What was pnc bank previously

Banking Regions Bank adds Fort Worth industry veteran to lead commercial banking team. Our Digital Sponsors. Latest Articles. Real Estate Stonemont Financial Group begins construction on two-building industrial project in Alliance area. Government A history of Veterans Day.

Load more. Box 65, Fort Worth, TX This advertisement will close in. Click here to continue to Fort Worth Business Press. Banking deregulation allowed, and to some extent encouraged, mergers between banks. As the s wore on, a number of well-run banks found it in their interest to join forces with the PNC group. PNC's acquisition strategy focused on purchasing healthy banks which would add to the corporation's overall strength. A year later, it acquired the Northeastern Bancorp of Scranton, Pennsylvania.

PNC's criteria for acquisitions were strict by industry standards. Close attention was also paid to whether or not the bank's management philosophy was compatible with PNC's. In , Thomas H. O'Brien had risen quickly through the ranks of the Pittsburgh National Bank, eventually heading PNC's merchant banking activities, and finally becoming chairman and chief executive.

As the top executive at PNC he continued Gilliand's bottom-up management style. O'Brien would let executives at affiliates implement their own ideas at their own bank without a great deal of interference from the top. As a result of the autonomy PNC gave its affiliated banks, the banking group was an attractive merger partner for exactly the healthy regional banks it wished to acquire.

PNC could grow, and the new affiliates could take advantage of the extended services offered by the group. PNC became known for its friendly takeovers of already successful banks. In , the Hershey Bank joined the group. While acquisitions normally diluted the value of a corporation's stock for some time, PNC's careful planning allowed it to quickly make up for the dilution. By the late s, Wall Street analysts were so confident in PNC's management that acquisition announcements did not seriously reduce the stock's price.

The relaxation of interstate banking regulations in the United States during this time created a new kind of bank: the superregional. Superregionals operated in a number of states, and began in the late s to compete with the money center banks for a greater share of large corporate business.

As mid-sized companies needed more services in the international trade arena, the superregionals became more and more involved there as well. With its network spread throughout Pennsylvania, Kentucky, Ohio, and Delaware, PNC was the premier superregional in the United States by and had become the nation's 12th-largest banking group. Its assets had more than doubled since , and its earnings were among the highest in the industry.

Like many banks throughout the world, PNC was forced to set aside huge sums as a provision against bad debt in Third World countries in While two-thirds of U. PNC opened its first retail location in Arizona in June , when its solutions center, a small branch, opened at S. Rural Rd. But the PNC brand did not go up on the new branches nor was it able to cross-sell to its new customers until the conversion was completed. Both banks continued to open branches in the territory in the intervening months and 13 branches, largely BBVA's, in Alabama, Florida and Texas — the states with the greatest overlap — closed last Friday.