PNC Financial

About PNC Financial

PNC traces its origins to the Pittsburgh Trust and Savings Company, founded in 1852. PNC grew through acquisitions, buying Riggs National Bank in 2005, National City Bank in 2008 during the financial crisis, and BBVA USA in 2021 for 11.6 billion. PNC is now one of the largest US banks, with over 500 billion in assets. PNC weathered the 2008 crisis relatively well, allowing it to acquire distressed competitors at favorable prices. The bank acquired the distressed National City for 5.2 billion, a fraction of its pre crisis value. PNC is known for its middle market corporate lending and asset management. The bank operates primarily on the East Coast and in the Midwest.