Biz Buzz
By Jim Martin, Doug Oathout Erie Times-News staff bloggers
Welcome to Biz Buzz, our daily blog on all things business. Turn here for breaking news on the economy, local industry and area people engaged in the region's companies.   Read more about this blog.
 Phone: 814-870-1668
Posts tagged ‘PNC’
Posted: April 17th, 2013

Results were mixed for a pair of local banks that reported their quarterly earnings this morning.

The news was good for Pittsburgh-based PNC Financial Services Group. The bank, one of the nation’s largest and the largest in western Pennsylvania, said profits rose 22 percent on revenue growth of 6 percent.

PNC earned $938 million, or $1.76 per share, up from $766 million, or $1.44, in the first quarter of 2012.
Revenue was $3.96 billion, up from $3.73 billion.

Meanwhile, Columbus-based Huntington Bancshares, parent company of Huntington Bank, said its profits fell 1 percent in the first quarter as revenue from fees and selling loans declined.

Net income for the quarter was $151.8 million, down from $153.3 million.

Revenues were $682.3 million, down 3 percent from $706.5 million the previous year.

Stephen Steinour, Huntington’s chief executive, indicated he was satisfied with the results.

“This year is off to a solid start,” he said. “This quarter’s results continue to demonstrate that our strategies are working.”

Posted in: Uncategorized
Posted: March 15th, 2013

Officials at Pittsburgh-based PNC Financial Services Group have yet to determine if any bank branches in Erie or Crawford counties will be among the roughly 200 the bank will close this year.

The bank, one of the nation’s largest and a prominent player in this corner of Pennsylvania, announced recently that it planned to close 200 offices in an effort to cut expenses by $700 million.

While the bank has announced plans to close a branch in Clarion, no decisions have been made about any branches in the northwestern corner of the state, said Amy Vargo, a spokeswoman for the bank.

PNC, which operates 2,900 branches in 19 states and the District of Columbia, is constantly evaluating the number of offices it needs, Vargo said.
This year’s planned closures, she said, “Are a sign of the times,” as customers continue to do more of their banking electronically.

Vargo said possible closures for local branches haven’t ruled out or ruled in.
“We’ll continue to look at this month by month,” she said, adding that customers would be given at least 90 days advance notice.

Buffalo-based First Niagara Bank and Ohio-based Huntington Bank already have announced plans this year to close Erie branches.

First Niagara is closing a branch on East Avenue. Huntington is closing its location at 813 State St.

Posted in: Uncategorized
Posted: February 14th, 2013

William S. Demchak, a 1984 graduate of Allegheny College in Meadville, will become the first new chief executive of Pittsburgh-based PNC Financial Services in more than a generation.

Demchak, who joined PNC in 2002 as its chief financial officer, has served most recently as the company’s president.

James Rohr, who has been chairman and chief executive since 1990, is stepping down. Beginning April 23, he will serve as the company’s executive chairman.

Demchak, who also earned an MBA at the University of Michigan, was elected president of PNC in April 2012.

A board member and chairman of the Greater Pittsburgh Council of the Boy Scouts of America, Demchak is a member of the Financial Services Roundtable.

PNC, one of the nation’s largest banks, said in a statement that the board was acting on 64-year-old Rohr’s desire to retire.

Posted in: Uncategorized
Posted: October 21st, 2010

PNC Financial Services Group Inc., the region’s largest bank with 21 branches in Erie and Crawford counties, reported third-quarter income of $1.1 billion, nearly double the $559 million the company earned in the third quarter of 2009.
Earnings were also up 37 percent from the $803 million the company earned in the second quarter of the year.
The economic picture for the first nine months of the year followed the same pattern. PNC earned $2.6 billion through the end of September, compared with $1.3 billion during the first nine months of 2009.
The Pittsburgh-based company financial services company announced its earnings this morning.

