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Servicing Writedowns, Impairment Create PNC Red Ink.
Pittsburgh-Writedowns to commercial mortgage servicing rights and investment securities contributed to PNC Financial Services Group's fourth-quarter loss.
On the bright side, PNC said it is seeing increased demand for first mortgages due to low interest rates and is expanding its presence in consumer lending due to the acquisition of National City.
PNC suffered a $35 million impairment to its commercial mortgage servicing portfolio during the fourth quarter as a result of lower interest rates. PNC services $286 billion of commercial mortgage loans.
PNC also increased the size of its investment securities portfolio to $43.5 billion, including $13.3 billion of mostly government-backed residential mortgage-backed securities acquired in the National City deal. "Unrealized" losses reflecting declines in the fair value of securities totaled $5.4 billion at year-end, up from $3.6 billion at Sept. 30.
The addition reflects acquisitions of government-backed residential mortgage securities, the company said.
The acquisition of National City closed at year-end, and PNC did not include National City in its financial performance. However, the bank did report on the consolidated balance sheet of the combined company, which now has $291 billion of assets.
The company earmarked $27.5 billion of loans as "distressed," including residential construction loans, brokered home-equity loans and certain residential mortgage loans. The majority of the distressed portfolio came from National City, PNC said.
- PNC to Acquire National City.
- Press release article from: PR Newswire October 24, 2008 700+ words
...definitive agreement for PNC to acquire National City for $2.23 per share...with the transaction, National City has issued to PNC an option to acquire 19...conditions, including both PNC and National City shareholders and regulatory...
- PNC Commits $28 Million to National City Communities for 2009.
- Press release article from: PR Newswire November 12, 2008 700+ words
...initiatives. In regions where PNC and National City both contribute to a particular...Post-closing integration of PNC and National City operations is expected to...integration will include combining PNC and National City's charitable and sponsorship...
- Fitch: PNC Financial/National City Transaction Positive for NCC's Ratings; PNC...
- Press release article from: Business Wire October 24, 2008 700+ words
CHICAGO -- PNC Financial Services Group, Inc.'s (PNC) definitive agreement to acquire National City Corporation (NCC...Trust preferred 'A'; PNC Preferred Funding Trust...instruments 'A'. National City Corporation --Support...
- Fitch Upgrades National City to 'A+'; Affirms PNC at 'A+' on Merger Completion.
- Press release article from: Business Wire December 31, 2008 700+ words
...aligned with those of PNC and its affiliates...companies. Since National City Corporation ceased...following ratings: National City Corporation...following ratings: PNC Bank N.A...from 'B'. PNC Bank Delaware...from 'B'. National City Bank (Cleveland...
- Federal Reserve Approves PNC's National City Acquisition.
- Press release article from: PR Newswire December 15, 2008 700+ words
...close of the transaction. PNC and National City shareholder meetings are scheduled...statement/prospectus of PNC and National City that also constitutes a prospectus of PNC. PNC and National City have mailed the joint proxy...
- Raskind To Leave National City Upon Close of Merger With The PNC Financial...
- Press release article from: PR Newswire November 3, 2008 700+ words
...conditions, including both PNC and National City shareholder and regulatory...Following its acquisition of National City, PNC will rank fifth nationally...prospectus, and each of National City and PNC may file other relevant documents...
- USA: MOODY'S AFFIRMS PNC (SENIOR AT A1); UPGRADES NATIONAL CITY.
- News wire article from: Infoprod December 24, 2008 700+ words
...follow the announcements by PNC and National City, respectively, that their...acquisition of 100% of National City by PNC. The acquisition has already...integration challenges, PNC plans to convert the National City franchise in multiple phases...
- PNC Acquiring National City Corp.
- News wire article from: Mortgage Line Cornwell, Ted November 12, 2008 700+ words
...enthusiasm for National City's existing mortgage book. PNC largely exited...and Florida." PNC estimates losses on National City's remaining...losses. He called PNC's proposed writedowns to the National City portfolio "conservative...
- Video: PNC Bank Welcomes National City Customers With Expanded Network of Free...
- Press release article from: PR Newswire January 5, 2009 700+ words
...to make banking easier for National City and PNC customers with the immediate...integration. Effective today, National City and PNC customers have unlimited...and business customers of National City and PNC, informing them to bank at...
- Event Brief of PNC to Acquire National City - Final.(Broadcast transcript)
- News wire article from: Fair Disclosure Wire October 24, 2008 700+ words
...transaction. By acquiring National City, PNC will be building a deposit...transaction. 2. By acquiring National City, PNC will be building a deposit...wide basis, combination of PNC and National City will create: 1. Number 1...
Source: HighBeam Research, Servicing Writedowns, Impairment Create PNC Red Ink.