC's predecessor banks have played essential roles in their respective communities, fostering economic growth, innovation, and community investment.
Additionally, Mercantile Bankshares Corporation, formed in 1969, became Maryland's first multi-bank holding company. It grew into a network of nearly two dozen community banks throughout Maryland, Virginia, and Delaware. PNC also recognizes the contributions of banks like Annapolis Bank and Trust Company, which has been an integral part of Annapolis since 1905, exemplifying a century of service and commitment to the community.
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PNC's growth through acquisitions
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 has grown to become one of the largest banks in the US by assets and branches, deposits, and ATMs. PNC's growth has been driven by strategic acquisitions and mergers with other banks and financial institutions.
In 1982, Pittsburgh National Corporation and Provident National Corporation, both with PNC as their abbreviations, merged into a new entity named PNC Financial Corporation. This merger created a company with $10.3 billion in assets and was the largest bank merger in American history at the time. Between 1991 and 1996, PNC continued its expansion by purchasing more than ten smaller banks and financial institutions, including the $30 billion merger with Midlantic Bank of Edison, New Jersey, in 1996. This particular merger broadened PNC's market base from Kentucky to the New York metropolitan area.
In 2005, PNC continued its growth trajectory with the acquisition of Riggs National Corporation, which gave them entry into the Greater Washington area, including Washington, D.C., Maryland, and Virginia. This region was one of the nation's most appealing financial services markets and the fifth-most affluent metropolitan areas in the US. PNC also acquired Riggs Bank, traditionally known as "The Bank of Presidents," and gained access to a rich collection of documents and artifacts, leading to the creation of The PNC Legacy Project.
During the 2008 financial crisis, PNC completed the acquisition of National City for $5.2 billion in stock. This acquisition was financed with preferred stock sold to the United States Treasury as part of the Troubled Asset Relief Program. With this acquisition, PNC became the 5th largest bank in the US by deposit and the 4th largest by branches. PNC continued its expansion by acquiring Sterling Financial Corporation in 2008, which added accounts and branches in central Pennsylvania, northeastern Maryland, and Delaware.
In 2011, PNC signed an agreement to acquire RBC Bank (USA), the US subsidiary of the Royal Bank of Canada, for $3.45 billion in cash and stock. This acquisition allowed PNC to enter attractive regions in the Southeast and added approximately 900,000 customers and 426 branches across six states. PNC further expanded its presence in the Atlanta, Georgia area by acquiring 27 branches from Flagstar Bank in the same year.
Between 2014 and 2019, PNC continued its growth trajectory by acquiring specialized businesses, including Solebury Capital Group LLC, Fortis Advisors, and The Trout Group, LLC. In 2021, PNC acquired BBVA USA for $11.6 billion in cash, significantly boosting its presence in several states and introducing the bank to new markets in Arizona, California, and New Mexico.
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PNC's ranking and services
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 one of the largest banks in the US by assets and is one of the largest banks by number of branches, deposits, and number of ATMs. 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 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 the Mortgage Bankers Association as the second-largest master and primary servicer of commercial bank and savings institution loans.
PNC has a long history of acquisitions and mergers, dating back to the 1980s. Notable acquisitions include the $30 billion merger with Midlantic Bank of Edison, New Jersey, in 1996, and the purchase of RBC Bank from the Royal Bank of Canada for $3.45 billion in 2012. During the 2008 financial crisis, PNC acquired National City for $5.2 billion, becoming the fifth-largest bank in the US by deposits and the fourth-largest by branches. In 2018, PNC ranked 165th on the Fortune 500 list of the largest US corporations by revenue.
PNC has received numerous awards and recognitions for its diverse and inclusive workplace culture. Some of these awards include:
- America's Most JUST Companies, JUST 100, JUST Capital and CNBC (2023)
- Best Places to Work for LGBTQ+ Equality, Human Rights Campaign (2025)
- Best Finance Companies for Women, Fairygodboss (2024)
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Frequently asked questions
PNC Bank was formed in 1983 through the merger of two Pennsylvania banks, the Provident National Corporation and the Pittsburgh National Corporation.
The Provident National Corporation dates back to the mid-19th century. One of its predecessors, the Provident Life and Trust Company, was established in 1865 as an insurance company.
The Pittsburgh National Corporation originated as the Pittsburgh Trust and Savings Company, founded in 1845. It was the first bank in Pittsburgh to become a national bank.
The merger created the largest bank in Pennsylvania and the largest bank merger in US history at the time, with $10.3 billion in assets.
Yes, PNC continued to grow through acquisitions. Notable purchases include Midlantic Bank of Edison, New Jersey, in 1996, National City Corp. in 2008, and RBC Bank in 2012.