Tags: ,
Posted in: Uncategorized
Posted: September 14th, 2010

Pittsburgh-based PNC Financial Services Group Inc. has been named one of the nation’s 100 best companies by Working Mother Magazine.
This marked the ninth consecutive year that PNC, which has numerous locations in Erie and Crawford counties, has been recognized for its efforts to improve the lives of working families.
“Our goal is to create a work environment where every employee can achieve on the job and in their personal lives,” said Kathy D’Appolonia, senior vice president and manager of workplace Solutions. “Doing so in a year of significant organizational growth and economic distress was a challenge.”
PNC was honored in part for expanding existing work/life benefits and recognition programs.
Among its other efforts, PNC expanded backup child care and elder care programs for employees working longer hours and weekends.
The company also expanded its pension plan, extending it to former National City employees.

Posted in: Uncategorized
Posted: July 22nd, 2010

PNC Financial Services Group Inc., the largest bank in Pennsylvania, saw its financial picture improve dramatically in the second quarter of the year.
The Associated Press reports that the Pittsburgh-based company said Thursday that its second-quarter net income rose twelvefold on higher revenue, lower expenses and better credit quality.
Net income jumped to $786 million, or $1.47 a share, during the quarter, from $65 million, or 14 cents per share, in the year-ago period. Excluding certain integration costs, net income was $1.60 a share.
On average, analysts polled by Thomson Reuters expected net income of $1.28 per share, according to the AP.
Quarterly revenue increased nearly 3 percent to $3.91 billion from $3.8 billion in the previous year.
Net interest income rose 2 percent due to lower funding costs and noninterest income gained 7 percent from net gains on asset sales. Noninterest expense declined by nearly 20 percent.

Tags: ,
Posted in: Uncategorized
Posted: March 18th, 2010

This just in from the Associated Press:

PNC Financial Services Group is investigating a systemwide account breach that affects former National City Bank customers and their debit card accounts.

The affected accounts are restricted to the Cincinnati area, and current PNC Bank customers are not affected, PNC spokesman Fred Solomon said.

Tags: ,
Posted in: Uncategorized
Posted: March 1st, 2010

Thousands of employees of PNC Financial Services Group Inc., including employees at 24 branches in Erie and Crawford counties, are expected to collect $1,000 bonuses later this month.
According to a report in the Pittsburgh Business-Times, full bonuses would be paid to all employees making less than $100,000 who were with the company as of Dec. 1, 2009. Part-time employees were expected to receive bonuses of $500.
The company’s chairman, James Rohr, said in a memo that he wanted to reward employees for their efforts over the past year.
His memo, a copy of which was obtained by the Pittsburgh business weekly, said in part, “In 2009, we earned $2.4 billion, our second-highest net income total ever. You — our 56,000 employees — made these and other special achievements possible … and we believe that deserves special recognition.”
A spokesman for the Pittsburgh-based company declined additional comment.

Tags: , ,
Posted in: Uncategorized
Posted: February 2nd, 2010

Pittsburgh-based PNC Financial Services Group Inc. has announced plans to repay $7.6 billion taken under the federal government’s TARP or Troubled Asset Relief Program.
Money to redeem the shares held by the U.S. Treasury will come in part from the company’s plan, also announced today, to sell PNC Global Investment Servicing to BNY Mellon for $2.3 billion in cash. PNC Global Investing is described as a provider of global fund processing products and services.
The company also announced plans to sell $3 billion of its common stock.
“With signs of an improving economic environment and stabilizing financial system, we believe now is the appropriate time for us to redeem the preferred shares held by the U.S. Treasury,” said James Rohr, PNC’s chairman.
– Jim Martin

Tags: , ,
Posted in: Uncategorized
Posted: September 14th, 2009

A planned Eggs ‘n’ Issues briefing scheduled for 8 a.m. Wednesday at the Manufacturer & Business Association’s conference center at 2171 W. 38th St., has been canceled.
That session was to have featured Joe Guyaux, president of the PNC Financial Services Group.

Posted in: Uncategorized