Finance History | 11 Wall Street — Two Pennsylvania Books Printed a Holding Tape Called PNC
· 1983
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Finance History | 11 Wall Street — Two Pennsylvania Books Printed a Holding Tape Called PNC
kevin
People treat PNC as a Pittsburgh bank holding company that always printed PNC after a finished New York book.
The 1983 issuer was PNC Financial Corp., the new parent formed when Pittsburgh National Corporation combined with Provident National Corporation of Philadelphia.
PNC's own corporate history records the 1983 combination as the first large use of Pennsylvania's new statewide-banking statute, and as then the largest bank merger in the United States.
A UPI dispatch of 23 September 1982 records the shareholder votes: common of both parents would exchange share-for-share into PNC stock, with the two banks keeping their operating names.
The New York Times of 20 April 1982 had already printed the agreed structure and the planned asset total of about 10.2 billion dollars in 1982 currency.
The present tape is still PNC on the New York Stock Exchange, now under The PNC Financial Services Group, Inc.
The mechanism is a holding-company merger. Two listed Pennsylvania bank parents stopped as separate issuers and a single tape printed the shared initials.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that has printed PNC since that combination.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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