PNC Bank

=many on blackstone bd PIC gulf spill
many PNC on bd=
<div>=</div><div>an 3 23</div><div>donald Trump Jr. <a href="https://twitter.com/DonaldJTrumpJr/status/1631414696501706754?s=20" target="blank" class="rm-stats-tracked" style="color: rgb(11, 13, 101); text-decoration-line: none; opacity: 1; transition: color 0.25s ease 0s, background 0.25s ease 0s, opacity 0.25s ease 0s;">shared his outrage</a> via Twitter Thursday after PNC bank closed the account for his media company, MXM News, complaining the "woke" corporation is prejudiced against him for his "political affiliation."The son of former President Donald Trump <a href="https://twitter.com/DonaldJTrumpJr/status/1631414696501706754?s=20" target="blank" class="rm-stats-tracked" style="color: rgb(11, 13, 101); text-decoration-line: none; opacity: 1; transition: color 0.25s ease 0s, background 0.25s ease 0s, opacity 0.25s ease 0s;">tweeted</a>, "BREAKING: Woke <a href="https://twitter.com/PNCBank" target="blank" class="rm-stats-tracked" style="color: rgb(11, 13, 101); text-decoration-line: none; opacity: 1; transition: color 0.25s ease 0s, background 0.25s ease 0s, opacity 0.25s ease 0s;">@PNCBank</a> just shut down the bank account for my app <a href="https://twitter.com/mxmnews" target="blank" class="rm-stats-tracked" style="color: rgb(11, 13, 101); text-decoration-line: none; opacity: 1; transition: color 0.25s ease 0s, background 0.25s ease 0s, opacity 0.25s ease 0s;">@mxmnews</a> without any explanation. The Left doesn't think you should be able to exist, much less thrive, in society. It should be illegal to discriminate based on political affiliation!!!"<div id="story_page_incontent_p2_target" style="color: rgb(49, 49, 49); font-family: Georgia, sans-serif; font-size: 20px; background-color: rgb(255, 255, 255);"><ins class="adsbygoogle" data-ad-client="ca-pub-5155643920455169" data-ad-slot="6339868799" data-ad-format="auto" data-full-width-responsive="true" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); text-decoration-line: none; text-align: center; margin-bottom: 20px; display: block;" /></div>Journalist Aaron Rupar <a href="https://twitter.com/atrupar/status/1631351297080188935?s=20" target="blank" class="rm-stats-tracked" style="color: rgb(11, 13, 101); text-decoration-line: none; opacity: 1; transition: color 0.25s ease 0s, background 0.25s ease 0s, opacity 0.25s ease 0s;">shared a clip</a> of Trump's recent interview with Newsmax, in which he blamed the bank's decision to cut ties with him on "cancel culture." Rupar <a href="https://twitter.com/atrupar/status/1631351297080188935?s=20" rel="noopener noreferrer" target="blank" class="rm-stats-tracked" style="color: rgb(11, 13, 101); text-decoration-line: none; opacity: 1; transition: color 0.25s ease 0s, background 0.25s ease 0s, opacity 0.25s ease 0s;">tweeted</a>, "Don Jr breaks news on Newsmax that his news aggregator site was dumped by PNC Bank."READ MORE: <a href="https://www.alternet.org/donald-trump-jr-stole-ideas/" target="self" class="rm-stats-tracked" style="color: rgb(11, 13, 101); text-decoration-line: none; opacity: 1; transition: color 0.25s ease 0s, background 0.25s ease 0s, opacity 0.25s ease 0s;">Donald Trump Jr. suggests President Joe Biden stole his father's ideas in State of the Union speech</a>Similarly to Rupar, other Twitter users were not buying Trump's so-called reason for getting dumped by PNC.<a href="https://twitter.com/jasonselvig/status/1631423178043011078?s=20" target="blank" class="rm-stats-tracked" style="color: rgb(11, 13, 101); text-decoration-line: none; opacity: 1; transition: color 0.25s ease 0s, background 0.25s ease 0s, opacity 0.25s ease 0s;">Jason Selvig</a>: "'You give a speech at ONE insurrection…'"
<a href="https://twitter.com/gartmartin9/status/1631419404100542466?s=20" target="blank" class="rm-stats-tracked" style="color: rgb(11, 13, 101); text-decoration-line: none; opacity: 1; transition: color 0.25s ease 0s, background 0.25s ease 0s, opacity 0.25s ease 0s;">@gartmartin9</a>: "You are calling PNC Bank 'the left'? Its CEO Bill Demchak is literally a long-time Republican. this is about business....and who on earth would want to do business with you."<a href="https://www.alternet.org/family-values-and-flipping-cars/" target="self" class="rm-stats-tracked" style="color: rgb(11, 13, 101); text-decoration-line: none; opacity: 1; transition: color 0.25s ease 0s, background 0.25s ease 0s, opacity 0.25s ease 0s;" /><a href="https://twitter.com/sydrasmith/status/1631420749759094785?s=20" target="blank" class="rm-stats-tracked" style="color: rgb(11, 13, 101); text-decoration-line: none; opacity: 1; transition: color 0.25s ease 0s, background 0.25s ease 0s, opacity 0.25s ease 0s;">@sydrasmith</a>: "That said, banks do business with a lot of bad people so I'm curious how Junior managed to get kicked out</div><div><div style="font-size: small; background-color: rgb(255, 255, 255);">=</div></div>=<p style="box-sizing: border-box; margin: 1em 0px; padding: 0px; color: rgb(34, 34, 34); font-family: Georgia, serif; font-size: 18px; line-height: 25.2000007629395px; background-color: rgb(255, 255, 255);">Bowing to pressure from Quaker environmentalists, PNC Bank <a href="https://www.pnc.com/content/dam/pnc-com/pdf/aboutpnc/PNC_2015_CRR.pdf" target="blank" style="box-sizing: border-box; margin: 0px; padding: 0px; text-decoration: none; color: rgb(67, 146, 65); transition: color 0.2s linear; -webkit-transition: color 0.2s linear; background: transparent;">announced</a> yesterday that it will be restricting financing of <a href="http://ecowatch.com/news/energy-news/mountaintop-removal-mining-2/" style="box-sizing: border-box; margin: 0px; padding: 0px; text-decoration: none; color: rgb(67, 146, 65); transition: color 0.2s linear; -webkit-transition: color 0.2s linear; background: transparent;">mountaintop removal coal mining</a> in Appalachia. The shift outlined in its 2015 Corporate Responsibility Report means PNC Bank will effectively cease its investment in this controversial practice.