This excerpt taken from the PNC 8-K filed Mar 23, 2007.
A highly regarded team of professionals is at work on the successful integration of Mercantile Bankshares Corporation, which is a critical objective for PNC in 2007. PNC announced the planned acquisition of Mercantile in 2006, with integration to be complete in the third quarter of 2007. The combination of PNC and Mercantile will create a Mid-Atlantic banking powerhouse. Approximately 70 percent of PNCs more than 1,000 branches will be east of the Appalachians, in the affluent and rapidly expanding corridor stretching from the Hudson to the Potomac. Joe Rockey (right), leads the integration team that includes Dawn Price (left) and Anuj Dhanda (center).
Third, we must continue to innovate. Today, we are a leader in technology, products and services. In fact, we were one of only a few U.S. banks in 2006 to receive CIO magazines CIO 100 Award for exemplifying the highest level of operational and strategic excellence in information technology. We have taken advantage of our technology platform to find efficiencies that have contributed to positive operating leverage. To remain a leader, we must recognize new trends, anticipate challenges and deliver the solutions our customers will need tomorrow.
Finally, we must strengthen the PNC brand. While research shows that our customers are very satisfied we ranked highest in customer satisfaction with small business banking in J.D. Power and Associates 2006 Small Business Banking Satisfaction StudySM*** our prospects do not know us very well.
We must change that. We will make a critical investment in the growth of our business by energizing our brand.
For us, the PNC brand is synonymous with achievement. We are leading the way by listening to our customers, focusing on our solutions, making it easy for them to do business with us, and doing things right the first time. By living our brand and our corporate values every day, we are helping our customers achieve their goals and, in turn, driving growth for our company. It is a winning formula and one we must continue to strengthen over the course of 2007 and beyond.