PNC Tool Holdings LLC history

1852: Steel magnates James Laughlin and B.F. Jones open the Pittsburgh Trust and Savings.

The bank became the First National Bank of Pittsburgh in 1863, the first in the city to do so.

One of its predecessors, Provident Life and Trust Company, was established in 1865 as an insurance company.

In 1922, the Provident Life and Trust Company split into two independent entities: Provident Mutual Life Insurance Company and Provident Trust Company.

In 1946, First National of Pittsburgh and Peoples-Pittsburgh banks joined to form Peoples First National Bank and Trust Co.

The latter company combined with Provident Tradesmens Bank and Trust Company to create Provident National Bank in 1957.

1959: Pittsburgh Trust and Savings incorporates as Pittsburgh National Bank.

1964: After years of acquisitions and name changes, the Tradesman National Bank officially adopts the name Provident National Corp.

In 1984, PNC acquired the Marine Bank of Erie, Pennsylvania.

In 1985, Thomas H. O'Brien replaced the retiring Merle Gilliand as CEO at PNC. At 48, O'Brien was the youngest CEO of any major United States bank.

In 1986, the Hershey Bank joined the group.

In 1987, with the acquisition of Citizen’s Fidelity Corporation of Louisville, PNC grew larger than its rival, the Mellon Bank.

In 1988, PNC acquired the Central Bancorp of Cincinnati and the First Bank and Trust of Mechanicsburg.

In 1990, PNC made the strategic decision to move from separate technology platforms, operated by each individual bank, to a single common platform.

Another series of acquisitions began in 1991, when PNC purchased First Federal Savings and Loan Association of Pittsburgh.

PNC Financial Corporation itself changed its name to PNC Bank Corp. in early 1993.

In 1994, a third major nonbank acquisition bolstered the bank's asset management area.

In 1995, PNC achieved its longtime goal of entering New Jersey by merging with Midlantic Corporation in a $3 billion transaction that instantly gave it a major presence in the southern New Jersey/Philadelphia market.

During 1996, its customers had purchased $5.6 billion in mortgages.

A 1997 American Banker article reported that "banks have failed at cross-selling in the past because they embraced mass marketing, instead of a targeted approach, and did not follow up." PNC however, felt that its mortgage business was well positioned to excel at this new approach.

In 1999, PNC's steady transformation into a diversified company with national reach was further strengthened with the acquisition of First Data Investor Services Group (ISG), a leading provider of services to mutual funds and other investment vehicles.

2000: The firm adopts a new brand strategy and changes its name to The PNC Financial Services Group.

PNC also came under fire during 2002 as the Federal Reserve Board and the Securities Exchange Commission announced that it was investigating PNC's accounting practices.

In 2003, PNC acquired United National Bancorp.

In 2005, PNC made a number of strategic acquisitions in growth areas, which included:

In 2006, BlackRock Financial Management acquired Merrill Lynch's investment management business creating one of the top 10 investment management companies in the world with assets under management more than $1 trillion.

On June 7, 2007, PNC announced it signed a definitive agreement to acquire Hamilton, N.J.-based Yardville National Bancorp, a commercial and consumer bank with $3 billion in assets, $2 billion in deposits and 33 branches in central New Jersey and eastern Pennsylvania.

On March 31, 2008, PNC completed the definitive agreement to sell J.J.B. Hilliard, W.L. Lyons, Inc., a full-service brokerage and financial services provider headquartered in Louisville, Ky., to Bowling Green, Ky.-based Houchens Industries, Inc.

The sale, which closed on July 1, 2010, further focuses PNC on its core banking business while offering PNC GIS the scale and scope to compete more effectively throughout the world.

On June 20, 2011, PNC announced it signed a definitive agreement to acquire RBC Bank (USA), the United States subsidiary of Royal Bank of Canada for $3.45 billion in cash and stock.

The acquisition closed on March 2, 2012.