The longevity of a company speaks volumes about its reputation and track record for success. One such example is PNC Financial Services, Inc. PNC, which traces its history to the Pittsburgh Trust and Savings Company, was founded in Pittsburgh, Pennsylvania on April 10, 1845 and, later, celebrated its charter in 1864. Here, Jim Stevenson, PNC’s regional president for northwestern Pennsylvania, shares his thoughts on the company and its outlook for the new year.
PNC Financial Services, Inc. has been a major employer in our region for more than 100 years. Describe the company’s footprint in NWPA — number of locations, employees and clients it serves, as well as assets under administration.
PNC’s NWPA market serves a variety of clients of all sizes from Lake Erie, south to New Castle, east to Bradford and southeast to Punxsutawney. This market also encompasses the Western New York areas of Buffalo and Rochester, where PNC offers middle-market and corporate finance services.
In NWPA, we provide a range of services, including but not limited to, retail banking for individuals to investment management for individuals and corporations. The Northwestern Pennsylvania Market ranks third in the entire company in the amount of investable assets managed by PNC.
PNC is one of the largest diversified financial institutions in the country. Please provide a snapshot of some of these services that can benefit our members and their employees.
PNC has products to fit the needs of every business and individual, whether they’re seasoned professionals seeking wealth management advice or just beginning to dabble in the stock market.
We can help entrepreneurs with products such as small business loans and lines of credit. PNC also has tools to help veterans and women start a business.
PNC provides the full spectrum of financial services for established businesses, such as treasury management, capital financing and corporate banking. If a business owner is ready to retire, PNC can assist with succession planning and transition — starting with priming the business for its next chapter to completion of the sale and beyond.
How has PNC assisted our members, particularly many small and mid-size businesses, grow and flourish?
Small and mid-size businesses are the heart of the NWPA region. PNC advises these companies in matters beyond traditional banking of loans and deposits. We help these family-run companies strategize for success by figuring out how to weather the current market and plan for the future.
Many rely on PNC to determine what financial tools can help them realize their dreams. It’s part of our Main Street Banking philosophy, in which we couple personal service on the local level with the competitive solutions of a big bank.
How would you describe the outlook for the financial industry in 2019?
The financial industry in 2019 is likely to be characterized by continued intense competition for deposits, the real/perceived impact of a flattening and, in some cases, inverted yield curve and by growing concerns about late cycle underwriting standards.
In addition, the industry will be impacted by the continuing trend toward digital distribution channels. Lastly, an expected slowdown in economic growth is forecasted with a corresponding impact on loan demand.
What are some opportunities and challenges that you see for PNC in the NWPA region in the year ahead?
The NWPA region is improving, specifically with development in Erie. PNC is proud to have a hand in designing Erie’s future by partnering with the Erie Downtown Development Corp. (EDDC) on a project that will revitalize our downtown. Our grant will fund core operations, laying the foundation to breathe new life into a strategically important area and make Erie a destination.
PNC also has advised EDDC on potential use of tax credits and Opportunity Zone possibilities for this project. A healthy city core leads to a stronger region overall, and we’re excited to be part of the solution.
Is there anything you would like to add?
In addition to providing full financial services, PNC takes care of its friends and neighbors, especially the youngest residents.
PNC Grow Up Great is a $350 million initiative to support high-quality pre-K education, which is proven to better prepare children for success in school and life. We work with pre-K classrooms throughout the region to provide much-needed resources to enhance education, which will help develop the next generation of workers.
But children can’t focus in school if they’re cold. To solve that problem, PNC launched Operation Warm Coats in 2008 to provide coats for pre-K children in our Grow Up Great program. PNC has since provided more than 9,000 coats, including 1,300 in 2018. Our employees donate new hats and gloves for the children.
As a community partner, it’s the right thing to do. We believe in the next generation.