PNC TO CREATE UNIFIED CORPORATE IDENTITY AS PNC BANK CORP.
PNC TO CREATE UNIFIED CORPORATE IDENTITY AS PNC BANK CORP. PITTSBURGH, Sept. 17 /PRNewswire/ -- PNC Financial Corp (NYSE: PNC), one of the nation's leading regional banking companies, today announced the creation of a unified corporate identity for PNC banks and affiliated companies under the PNC Bank name. "The move to a new corporate identity is a natural extension of the way we have been operating -- as a single, strong, unified institution," said Thomas H. O'Brien, chairman and chief executive officer of PNC. "We are the 13th-largest banking organization in the country, and the PNC Bank name appropriately reflects our strengths and resources." O'Brien noted that the decision followed extensive market research that showed that banking customers today place a higher priority on financial strength than ever before and that customers strongly identified the PNC name with the company's strong financial position and with customer service. "The combination of these attributes under the PNC Bank name will communicate the collective strength and shared vision of the company we've built," O'Brien said. "It will enable us to leverage the power of our approximately $50-billion franchise for each market we serve and to deliver better products and services to our customers." The names of all PNC banks and most affiliated companies will be changed in stages, starting in February 1993. Pittsburgh National, Provident National in Philadelphia, Central Trust in Cincinnati, Citizens Fidelity located in Louisville and Northeastern Bank in the Scranton/Wilkes-Barre markets will all become known as PNC Bank at that time. PNC Bank Corp. will also become the new name of the holding company in February. PNC banks in other markets will adopt the new identity later in 1993 or in early 1994, depending on operations and systems changes. Also in February, PNC will combine the charters of Pittsburgh National Bank and Provident National Bank. Marine Bank, headquartered in Erie, Pa., will follow in April. Other Pennsylvania banks will be merged into this single charter at a later date to create one Pennsylvania bank. The consolidation of the Pennsylvania banks, which was first disclosed in early January, "will simplify our financial and legal structure in the state," O'Brien said. The management and employees of the banks will operate in substantially the same manner as in the past. "We are working toward enabling our customers to perform banking transactions at any PNC bank in the state." PNC Financial Corp is ranked third in both leverage capital ratio and Tier I risk-based capital ratio at June 30, 1992, among the nation's 25 largest banking companies. The two ratios are measures of a bank's financial strength. PNC's overhead ratio, a measure of operating efficiency, was first among the top 25 U.S. banking companies for the six months ended June 30, 1992. PNC Financial Corp, headquartered in Pittsburgh, is the nation's 13th-largest bank holding company, with assets of $45.5 billion. It operates approximately 500 community banking offices in Pennsylvania, Kentucky, Ohio, Indiana and Delaware and conducts business through additional offices in 16 states. PNC's principal banking affiliates include: Pittsburgh National Bank, Pittsburgh; Provident National Bank, Philadelphia; Citizens Fidelity Bank, Louisville, Ky.; Central Trust, Cincinnati; Bank of Delaware, Wilmington, Del.; Northeastern Bank, Scranton, Pa.; Marine Bank, Erie, Pa.; PNC National Bank, Wilmington, Del.; Hershey Bank, Hershey, Pa.; and The First Bank and Trust Company, Mechanicsburg, Pa. -0- 9/17/92 /CONTACT: Jonathan Williams, media, 412-762-4550, or at home, 412-257-3257; or William H. Callihan, investors, 412-762-8257, both of PNC/ (PNC) CO: PNC Financial Corp ST: Pennsylvania IN: FIN SU:
CD -- PG002 -- 0513 09/17/92 10:01 EDT
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|Date:||Sep 17, 1992|
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