<p style="box-sizing: border-box; margin: 1em 0px; padding: 0px; color: rgb(34, 34, 34); font-family: Georgia, serif; font-size: 18px; line-height: 25.2000007629395px; background-color: rgb(255, 255, 255);">In 2012, PNC Bank financed Alpha Natural Resources, Arch Coal, CONSOL Energy and Patriot Coal, which together were responsible for <a href="http://issuu.com/rainforestactionnetwork/docs/extremeinvestmentsprint_pages_5-1" target="blank" style="box-sizing: border-box; margin: 0px; padding: 0px; text-decoration: none; color: rgb(67, 146, 65); transition: color 0.2s linear; -webkit-transition: color 0.2s linear; background: transparent;">nearly half</a> (44.97 percent) of Appalachian mountaintop removal production. PNC’s total investment was $687.5 million for that year.<p style="box-sizing: border-box; margin: 1em 0px; padding: 0px; color: rgb(34, 34, 34); font-family: Georgia, serif; font-size: 18px; line-height: 25.2000007629395px; background-color: rgb(255, 255, 255);">The grassroots group leading the charge for PNC’s new policy, Earth Quaker Action Team, <a href="http://www.eqat.org/blog/major-victory-bank-appalachia-matters" target="blank" style="box-sizing: border-box; margin: 0px; padding: 0px; text-decoration: none; color: rgb(67, 146, 65); transition: color 0.2s linear; -webkit-transition: color 0.2s linear; background: transparent;">hails the change as a major shift</a> by the seventh largest U.S. bank. “When we initiated our campaign in 2010, PNC attempted to placate us with a hollow policy. It’s good to see that PNC Bank is now taking meaningful steps,” says Matthew Armstead, staff coordinator for EQAT. “Since this shift happened because of external pressure, it should be a wake-up call for everyone that the power of change lies with regular citizen activists.”<p style="box-sizing: border-box; margin: 1em 0px; padding: 0px; color: rgb(34, 34, 34); font-family: Georgia, serif; font-size: 18px; line-height: 25.2000007629395px; background-color: rgb(255, 255, 255);">According to EQAT’s analysis, PNC’s changes in investment will sever ties with the two largest companies (Alpha and Arch). Given Patriot Coal’s bankruptcy and CONSOL Energy’s imminent shifting out of mountaintop removal, PNC Bank will be left without any major investments in mountaintop removal.<p style="box-sizing: border-box; margin: 1em 0px; padding: 0px; color: rgb(34, 34, 34); font-family: Georgia, serif; font-size: 18px; line-height: 25.2000007629395px; background-color: rgb(255, 255, 255);">Mountaintop removal has long been criticized for its negative environmental and health impacts. This process of getting coal from a mountain involves blowing up the top of the mountain and dumping the remains into rivers and valleys. The contaminants from the dynamite hang in the air and the sludge and residue from this process <a href="http://ilovemountains.org/the-human-cost/study-summaries" target="blank" style="box-sizing: border-box; margin: 0px; padding: 0px; text-decoration: none; color: rgb(67, 146, 65); transition: color 0.2s linear; -webkit-transition: color 0.2s linear; background: transparent;">poisons water</a>. Scientists note the impact of burning dirty coal is speeding up global climate change.<p style="box-sizing: border-box; margin: 1em 0px; padding: 0px; color: rgb(34, 34, 34); font-family: Georgia, serif; font-size: 18px; line-height: 25.2000007629395px; background-color: rgb(255, 255, 255);">Released yesterday, <a href="https://www.pnc.com/content/dam/pnc-com/pdf/aboutpnc/PNC_2015_CRR.pdf" target="blank" style="box-sizing: border-box; margin: 0px; padding: 0px; text-decoration: none; color: rgb(67, 146, 65); transition: color 0.2s linear; -webkit-transition: color 0.2s linear; background: transparent;">PNC’s 2015 Corporate Responsibility Report</a> began their new policy by admitting they were “driven by environmental and health concerns.”<p style="box-sizing: border-box; margin: 1em 0px; padding: 0px; color: rgb(34, 34, 34); font-family: Georgia, serif; font-size: 18px; line-height: 25.2000007629395px; background-color: rgb(255, 255, 255);">Rainforest Action Network (RAN), a watchdog expert on the energy sector, issued a <a href="http://www.ran.org/pnc_bank_policy_on_mountaintop_removal_a_positive_step" target="_blank" style="box-sizing: border-box; margin: 0px; padding: 0px; text-decoration: none; color: rgb(67, 146, 65); transition: color 0.2s linear; -webkit-transition: color 0.2s linear; background: transparent;">statement</a>:<p style="box-sizing: border-box; margin: 1em 0px; padding: 0px 0px 0px 30px; color: rgb(34, 34, 34); font-family: Georgia, serif; font-size: 18px; line-height: 25.2000007629395px; background-color: rgb(255, 255, 255);">“We see today’s news as indicative of a broader trend within the financial sector. Banks no longer want to be associated with a dangerous, abhorrent practice like mountaintop removal; there is an emerging financial industry consensus that these practices are unacceptable. Concretely, this means mountaintop removal companies will have a harder time securing financing to operate and expand in the future.”<p style="box-sizing: border-box; margin: 1em 0px; padding: 0px; color: rgb(34, 34, 34); font-family: Georgia, serif; font-size: 18px; line-height: 25.2000007629395px; background-color: rgb(255, 255, 255);">PNC follows in the footsteps of other banks pressured to adopt policies cutting ties with firms specializing in mountaintop removal: JPMorgan Chase, Wells Fargo, RBS, BNP Paribas and UBS.<p style="box-sizing: border-box; margin: 1em 0px; padding: 0px; color: rgb(34, 34, 34); font-family: Georgia, serif; font-size: 18px; line-height: 25.2000007629395px; background-color: rgb(255, 255, 255);">Dustin White, an 11th-generation native Appalachian with Ohio Valley Environmental Coalition, lauded the tiny Quaker environmentalist organization for making this change. He said, “PNC’s new policy is a step in the right direction, and we applaud our friends at EQAT for their success in moving this big bank to do the right thing. For over 150 years, Big Coal has endangered our health, our heritage, and our homes.”