Who Owns PNC Bank?

PNC Bank is an American national bank based in Pittsburgh, Pennsylvania. The bank was formed in 1983 from the Pittsburgh National Corporation and Provident National Corporation merger. Both had PNC as their abbreviations and named the new entity PNC. As of Dec 2023, PNC had 56,411 employees, down 8.34% from 2022. [1]

PNC is America’s sixth-largest bank, with $552 billion in assets. The bank has around 14 million customers. Most of its clients prefer banking online. In Apr 2023, PNC announced plans to close 30 branches across Alabama, Florida, Illinois, Maryland, Ohio, Texas, and Virginia. The figure increases the bank’s closures for 2023 to around 203. [2]

PNC Bank has grown since it started closing branches in 2012. The company has closed thousands of underperforming locations and diverted the resources to revenue-generating areas. However, the bank is still committed to expanding its market presence.

In Feb 2024, PNC announced plans to invest nearly $1 billion in its branch network. The firm seeks to open over 100 new branches and renovate over 1,200 current locations by 2028. [3]

PNC Bank is a US retail and business banking heavyweight, with around 2,300 branches and over 60,000 ATMs. The bank also offers wealth and asset management, lending, corporate banking, real estate finance, and specialized services.

In Nov 2023, PNC Bank announced its plan to open six new retail branches in Miami-Dade County. This expansion will more than double PNC’s retail bank network in Miami. But who owns PNC Bank? [4]

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Who is PNC Bank’s Parent Company?

PNC Bank is a banking subsidiary and member of The PNC Financial Services Group, Inc., is based in Pittsburgh, Pennsylvania. In Dec 2023, American Banker named PNC Financial Services CEO Bill Demchak its Banker of the Year. Bill Demchak joined PNC in 2002 as CFO and ascended the corporate ladder, becoming CEO in Apr 2013. [5]

The PNC Financial Services Group works as a bank holding company. It was created in 1983 with Pittsburgh National Corp and Provident National Corp merger. In Feb 2024, PNC Financial Services’ Board of Directors appointed Michael Lyons as the president. Lyons will also be president of the group’s wholly-owned banking subsidiary, PNC Bank. [6]

The PNC Financial Services Group is one of America’s largest diversified financial services corporations. However, the holding company isn’t immune to industry-wide downturns. In Oct 2023, PNC Financial Services Group announced plans to cut about 4% of its workforce. This move came after the firm reported a drop in Q3 2023 profit due to a surge in funding costs. The cuts will reduce PNC’s annual personnel expenses by about $325 million, or 5%. [7]

The PNC Financial Services Group is committed to PNC Bank’s expansion strategy. In Oct 2023, PNC Bank acquired capital commitment facilities from Signature Bridge Bank via an agreement with the FDIC as Receiver.

The company plans to leverage the $16.6-billion portfolio to strengthen its offerings for the private equity industry, including Harris Williams, Solebury, PNC Business Credit, and Midland Loan Services. [8]

Image Credit Drew Perales — Image Credit: Drew Perales

PNC Bank’s Ownership History

PNC Bank was formed in 1983 with the Pittsburgh National Corporation and Provident National Corporation merger. The deal created the largest bank in Pennsylvania. However, PNC’s history starts in the 1800s.

Pittsburgh National Bank was founded as the Pittsburgh Trust and Savings Company in 1852. Provident National Corp’s predecessor was established in 1865, marking the birth of PNC. [9]

Pittsburgh National Bank rebranded to First National Bank of Pittsburgh and merged with Peoples-Pittsburgh Trust to form Peoples First. Provident Life and Trust split into standalone insurance and trust firms in 1922. Its trust company combined with Provident Tradesmens Bank in 1957 to form Provident National Bank.

Then, Fidelity Trust Company merged with Peoples First in 1959 to establish Pittsburgh National Bank. Provident National and Pittsburgh National joined in a 1983 merger, which created PNC Financial Corp. [10]

PNC expanded through strategic acquisitions and mergers with local and national banks. The company acquired Harris Williams in 2005 and Sixpoint Partners in May 2019 to serve the middle-market private equity industry.

In April 2023, PNC Bank merged Sixpoint into Harris Williams to deliver best-in-class advice and service to private equity clients. The bank also bought Linga, a point of sale and payments solutions firm, in Sep 2022. The acquisition expanded PNC’s digital resources and capabilities to serve the hospitality and restaurant sectors. [11]

PNC Bank’s Shareholder Structure

PNC Bank is a wholly-owned banking subsidiary of PNC Financial Services Group, Inc. The holding firm is a public company traded on the NYSE stock exchange under the PNC symbol. As of Dec 2023, PNC Financial Services Group offered 542,895,166 Stock A shares with one vote. This figure includes 145,087,054 company-owned shares and 396,228,601 free-float shares. [12]

PNC’s shareholder structure includes institutions, insiders, and individual investors. The top 23 shareholders own a 51% stake in the banking corporation. As of Jun 2023, institutional owners had the lion’s share in PNC with 81% ownership. Individual investors hold an 18% stake in the company. [13]

PNC Financial Services Group has 1,882 institutional investors. As of Dec 2023, Vanguard Group Inc. was PNC’s largest shareholder, with 9.3%. This figure represents 37,008,602 shares.

Blackrock was PNC’s second-largest shareholder with 7.35%, followed by FMR LLC at 4.6%, State Street Corp at 4.32%, and Capital International at 3.96%. Other top players include Wellington Management Group at 2.73%, JP Morgan Chase at 2.67%, Bank of America at 2.15%, Geode Capital at 1.94%, and Massachusetts Financial Services at 1.84%. [14]

PNC’s insiders, like CEO, President, COO, directors, and officers, own less than 1% of the company. As of Feb 2024, CEO Bill Demchak was the top insider shareholder, with 58,446 shares.

Demchak joined the bank as CFO and became the corporate and institutional banking chief in Jul 2005, senior vice chairman in 2009, president in Apr 2012, CEO in Apr 2013, and Board Chairman in Apr 2014. In Mar 2023, Demchak led PNC through the banking crisis catalyzed by the seizures of Silicon Valley Bank and Signature Bank. [15]

PNC President Lyons is the second insider shareholder with 26,564 shares, followed by COO Parsley at 26,260, CFO Robert Reilly at 13,468, and General Counsel Gregory Jordan at 9,509. Other insiders with shares include Vicki Henn, Deborah Guild, Michael Hannon, Richard Bynum, Ganesh Krishnan, Stacy Juchno, Carole Brown, Kieran Fallon, and Gregory Kozich. [16]

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