According to PNC, the current name was derived from the initials of the two merging banks, Pittsburgh National Corporation and Provident National Corporation, which took place in 1983. The bank merger was the largest in U.S. history at the time.
The creation of PNC Financial Corporation arose from a 1982 Pennsylvania statute that permitted state-wide banking, which led to the merger. PNC’s founding holding company, Pittsburgh National Corporation, was created in 1852, making it Pittsburgh’s oldest bank. Provident National Corporation, also known as the “Quaker bank,” was founded in 1862 by Friends from Pennsylvania. PNC further adds that it continued to consolidate and grow as it bought more firms throughout the 1990s.