<p style="box-sizing: border-box; margin: 1em 0px; padding: 0px; color: rgb(34, 34, 34); font-family: Georgia, serif; font-size: 18px; line-height: 25.2000007629395px; background-color: rgb(255, 255, 255);">For members of Earth Quaker Action Team this is a major victory from a long campaign. “In our early encounters with PNC, they didn’t take us or this issue seriously. We showed them evidence, delivered them Appalachian water poisoned by mountaintop removal, and brought them face-to-face with residents hurt by this practice,” says George Lakey, a retired teacher who was arrested twice during the campaign. “We had to take direct action for them to see the light.”<p style="box-sizing: border-box; margin: 1em 0px; padding: 0px; color: rgb(34, 34, 34); font-family: Georgia, serif; font-size: 18px; line-height: 25.2000007629395px; background-color: rgb(255, 255, 255);">YOU MIGH<a href="http://thinkprogress.org/politics/2010/11/10/129239/pnc-mtr/" style="font-family: inherit; font-weight: inherit; line-height: inherit; box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline; text-decoration: none; color: black;">PNC Bank Will No Longer Fund Mountain Top Removal</a><div class="post" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-family: 'Open Sans', Calibri, 'Trebuchet MS', 'Lucida Sans', Arial, sans-serif; font-size: 1.1em; line-height: 1.5em; vertical-align: baseline; width: 641px; float: none; background-color: rgb(255, 255, 255);"><p class="timestamp" style="box-sizing: border-box; margin: 0px; padding: 0.5em 0px; border: 0px; font-family: inherit; font-size: 0.9em; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 1.6em; vertical-align: baseline; text-transform: uppercase;"><span style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; vertical-align: baseline;">BY BRAD JOHNSON <span class="posted-on" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; vertical-align: baseline;">NOVEMBER 10, 2010</div><p style="box-sizing: border-box; margin: 0px; padding: 0.4em 0px; border: 0px; font-family: 'Open Sans', Calibri, 'Trebuchet MS', 'Lucida Sans', Arial, sans-serif; font-size: 15px; line-height: 1.6em; vertical-align: baseline; background-color: rgb(255, 255, 255);">PNC Bank, the top funder of mountaintop removal (MTR) coal mining, has announced that it will end its support for the ecologically devastating practice. “This move makes PNC <a href="http://understory.ran.org/2010/11/02/another-big-bank-turns-away-from-mountaintop-removal/" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; vertical-align: baseline; color: rgb(51, 51, 51);">bank number seven</a> to issue a position on MTR,” the Rainforest Action Network’s Amanda Starbuck writes, “following in the footsteps of Bank of America, Citi, Morgan Stanley, JPMorgan Chase, Wells Fargo and Credit Suisse.” PNC’s decision leaves UBS and GE Capital the only major banks that support mountaintop removal. After the Bush administration <a href="http://www.nytimes.com/2007/08/23/us/23coal.html" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; vertical-align: baseline; color: rgb(51, 51, 51);">rewrote rules</a> to encourage the blowing up of mountains for their coal, the Appalachians were rapidly reshaped by rapacious coal companies. This year, the Obama administration once again<a href="http://thinkprogress.org/default/2010/03/27/88916/mountaintop-damage/" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; vertical-align: baseline; color: rgb(51, 51, 51);">began enforcing laws</a> against the total destruction of public waters and land, after scientists revealed the <a href="http://getenergysmartnow.com/2010/01/08/science-blows-the-top-off-mountaintop-removal-mining/" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; vertical-align: baseline; color: rgb(51, 51, 51);">full extent</a> of the immoral practice. Now, PNC Bank will <a href="https://www.pnc.com/webapp/unsec/Requester?resource=/wps/wcm/connect/0336ca0043c8b165986f994737af402a/2010_1025_v4_PNCCR_rev.pdf?MOD=AJPERES&CACHEID=0336ca0043c8b165986f994737af402a" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; vertical-align: baseline; color: rgb(51, 51, 51);">neither fund MTR projects</a> nor make loans to companies like Massey Energy that specialize in MTR:<blockquote style="box-sizing: border-box; margin: 1em 3em; padding: 0px; border: 0px; font-family: 'Open Sans', Calibri, 'Trebuchet MS', 'Lucida Sans', Arial, sans-serif; font-size: 15px; line-height: 22.440000534057617px; vertical-align: baseline; quotes: none; background-color: rgb(255, 255, 255);"><p style="box-sizing: border-box; margin: 0px; padding: 0.4em 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 1.6em; vertical-align: baseline;">MTR is the subject of increasing regulatory and legislative scrutiny, with a focus on the permitting of MTR mines. While this extraction method is permitted,<strong style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; vertical-align: baseline;">PNC will not provide funding to individual MTR projects, nor will PNC provide credit to coal producers whose primary extraction method is MTR. PNC will continue to monitor this industry while various regulatory issues are addressed through legislation and public policy.</blockquote><p style="box-sizing: border-box; margin: 0px; padding: 0.4em 0px; border: 0px; font-family: 'Open Sans', Calibri, 'Trebuchet MS', 'Lucida Sans', Arial, sans-serif; font-size: 15px; line-height: 1.6em; vertical-align: baseline; background-color: rgb(255, 255, 255);">Before this decision, PNC <a href="http://ran.org/sites/default/files/MTR_reportcard.pdf" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; vertical-align: baseline; color: rgb(51, 51, 51);">provided financing</a> for six of the biggest MTR coal mining companies — Massey, Arch Coal, Patriot Coal, Alpha, International Coal Group, and CONSOL — who were responsible for nearly half of all mountaintop removal mining in 2009.http://thinkprogress.org/politics/2010/11/10/129239/pnc-mtr/===<a href="http://en.wikipedia.org/wiki/PNC_Financial_Services">http://en.wikipedia.org/wiki/PNC_Financial_Services</a>

