The PNC Financial Services Group, Inc.and The PNC Foundation expect to surpass National City Corp.’s current annual charitable contributions and community sponsorships with $28 million in support for 2009.
PNC’s 2009 commitment adds approximately $5 million to National City’s 2008 foundation giving, sponsorships and other support. Support for most charitable and community organizations that received contributions from National City in 2008 is expected to be set at similar levels in 2009, with the additional $5 million funding new or expanded initiatives. In regions where PNC and National City both contribute to a particular non-profit, the combined organization will work to support the non-profit’s mission during the transition.
“We are pleased to build upon National City’s legacy of outstanding corporate citizenship,” says PNC chairman and chief executive officer James E. Rohr. “At PNC, we believe a business cannot succeed if its communities are not well positioned for future growth and success. We devote resources and human capital to seed ideas, foster development initiatives and support nonprofit organizations that add to the vitality and sustainability of our communities.”
On October 24, PNC entered into a definitive agreement to acquire National City, with the transaction expected to close by December 31, 2008, pending regulatory and shareholder approval. The commitments by PNC and The PNC Foundation to National City’s charitable contributions are subject to the closing of the transaction. Post-closing integration of PNC and National City operations is expected to take 23 months.
Until the integration’s completion, PNC expects to operate with both the PNC Bank and National City Bank brands. The integration will include combining PNC and National City’s charitable and sponsorship budgets, creating one system to strategically align giving with PNC’s key themes and priorities.
D.C.