Bailout bio for PNC Financial Services Group

PNC is a Pittsburgh-based bank that is among the largest of U.S. banks. It received $7.7 billion under the Treasury Department’s Capital Purchase Program (CPP). PNC recently acquired National City Corp., a bank that was denied funding under the CPP. The acquisition has not been without controversy. However, National City was reportedly considering filing for bankruptcy prior to the takeover.

According to the annul Fortune 500 rankings, PNC, is the country’s 14^th largest commercial bank while National City was the country’s 11^th largest.

A controversial change to federal tax law made in the wake of the financial crisis will benefit PNC in its acquisition on National City. One analyst estimates the benefit will bring $5.1 billion in tax breaks to PNC. Through the acquisition, PNC will become the nation’s 5^th largest bank and will expand its operations into the Midwest.

Resources

Financial Documents | Federal contracts | Lobbying reports
Political Contributions | Related Articles | Bank Bio Chart

?Financial Documents

11-06-2008 PNC Financial Services Group 10-Q

10-24-2008 Overview of PNC and National City merger

10-24-2008 PNC and National City Merrger Form 8-K

3-28-2008 PNC Financial Services Group Proxy Statement

12-31-2007 PNC Financial Services Group 10-K

12-31-2007 PNC Financia lService Group Annual Report

Federal contracts

USAspending.gov (last accessed 11/17/08)

Lobbying reports (if any)

Third Quarter 2008

Buchanan Ingersoll & Rooney PC | PNC Bank, National Association

Political Contributions

Center for Responsive Politics (Last Accessed 11/17/08).

2008: PNC to Acquire National City, Doubles in Size (Press Release)

November 17, 2008 Kentucky’s banks fending off frenzy Even with PNC merger, many firms avoid upheaval (Lexington Herald-Leader)

November 16, 2008 Bank’s demise one for textbooks (Columbus Dispatch)

November 16, 2008 PNC-National City bank deal draws criticism (Cleveland Plain Dealer)

November 16, 2008 PNC’s sweet takeover deal (Pittsburgh Post-Gazette)

November 16, 2008 Ohio lawmakers demand info on National City sale (Ohio.com)

November 14, 2008 PNC, U.S. Bank Lead Infusions as TARP Deadline Nears (Bloomberg)

November 11, 2008 National City sale staved off shutdown by regulators, PNC filing shows (Cleveland Plain Dealer)

November 10, 2008 National City mulled bankruptcy before PNC deal (Reuters)

November 7, 2008 PNC Outlines Risks to National City Deal (U.S. News & World Report)

October 30, 2008 PNC Stands to Gain From Tax Ruling (Wall Street Journal)

October 25, 2008 PNC’s $5.2 Billion National City Purchase Is Takeover Template (Bloomberg)

Information obtained from Taxpayers for Common Sense.

Bailout Bank Bio: PNC Financial Services Group*
Federal Equity Investment	$7.7 billion
Total Revenue	$10.088 billion (2007)
Net Revenue	$1.467 billion (2007)
Number of Employees	25,223
Corporate Headquarters	Pittsburgh, Pennsylvania
Business Sector	Banking
Officers and Directors	James E. Rohr, Chairman of the Board, Chief Executive Officer Other Officers and Directors
Corporate Website	www.pnc.com
Executive Compensation	PNC Financial Services Group