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By From Baltimore Sun news services | March 21, 2009
Edward "Ned" Kelly III, the former Mercantile Bankshares Corp. executive who shepherded the sale of the Baltimore bank to PNC Financial Services Group two years ago, was named chief financial officer of Citigroup yesterday, the latest move in a major management reshuffling at the struggling bank. Kelly, who has been serving as New York-based Citi's head of global banking, will replace Gary Crittenden, who is moving to a newly created role of chairman of Citi Holdings. The changes come after the company announced earlier this year that it was splitting into two divisions, with Citi Holdings in charge of noncore businesses such as government-backed risky assets and the Baltimore-based consumer lending arm CitiFinancial.
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BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | November 4, 2012
General Motors' manufacturing plant in White Marsh lost about a day and a half to Cyclone Sandy. But it sustained no damage, missed no shipping deadlines and expected to quickly make up for lost time. Though that's just about the best-case scenario, it's not rare in the region. Despite the disruption of widespread shutdowns Monday and Tuesday, the Baltimore area missed the worst of Sandy's wallop. The overall economic impact should be modest as a result, economists say, even if for some businesses and residents it was anything but. "Economically, it doesn't mean much for the Baltimore area," said Richard Clinch, director of economic research for the University of Baltimore's Jacob France Institute.
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BUSINESS
By Bloomberg News | October 19, 2007
PNC Financial Services Group Inc., Pennsylvania's biggest bank, said third-quarter profit rose 23 percent as its acquisition of Baltimore's Mercantile Bankshares Corp. helped generate higher fee revenue. Excluding a gain last year from an investment in fund manager BlackRock Inc., earnings climbed to $469 million, or $1.37 a share, from $380 million, or $1.28, for the third quarter last year, the Pittsburgh company said yesterday. Exceeds estimates Per-share profit was 2 cents higher than the average estimate of 17 analysts surveyed by Bloomberg.
BUSINESS
By From Baltimore Sun news services | March 21, 2009
Edward "Ned" Kelly III, the former Mercantile Bankshares Corp. executive who shepherded the sale of the Baltimore bank to PNC Financial Services Group two years ago, was named chief financial officer of Citigroup yesterday, the latest move in a major management reshuffling at the struggling bank. Kelly, who has been serving as New York-based Citi's head of global banking, will replace Gary Crittenden, who is moving to a newly created role of chairman of Citi Holdings. The changes come after the company announced earlier this year that it was splitting into two divisions, with Citi Holdings in charge of noncore businesses such as government-backed risky assets and the Baltimore-based consumer lending arm CitiFinancial.
BUSINESS
By Hanah Cho and Hanah Cho,hanah.cho@baltsun.com | October 24, 2008
PNC Financial Services Group Inc. said yesterday that it will take over the banking services from Chevy Chase Bank at Giant Food stores in Maryland, Virginia, Delaware and Washington. Financial terms of the 10-year agreement with Landover-based Giant were not released. Giant had been seeking a new operator for its 54 in-store branches after its contract with Chevy Chase expired this summer. PNC said the bank expects to hire 225 employees to staff 41 in-store branches - 21 in Maryland, 17 in Virginia and three in Delaware - in the first phase of the expansion.
BUSINESS
By Tricia Bishop and Tricia Bishop,Sun reporter | March 29, 2008
Banking executive Edward J. "Ned" Kelly III earned nearly $15 million last year in salary, bonus and other payments after PNC Financial Services Group acquired Baltimore's Mercantile Bankshares Corp., according to documents filed yesterday. Kelly, Mercantile's former chief executive, had taken a vice chairman role at PNC after the deal was completed a year ago, but he quit in late June to join the Carlyle Group. He's now an executive at Citigroup Inc., of New York. Kelly declined to comment yesterday, through a spokeswoman.
