| PNC to acquire Central Jersey wealth management services firm
PNC Financial Services Group Inc. has agreed to acquire a provider of portfolio accounting and wealth management services. PNC Chairman and CEO James Rohr said Albridge Solutions Inc. of Lawrenceville, N.J., will broaden the offerings of PNC's PFPC Worldwide Inc. investment services unit. Albridge provides consolidated client account information from hundreds of data sources including mutual funds, managed accounts banking, brokerage, insurance and retirement. It works with 150 financial institutions and more than 100,000 financial advisers whose assets under management exceed $1trillion. PNC (NYSE:PNC) of Pittsburgh is one of the nation's largest diversified financial services organizations, providing retail and business banking, real estate finance and asset-based lending, wealth management, asset management and global fund services.
PNC Completes Purchase of Yardville
PNC Financial Services Group Inc., which provides retail and business banking services, on Friday completed its cash-and-stock acquisition of commercial and consumer bank Yardville National Bancorp. Yardville shareholders will receive about $156 million in cash and 3.4 million shares of PNC stock, which added $2.39, or 3.4 percent, to close at $72.11. PNC's stock has traded between $64 and $76.41 in the past year. Yardville shareholders will receive about $34.17 per share based on terms of the agreement, according to PNC. Hamilton, N.J.-based Yardville, which serves individuals and small- to mid-sized businesses, had about 11.2 million shares outstanding. Yardville branches will continue normal operations until being converted to PNC branches in the first quarter of 2008.
PNC Vice Chairman to Speak at BancAnalysts Association of Boston Conference
PITTSBURGH, Nov. 1 /PRNewswire-FirstCall/ -- The PNC Financial Services Group (Nachrichten), Inc. announced today that Vice Chairman William S. Demchak will discuss the company's strategy and business performance at the BancAnalysts Association of Boston Conference in Boston on Thursday, November 8 at 2:00 p.m. (EST). Internet Access: Live webcast accessible at http://www.pnc.com/investorevents Presentation Materials: Presentation slides will be included as part of the webcast, and presentation handouts will be available on PNC's Web site prior to the start of the webcast Replay Information: Available on PNC's Web site for 30 days The PNC Financial Services Group, Inc. (http://www.pnc.com/) is one of the nation's largest diversified financial services organizations providing retail and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.
PNC patents the environment - community blog from Paul Penrose
Watch out banking eco-warriors, PNC Financial Services in the US has patented the term 'Green Branch', with reference to its network of 40 environmentally-friendly bank branches across six states. The Pittsburgh-based bank claims to have more certified, environmentally-friendly buildings than any other company on earth. "Consumers want to do business with socially responsible companies and PNC is leading the way in the banking industry," trumpets Neil Hall, head of retail distribution, PNC Bank, in a press release celebrating the patent. According to PNC, a main reason for the Federal Patent Office's approval of the bank's trademark application is that financial services are not generally associated with environmentally friendly or ecologically efficient characteristics.
PNC selling Hilliard Lyons
PNC Financial Services Group Inc. is selling Louisville brokerage firm J.J.B. Hilliard, W.L. Lyons Inc. The buyer is Houchens Industries Inc., a grocery store operator based in Bowling Green, Ky. The purchase price was not disclosed, but PNC said in a news release that it expects to report an after-tax gain of about $50 million from the sale. The deal is scheduled to be completed in the first quarter of 2008, the release said. Hilliard Lyons will retain its name, employees and management team, and it will remain based in Louisville, the release said. "PNC is committed to Louisville and the surrounding region, with a strong retail banking presence and strong ties to the community," said Craig Grant, PNC regional president.
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