PNC Financial Services Group, Inc. is an American <a href="http://en.wikipedia.org/wiki/Financial_services" title="Financial services" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">financial services</a> corporation, with <a href="http://en.wikipedia.org/wiki/Assets" title="Assets" class="mw-redirect" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">assets</a> (as of December 31, 2011) of approximately $271.2 billion.<a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#cite_note-10K-1" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[1]</a> PNC operations include a regional <a href="http://en.wikipedia.org/wiki/Banking" title="Banking" class="mw-redirect" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">banking</a>franchise operating primarily in nineteen <a href="http://en.wikipedia.org/wiki/U.S.state" title="U.S. state" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">states</a> and the <a href="http://en.wikipedia.org/wiki/District_of_Columbia" title="District of Columbia" class="mw-redirect" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">District of Columbia</a> with more than 2,700 branches, online and mobile services together with 7,400 ATM machines,<a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#cite_note-2" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[2]</a> specialized financial<a href="http://en.wikipedia.org/wiki/Businesses" title="Businesses" class="mw-redirect" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">businesses</a> serving <a href="http://en.wikipedia.org/wiki/Company(law)" title="Company (law)" class="mw-redirect" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">companies</a> and <a href="http://en.wikipedia.org/wiki/Government" title="Government" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">government</a> entities, and asset management and <a href="http://en.wikipedia.org/wiki/Information_processing" title="Information processing" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">processing</a>businesses.