BUSINESS
By Bloomberg News | July 18, 2008
PNC Financial Services Group Inc., which acquired Baltimore's Mercantile Bankshares last year, reported yesterday a second-quarter profit that unexpectedly jumped 19 percent on higher corporate loans. The stock soared after the bank, Pennsylvania's largest, said it was "optimistic" about the rest of the year. Net income climbed to $505 million, or $1.45 a share, from $423 million, or $1.22, a year earlier, the bank said. PNC was expected to earn $1.15 a share, according to the average estimate of six analysts surveyed by Bloomberg.
BUSINESS
By The report was compiled from dispatches by Sun reporters and Bloomberg News | March 24, 2007
Maryland: Investing Morgan Stanley uses Sourcefire option Morgan Stanley & Co. Inc., the lead underwriter in the initial public offering earlier this month of Columbia technology company Sourcefire Inc., has exercised its option to buy 865,500 shares of the company's stock. In buying the shares, Morgan Stanley exercised its full over-allotment option. The purchase brought Sourcefire's profit in the IPO to $86.3 million. Stacey Hirsh Nasdaq warns SafeNet again SafeNet Inc., the Harford County technology company that has been under federal investigation for its stock-option awards and which announced earlier this month plans to be sold to a private equity firm, said yesterday that it received another notice from Nasdaq saying it failed to file its financial reports for 2006 in a timely manner.
BUSINESS
By Laura Smitherman and Laura Smitherman,Sun reporter | July 14, 2007
PNC Financial Services Group's layoffs in Maryland resulting from its acquisition of Mercantile Bankshares Corp. will hit Linthicum, Baltimore City and Frederick the hardest, according to notices the company filed with the state labor department. PNC notified nearly 900 Mercantile employees in Maryland and surrounding states that their positions are being eliminated. Company officials have declined to say exactly how many employees will lose their jobs because some employees might leave on their own and others might move to other positions.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,Sun reporter | October 10, 2006
After buying a scandal-damaged Riggs National Corp. last year, PNC Financial Services Group decided to offer free ATM transactions for customers in the Washington area to attract deposits. It worked so well that PNC decided in August to extend the offer to all its markets. So free ATMs might be one of the most noticeable changes for Mercantile Bankshares Corp. customers if the Baltimore bank's merger with PNC Financial Services Group is completed. Mercantile customers also are likely to see more products, and night and weekend hours in certain busy branches.
BUSINESS
By Hanah Cho and Hanah Cho,hanah.cho@baltsun.com | October 24, 2008
PNC Financial Services Group Inc. said yesterday that it will take over the banking services from Chevy Chase Bank at Giant Food stores in Maryland, Virginia, Delaware and Washington. Financial terms of the 10-year agreement with Landover-based Giant were not released. Giant had been seeking a new operator for its 54 in-store branches after its contract with Chevy Chase expired this summer. PNC said the bank expects to hire 225 employees to staff 41 in-store branches - 21 in Maryland, 17 in Virginia and three in Delaware - in the first phase of the expansion.
BUSINESS
September 11, 2008
Average cost of Md. hospital stay rises 6% The average cost for a hospital stay in Maryland rose 6.3 percent to $10,038 in fiscal year 2007, up from $9,440 in the previous fiscal year, according to a report released yesterday by the Maryland Health Services Cost Review Commission. Maryland's cost is higher than the national average increase of 5.3 percent but slightly lower than the Consumer Price Index for hospital and related services of 6.4 percent, the commission said. Wegmans recalls bagels, may contain metal pieces Wegmans Food Markets Inc. is voluntarily recalling all varieties of fresh bagels and bialys purchased in its bakeries between Aug. 24 and Sept.
BUSINESS
By Bloomberg News | July 18, 2008
PNC Financial Services Group Inc., which acquired Baltimore's Mercantile Bankshares last year, reported yesterday a second-quarter profit that unexpectedly jumped 19 percent on higher corporate loans. The stock soared after the bank, Pennsylvania's largest, said it was "optimistic" about the rest of the year. Net income climbed to $505 million, or $1.45 a share, from $423 million, or $1.22, a year earlier, the bank said. PNC was expected to earn $1.15 a share, according to the average estimate of six analysts surveyed by Bloomberg.
