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PNC » Topics » N OTE 16 S UBSEQUENT E VENT

This excerpt taken from the PNC 10-K filed Mar 2, 2009.

NOTE 28 SUBSEQUENT EVENT

Beginning in the first quarter of 2009, PNC will have three new reportable business segments. These new business segments reflect the impact of our December 31, 2008 acquisition of National City and are as follows:

 

  •  

Residential Mortgage Banking – The Residential Mortgage Banking business segment directly originates first lien residential mortgage loans on a nationwide basis with a significant presence within the retail banking footprint and also originates loans through a joint venture partner. Mortgage loans represent loans collateralized by one-to-four-family residential real estate and are made to borrowers in good credit standing. These loans are typically underwritten to third party standards and sold to primary mortgage market aggregators (Fannie Mae, Freddie Mac, Ginnie Mae, Federal Home Loan Banks and third-party investors) with servicing retained. The mortgage servicing operation performs all functions related to servicing first mortgage loans for various investors. Loans originated through the joint venture are serviced by our joint venture partner.

 

  •  

PNC Asset Management Group – The PNC Asset Management Group business segment includes institutional asset and personal wealth management. Institutional asset management provides investment management, custody, retirement planning services, and other corporate trust services to institutional

 

clients. The clients served include privately held corporations, charitable endowments and foundations, as well as unions, residing primarily in PNC’s geographic footprint and generally complementing its corporate banking relationships. Personal wealth management products and services include private banking services and tailored credit solutions, customized investment management services, financial planning, as well as trust management and administration for affluent individuals and families. This segment includes the wealth management business acquired with National City and the legacy wealth management business currently included in Retail Banking.

 

  •  

Distressed Assets Portfolio – The Distressed Assets Portfolio business segment includes residential real estate development loans, cross-border leases, subprime residential mortgage loans, brokered home equity loans and certain other residential real estate loans. These loans require special servicing and management oversight given current market conditions. The majority of these loans are from acquisitions, primarily National City.

In addition to these new segments, we will continue to report our four current business segments: Retail Banking, Corporate & Institutional Banking, BlackRock and Global Investment Servicing.


 

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This excerpt taken from the PNC 10-Q filed Nov 9, 2006.

NOTE 16 SUBSEQUENT EVENT

As previously reported, on October 8, 2006 we entered into a definitive agreement with Mercantile Bankshares Corporation (“Mercantile”) for PNC to acquire Mercantile for 52.5 million shares of PNC common stock and $2.13 billion in cash. Based on PNC’s common stock price on October 6, 2006, the consideration represents $6.0 billion in stock and cash or $47.24 per Mercantile share.

Mercantile is a $17 billion asset banking company that provides banking and investment and wealth management services through 240 offices in Maryland, Virginia, the District of Columbia, Delaware and Southeastern Pennsylvania. The transaction is expected to close during the first quarter of 2007 and is subject to customary closing conditions, including regulatory approval and the approval of Mercantile’s shareholders.


 

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EXCERPTS ON THIS PAGE:

10-K
Mar 2, 2009
10-Q
Nov 9, 2006

RELATED TOPICS for PNC:

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