PNC is the fifth largest bank in the United States (total branches), sixth largest bank by deposits in the United States, sixth largest by total assets,<a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#cite_note-3" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[3]</a><a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#cite_note-RBC-4" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[4]</a> and the third largest bank off-premise ATM provider.<a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#cite_note-5" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[5]</a>PNC is based in <a href="http://en.wikipedia.org/wiki/Pittsburgh" title="Pittsburgh" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Pittsburgh</a>.

<h2 style=" color: black; font-weight: bold; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border: none; font-size: 13px; display: inline; font-family: sans-serif; line-height: 1.3; background: none;">Contents</h2>

[<a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#" class="internal" id="togglelink" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">hide</a>] </div>

<li class="toclevel-1 tocsection-1" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#History" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">1 History</a>

<li class="toclevel-2 tocsection-2" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#National_City_acquisition" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">1.1 National City acquisition</a></li>

<li class="toclevel-2 tocsection-3" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#Other_acquisitions" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">1.2 Other acquisitions</a>

<li class="toclevel-3 tocsection-4" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#Flagstar_Bank" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">1.2.1 Flagstar Bank</a></li>

</ul>

</li>

<li class="toclevel-2 tocsection-6" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#New_corporate_headquarters" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">1.3 New corporate headquarters</a></li>

</ul>

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<li class="toclevel-1 tocsection-8" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#Primary_operations" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">3 Primary operations</a>

<li class="toclevel-2 tocsection-9" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#Retail_banking" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">3.1 Retail banking</a></li>

<li class="toclevel-2 tocsection-10" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#PNC_Merchant_Services.2FPNC_Business_Credit" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">3.2 PNC Merchant Services/PNC Business Credit</a></li>

<li class="toclevel-2 tocsection-11" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#Corporate_and_Institutional_Banking.2FHarris_Williams_.26_Co" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">3.3 Corporate and Institutional Banking/Harris Williams & Co</a></li>

