Printer Friendly


 PITTSBURGH, Aug. 27 /PRNewswire/ -- PNC Bank Corp. (NYSE: PNC) today announced that it has assumed approximately $35 million in deposit liab ?from United Bank of Philadelphia, a minority-owned institution, in a transaction that has enabled United Bank to acquire two branches of Home Unity Federal Savings and Loan Association from the Resolution Trust Corporation (RTC).
 The transaction represents the first time a minority-owned institution and major commercial bank have collaborated to enable the minority-owned bank to purchase branches of a failed thrift institution through the RTC.
 As a result, the former Home Unity branch at Bradlees Plaza, 2307 Street and Knights Roads, Bensalem, Pa., will open for business as a PNC Bank branch on Monday morning, and the two other branches, at Two Penn Center, 16th Street and JFK Boulevard, Center City, and 4806 Frankford Ave. (between Foulkrod and Wakeling streets), Frankford, will open as United Bank offices.
 The collaborative effort between United Bank and PNC Bank evolved from discussions between the two banks over ways PNC Bank could assist the 18-month-old minority institution. PNC Bank had previously invested in United Bank prior to its start-up in 1992.
 Capital assistance will be provided to United Bank by the RTC under the federal legislation. PNC Bank has also committed to make a further investment in United Bank, if necessary, to attain specified capital levels by year-end.
 "United Bank represents the fulfillment of a dream for Philadelphia's minority community. As an investor, PNC Bank was present at United Bank's creation. Since then, we have become enthusiastic fans and supporters," said Richard L. Smoot, president and chief executive officer of PNC Bank, Philadelphia. "PNC Bank is proud that the cooperative venture announced today will provide increased lending power to United Bank and herald a bright future for the communities we are both dedicated to serving."
 Dr. Emma C. Chappell, chairman, president and chief executive officer of United Bank, said, "Several weeks ago, after we acquired Chase Federal Savings and Loan from the RTC, I challenged my fellow bankers in this city to join forces with me to aid United Bank's efforts to help revitalize the neighborhoods of Philadelphia and reinvest in our community. Today I am thrilled that Dick Smoot and PNC Bank have accepted that challenge by assisting our efforts in reaching out to the underserved areas in our great city."
 PNC Bank is the 10th-largest banking organization in the United States, with $53.8 billion in assets at June 30, 1993, and more than 550 community banking offices throughout Pennsylvania, Delaware, Ohio, Kentucky and Indiana. PNC Bank's major lines of business include retail banking; corporate banking; investment management and trust; and investment banking.
 PNC Bank Corp. operates as PNC Bank in Pennsylvania, Ohio, Kentucky and Indiana. Its Bank of Delaware in Delaware will change its name to PNC Bank by the first quarter of 1994. PNC Bank Corp. is headquartered in Pittsburgh.
 /Note to Editors: Chappell and Smoot extend an invitation to the press to attend the events of the day on Monday, Aug. 30.
 -- 10:00 a.m. press conference - United Bank and PNC Bank at PNC Bank, second floor, Broad and Chestnut Streets.
 -- Noon ribbon cutting - Two Penn Center, 16th St. and JFK Boulevard, Center City.
 -- 3:30 p.m. ribbon cutting - 4806 Frankford Ave.
 Local and state dignitaries will be present at all locations./
 /CONTACT: Jonathan Williams of PNC Bank Corp., 412-762-4550, or at home, 412-257-3257, or Pat Beauchamp of PNC Bank, Philadelphia, 215-585-5152, or at home, 215-584-4525, both media; or William H. Callihan, investors, of PNC Bank Corp., 412-762-8257/

CO: PNC Bank Corp.; United Bank of Philadelphia; Home Unity Federal
 Savings and Loan Association ST: Pennsylvania IN: FIN SU:

CD -- PG011 -- 6812 08/27/93 18:55 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 27, 1993

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters