Damn PNC owns Pittsburgh! (Penn: sales, credit card, home equity)

[erieguy]

Originally Posted by Blackbeauty212

For Pittsburgh it is the equivalent of 2007 waiting for 2008....It happened in Cleveland, it can Happen here but for Pittsburgh it would be worse.

Again, not healthy. Get some help and you'll feel better.

Bucs play at PNC Park on Wednesday. Think happy thoughts.

[Blackbeauty212]

Originally Posted by erieguy

Again, not healthy. Get some help and you'll feel better.

Bucs play at PNC Park on Wednesday. Think happy thoughts.

Yea I guess I should join the masses and stay blissfully ignorant.... Being so willfully ignorant is whats destroying us as a country........ Enjoy the Pirates.

[PghYinzer]

1. PNC’s hand was forced in regards to the NatCity deal. Anyone who knows what actually happened knows that really wasn’t really interested in that deal, but basically had to in order to save the economy. No other bank was strong enough at the time to handle taking over a bank with such horrible assets. PNC has had to work hard to maintain it’s strength after that deal.

2. There are other banks in Pittsburgh, people just don’t choose to use them. I am not sure what PNC can do. They are not about to run a marketing campaign against themselves.

3. PNC has worked very hard to be a strong local bank. PNC also carries a very conservative risk profile, oftentimes at the anger of investors, but that is what makes it secure. There is almost a zero chance of PNC going the route of NatCity. I would never say never, but the books of NatCity were riddled with assets that (other than those brought on from mergers) you would not find on PNC’s.

[Blackbeauty212]

Originally Posted by PghYinzer

1. PNC’s hand was forced in regards to the NatCity deal. Anyone who knows what actually happened knows that really wasn’t really interested in that deal, but basically had to in order to save the economy. No other bank was strong enough at the time to handle taking over a bank with such horrible assets. PNC has had to work hard to maintain it’s strength after that deal.

2. There are other banks in Pittsburgh, people just don’t choose to use them. I am not sure what PNC can do. They are not about to run a marketing campaign against themselves.

3. PNC has worked very hard to be a strong local bank. PNC also carries a very conservative risk profile, oftentimes at the anger of investors, but that is what makes it secure. There is almost a zero chance of PNC going the route of NatCity. I would never say never, but the books of NatCity were riddled with assets that (other than those brought on from mergers) you would not find on PNC’s.

1, And that was the Government F'up again PNC should not have been able to buy Nat City. It was after the Nat City buy that the Feds put the clamp down on PNC being able buy any other bank with a Pittsburgh presence.. After theyre already too big locally.

2, Nothing can do now, damage is done...Pittsburgh is at the mercy that PNC will always play their cards right... But dont think Pittsburgh is NOT at the mercy of PNC with 50% market control.

3, Things Change, CEOs change, theres always the chance PNC could start to appease those shareholders and take more liberal risk....

Again any way you slice in banking 50% control of a single market is cause for concern...

[I_Like_Spam]

Originally Posted by Blackbeauty212

1, And that was the Government F'up again PNC should not have been able to buy Nat City. It was after the Nat City buy that the Feds put the clamp down on PNC being able buy any other bank with a Pittsburgh presence.. After theyre already too big locally.

2, Nothing can do now, damage is done...Pittsburgh is at the mercy that PNC will always play their cards right... But dont think Pittsburgh is NOT at the mercy of PNC with 50% market control.


Again any way you slice in banking 50% control of a single market is cause for concern...

I don't see what the negativity is. PNC has really invested a lot in office space in the region, lots of people are working at the firm around here. If they were to go the way of National City, someone else would come in to take over the business.

I don't bank at PNC, I don't feel handicapped in any way or see any pressure to move my money there.

The fact that they have a big share of the market doesn't have any effect on me.


In any even, if nothing can be done about it, might as well not lose any hair by worrying about it.

[PghYinzer]

Originally Posted by Blackbeauty212

1, And that was the Government F'up again PNC should not have been able to buy Nat City. It was after the Nat City buy that the Feds put the clamp down on PNC being able buy any other bank with a Pittsburgh presence.. After theyre already too big locally.

2, Nothing can do now, damage is done...Pittsburgh is at the mercy that PNC will always play their cards right... But dont think Pittsburgh is NOT at the mercy of PNC with 50% market control.

3, Things Change, CEOs change, theres always the chance PNC could start to appease those shareholders and take more liberal risk....

Again any way you slice in banking 50% control of a single market is cause for concern...

