Additional Data on PNC Financial Services

Here are some additional tidbits of info on PNC's (PNC) primary lending markets to serve as an adjunct to the PNC research I released the other day. Remember, this is all to be taken against the backdrop of the macro bank research that I released as well. If you haven't noticed, when I take a short position, I am quite serious about it.

PNC Financial Services Group, citing the credit crunch currently roiling the financial services industry, shut down a program in December 2007 that offered home-equity loans via third-party mortgage brokers. PNC plans to close all brokered loans by Feb 29, 2008. This is a trend among many, if not most banks. Reduce the risk and exposure to the HELOC market, and reduce or eliminate origination through brokers.

Links:

• post-gazette.com

• gazette.net

The branch network is located primarily in Pennsylvania, New Jersey, Washington, DC, Maryland, Virginia, Ohio, Kentucky and Delaware.

The following are the micro trends in those areas where PNC has just concentrated (by reducing broker production to zero):

click to enlarge