Finance History | PNC — First National at Fifth and Wood
· 1863-8
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Finance History | PNC — First National at Fifth and Wood
kevin
People treat PNC as a Pittsburgh tower that always used three letters.
The first book was a trust company that took a national charter.
Pittsburgh Trust and Savings opened after the 1845 Great Fire, and was fully in business by 28 January 1852 at Liberty Avenue and Twelfth Street.
James Laughlin of Jones and Laughlin chaired the board.
In 1858 the bank moved to the corner of Fifth Avenue and Wood Street, a corner it has not left.
On 5 August 1863 the Comptroller issued national charter number 48 to First National Bank of Pittsburgh, capital $400,000.
The bank had applied first in the city under the National Banking Act.
Paperwork delays meant forty-seven other charters printed sooner.
Business began on 8 August 1863 with John D. Scully as cashier.
Mergers made Peoples First in 1946 and Pittsburgh National Bank in 1959, the year the Golden Triangle mark appeared.
In 1983 Pittsburgh National and Philadelphia's Provident National combined as PNC Financial Corp., taking the shared initials.
The old First National tower on that corner was demolished in 1970.
One PNC Plaza at 249 Fifth Avenue now holds the same lot line.
The mechanism is still the 1863 one: a national charter on a steel-town corner, later used to buy a statewide, then a national, deposit book.
Photo: One PNC Plaza on Fifth Avenue, via Wikimedia Commons.
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