PNC Bank

PNC Bank is the banking subsidiary of the PNC Financial Corporation, based in Pittsburgh,Pennsylvania. PNC Financial Corporation announced in October 2008 that it was buying National City Corporation.http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/10-24-2008/0004910969&EDATE= It took over the company in December 2008.http://blog.cleveland.com/business/2009/02/pnc_to_cut_5800_jobs.html In February 2009, PNC Financial Corporation announced it will cut about 10 percent of its workforce, or about 5,800 employees. The cuts will be completed by 2011. They include about 4,000 job cuts that National City Corporation announced in October 2008 before the acquisition. The announcement came as PNC reported its first loss since 2001, in the forth quarter of 2008. The loss was partly due to costs associated with the integration of National City Corporation into the company.http://www.local12.com/news/local/story/PNC-Fidelity-Announcing-Layoffs/_803XjtQ6kCUP8PYdfNJ-w.cspx?rss=30

In August 2010, PNC made enhancements to its consumer spending application, Virtual Wallet. Not only can customers use this program to control their spending and manage their personal accounts, but they can also now integrate other accounts such as PNC credit cards. They can also receive emails or text message alerts that will allow them to make smart spending choices. http://www.investorguide.com/stock-news-show.php?story_id=33533752&topic=PNC

1. 1852: Pittsburgh Trust and Savings Company was founded
2. 1859: Pittsburgh National Corporation established
3. 1982: Pittsburgh National Corporation and Provident National Corporation merge into PNC Financial Corporation
4. 2008: PNC Financial Corporation announces it will buy National City Corporation
5. 2008: PNC takes over National City Corporation on December 31, 2008.http://blog.cleveland.com/business/2009/02/pnc_to_cut_5800_jobs.htm
6. 2009: PNC announces it will lay off about 5,800 employees by 2011http://www.bloomberg.com/apps/news?pid=20601208&sid=aqjf4rgypj1k

In December 2008, PNC Financial announced the purchase of National City Corporation based in Cleveland, Ohio. With the corporate size of National City, being fourth largest bank in the mid Atlantic region, PNC estimates that the acquisition will take approximately 23 months to complete. National city was purchased for $5.6 billion. [http://www.bizjournals.com/columbus/stories/2008/12/08/daily21.html