1. If PNC didn’t buy NatCity, then NatCity would have failed. No other bank could have done what PNC did in that situation. So that big share of Pittsburgh banking that NatCity held, would have been destroyed, along with the majority of Clevelands, and it would have had a real impact on the national economy. The Fed (as should we) would rather have a strong bank with a majority market share in Pittsburgh, than what....if NatCity failed, those customers would take whatever money they had left and found another bank....most likely PNC since they haven’t left for another bank. That puts us right back where we are, but with a great impact due to the NatCity Failure.

2. I am not sure what you mean by “at the mercy of PNC”...PNC has low fees compared to other banks, is a strong corporate citizen, and is committed to downtown and Pittsburgh as a whole. PNC is not run by Mr. Potter, the richest man in Bedford Falls.

3. Times do change, and there is also a chance that of anything I supposed. Howver, since the NatCity merger, PNC has a new CEO, who hails from NYC and JPMorgan Chase. He was also part of their Structured Finance and Credit Portfolio division, basically the root of all evil in the 2008 Financial Crisis. Guess what, he runs the bank with the same conservative risk profile as his predecessor did.

Sure some may see it as a cause for concern, I’ll give them that, but if you are going to have a bank have that much market share, I am glad it is PNC.

[Blackbeauty212]

Originally Posted by PghYinzer

1. If PNC didn’t buy NatCity, then NatCity would have failed. No other bank could have done what PNC did in that situation. So that big share of Pittsburgh banking that NatCity held, would have been destroyed, along with the majority of Clevelands, and it would have had a real impact on the national economy. The Fed (as should we) would rather have a strong bank with a majority market share in Pittsburgh, than what....if NatCity failed, those customers would take whatever money they had left and found another bank....most likely PNC since they haven’t left for another bank. That puts us right back where we are, but with a great impact due to the NatCity Failure.

2. I am not sure what you mean by “at the mercy of PNC”...PNC has low fees compared to other banks, is a strong corporate citizen, and is committed to downtown and Pittsburgh as a whole. PNC is not run by Mr. Potter, the richest man in Bedford Falls.

3. Times do change, and there is also a chance that of anything I supposed. Howver, since the NatCity merger, PNC has a new CEO, who hails from NYC and JPMorgan Chase. He was also part of their Structured Finance and Credit Portfolio division, basically the root of all evil in the 2008 Financial Crisis. Guess what, he runs the bank with the same conservative risk profile as his predecessor did.

Sure some may see it as a cause for concern, I’ll give them that, but if you are going to have a bank have that much market share, I am glad it is PNC.

None of this is neither here nor there..... Answer this simple question... IF PNC were to fail, how would it's effects impact Pittsburgh, seeing as it controls 50% deposits here? Remember PNC is too big to be purchased by another bank the way Nat City was bought.

It would effect this region greatly, PNC is too big to fail for Pittsburgh, but not Nationally.

[PghYinzer]

It would have a a huge impact on employment, cause an overall market shock, create various lending impacts, and an overall blow to the regions status and ego.

Deposit wise, since the average American has less than $5000 in their bank accounts, the FDIC has most people covered and the impact would be minimal. It also covers money market deposit accounts, CDs, trusts, and IRAs. Only those who have 250k+ in their savings/checking would have issues for the amounts above 250k, which I doubt is a very large percentage of Pittsburghers.

[Blackbeauty212]

Originally Posted by PghYinzer

It would have a a huge impact on employment, cause an overall market shock, create various lending impacts, and an overall blow to the regions status and ego.

Deposit wise, since the average American has less than $5000 in their bank accounts, the FDIC has most people covered and the impact would be minimal. It also covers money market deposit accounts, CDs, trusts, and IRAs. Only those who have 250k+ in their savings/checking would have issues for the amounts above 250k, which I doubt is a very large percentage of Pittsburghers.

Yes, but with 50% of the deposits of the region... I don't doubt that many Big Businesses and Governments also bank with PNC.

City
County
State
UPMC
Pitt
CMU
Highmark
Port Authority
Heinz
Steelers
Pirates
Pens
GNC
USX

What if the majority of these entities also deal mostly with PNC .... not too far fetched of a thought when PNC has 50% control, with some 50$ Billion dollars in Local deposits. Thats way more than just some average Checking and Savings accounts, it's near 40% of the regions entire GDP.

[PghYinzer]

A lot of those companies use cash management middle men, to take their deposits and spread them around to various banks and accounts to take advantage of the FDIC deposit limit of $250k. They also invest their funds rather than just deposit them into a checking/savings account. Also, if there are signs of weakening at PNC, and it is on the brink of failure, these corporations can quickly move their funds. Finally, then I give up, with the new liquidity coverage ratio requirements that are being placed on banks with Basel III the chances of PNC being unable to cover its deposits is a lot less.

In the end, it truly is a concern IF PNC fails.