BUSINESS
By Tricia Bishop and Tricia Bishop,Sun reporter | March 29, 2008
Banking executive Edward J. "Ned" Kelly III earned nearly $15 million last year in salary, bonus and other payments after PNC Financial Services Group acquired Baltimore's Mercantile Bankshares Corp., according to documents filed yesterday. Kelly, Mercantile's former chief executive, had taken a vice chairman role at PNC after the deal was completed a year ago, but he quit in late June to join the Carlyle Group. He's now an executive at Citigroup Inc., of New York. Kelly declined to comment yesterday, through a spokeswoman.
BUSINESS
By Bloomberg News | October 19, 2007
PNC Financial Services Group Inc., Pennsylvania's biggest bank, said third-quarter profit rose 23 percent as its acquisition of Baltimore's Mercantile Bankshares Corp. helped generate higher fee revenue. Excluding a gain last year from an investment in fund manager BlackRock Inc., earnings climbed to $469 million, or $1.37 a share, from $380 million, or $1.28, for the third quarter last year, the Pittsburgh company said yesterday. Exceeds estimates Per-share profit was 2 cents higher than the average estimate of 17 analysts surveyed by Bloomberg.
BUSINESS
By Laura Smitherman and Laura Smitherman,Sun reporter | September 16, 2007
Lucille Ingalls remembers going to work as a teller at an affiliate of Mercantile Bankshares Corp. in Virginia during World War II. She stayed even after the soldiers returned from abroad, rising to the post of senior vice president and watching the banking industry evolve through the dawning of the automated teller machine. J. Donald Henyon, head of Mercantile's affiliate in Laurel for more than a decade, remembers life as a community pillar, firing up the popcorn machine for customers on Saturdays and making it a point to never be seen gambling at the nearby horse tracks.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | July 17, 2004
PNC Financial Services Group Inc.'s $779 million deal to buy embattled Riggs National Corp., Washington's biggest bank, could signal a major shift in the competitive landscape in the Mid-Atlantic. The deal gives the Pittsburgh banking company entree into the wealthy Washington area - including its Maryland suburbs. It also marks the second time that a regional bank has been sold after becoming mired in scandal. Riggs is under congressional investigation for allegedly failing to prevent, and in some cases aiding, a money laundering scheme involving foreign governments and diplomats.
BUSINESS
By Laura Smitherman and Laura Smitherman,Sun reporter | September 16, 2007
Lucille Ingalls remembers going to work as a teller at an affiliate of Mercantile Bankshares Corp. in Virginia during World War II. She stayed even after the soldiers returned from abroad, rising to the post of senior vice president and watching the banking industry evolve through the dawning of the automated teller machine. J. Donald Henyon, head of Mercantile's affiliate in Laurel for more than a decade, remembers life as a community pillar, firing up the popcorn machine for customers on Saturdays and making it a point to never be seen gambling at the nearby horse tracks.
BUSINESS
By Stephanie Newton and Stephanie Newton,Sun reporter | July 20, 2007
Sterling Financial Corp., a bank holding company in Lancaster, Pa., that has been hobbled by a loan fraud scheme, agreed yesterday to be acquired by PNC Financial Services Group Inc. for $565 million in stock and cash. Sterling has affiliates in Carroll, Cecil and Harford counties. The Pittsburgh financial services giant recently acquired Mercantile Bankshares of Baltimore to gain a presence in Maryland. PNC will acquire $3.
BUSINESS
By Jay Hancock and Jay Hancock,Sun Columnist | July 18, 2007
As psychological trauma goes, losing a job ranks with divorce and the death of a loved one at the top of the scale. Shame there's so much paperwork. The 11-page contract that laid-off employees from PNC Financial Services Group must sign is the most complicated severance deal I've seen for anybody without a regular seat on a corporate jet. Hundreds of former Mercantile Bankshares workers have to think about whether to select "Option A" or "Option B" in their PNC separation deals. They're supposed to apply for state unemployment benefits, even while collecting severance checks from the company.
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