The FINANCIAL — The PNC Financial Services Group, Inc. (NYSE: PNC) on April 19 announced it has successfully completed the largest phase of its National City Bank conversion with the addition of 1.5 million customers and 420 branches across Michigan and northern Ohio, including Cleveland, Akron and Toledo.
The branch locations opened as scheduled Monday, April 12, in the third of four phases that make PNC the nation's fifth largest bank based on deposits and branches across 15 states. Previously, 2.9 million customers and 560 branches across five states (Florida, Indiana, Kentucky, Ohio and Pennsylvania) were successfully converted to PNC.
"We remain on schedule to complete this conversion in June as a result of the teamwork among our employees in the combined company and their commitment to make this transition easy for our customers," said Thomas K. Whitford, PNC vice chairman and co-leader of the National City integration.
With eight conversions in the past five years, PNC has extensive experience and a strong track record with successful integrations. This third phase was the largest conversion, based on total branches, that either PNC or National City has ever executed.
The final phase, effective June 14, involves 1.6 million customers and 390 branches in the remainder of Indiana (primarily Indianapolis, Fort Wayne and South Bend) along with the states of Illinois, Missouri and Wisconsin. Communications to these customers began in March.