<li class="toclevel-2 tocsection-12" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#PNC_Mortgage" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">3.4 PNC Mortgage</a></li>

<li class="toclevel-2 tocsection-13" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#PNC_Global_Investment_Servicing" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">3.5 PNC Global Investment Servicing</a></li>

<li class="toclevel-2 tocsection-14" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#BlackRock" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">3.6 BlackRock</a></li>

<li class="toclevel-2 tocsection-15" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#PNC_Real_Estate.2FMidland_Loan_Services" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">3.7 PNC Real Estate/Midland Loan Services</a></li>

</ul>

</li>

<li class="toclevel-1 tocsection-16" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#Community_initiatives" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">4 Community initiatives</a></li>

<li class="toclevel-1 tocsection-17" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#Notable_corporate_buildings" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">5 Notable corporate buildings</a></li>

<li class="toclevel-1 tocsection-18" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#Naming_rights" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">6 Naming rights</a></li>

<li class="toclevel-1 tocsection-20" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#References" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">8 References</a></li>

<li class="toclevel-1 tocsection-21" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#External_links" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">9 External links</a></li>

</ul>

</div>

PNC Bank NA. is the principal <a href="http://en.wikipedia.org/wiki/Subsidiary" title="Subsidiary" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">subsidiary</a> of the PNC Financial Services Group, Inc. Based in <a href="http://en.wikipedia.org/wiki/Pittsburgh" title="Pittsburgh" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Pittsburgh</a>, <a href="http://en.wikipedia.org/wiki/Pennsylvania" title="Pennsylvania" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Pennsylvania</a>, PNC Bank offers consumer and corporate services in over 2,500 branches in <a href="http://en.wikipedia.org/wiki/Alabama" title="Alabama" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Alabama</a>, <a href="http://en.wikipedia.org/wiki/Delaware" title="Delaware" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Delaware</a>, the <a href="http://en.wikipedia.org/wiki/District_of_Columbia" title="District of Columbia" class="mw-redirect" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">District of Columbia</a>, <a href="http://en.wikipedia.org/wiki/Florida" title="Florida" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Florida</a>, <a href="http://en.wikipedia.org/wiki/Georgia(U.S.state)" title="Georgia (U.S. state)" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Georgia</a>, <a href="http://en.wikipedia.org/wiki/Kentucky" title="Kentucky" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Kentucky</a>, <a href="http://en.wikipedia.org/wiki/Indiana" title="Indiana" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Indiana</a>, <a href="http://en.wikipedia.org/wiki/Illinois" title="Illinois" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Illinois</a>, <a href="http://en.wikipedia.org/wiki/Maryland" title="Maryland" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Maryland</a>, <a href="http://en.wikipedia.org/wiki/Michigan" title="Michigan" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Michigan</a>, <a href="http://en.wikipedia.org/wiki/Missouri" title="Missouri" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Missouri</a>, <a href="http://en.wikipedia.org/wiki/New_Jersey" title="New Jersey" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">New Jersey</a>, <a href="http://en.wikipedia.org/wiki/New_York" title="New York" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">New York</a>,<a href="http://en.wikipedia.org/wiki/North_Carolina" title="North Carolina" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">North Carolina</a>, <a href="http://en.wikipedia.org/wiki/Ohio" title="Ohio" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Ohio</a>, <a href="http://en.wikipedia.org/wiki/Pennsylvania" title="Pennsylvania" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Pennsylvania</a>, <a href="http://en.wikipedia.org/wiki/South_Carolina" title="South Carolina" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">South Carolina</a>, <a href="http://en.wikipedia.org/wiki/Virginia" title="Virginia" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Virginia</a>, <a href="http://en.wikipedia.org/wiki/West_Virginia" title="West Virginia" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">West Virginia</a>, & <a href="http://en.wikipedia.org/wiki/Wisconsin" title="Wisconsin" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Wisconsin</a>.<a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#cite_note-annualreport-21" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[21]</a> PNC owns about 21% of publicly traded fund manager <a href="http://en.wikipedia.org/wiki/BlackRock" title="BlackRock" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">BlackRock</a>.

In June 2003, PNC Bank agreed to pay $115 million to settle federal securities fraud charges after one of its subsidiaries fraudulently transferred $762 million in bad loans and other venture-capital investments to an AIG entity in order to conceal them from investors.<a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#cite_note-22" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[22]</a> PNC acquired the former United National Bancorp based in<a href="http://en.wikipedia.org/wiki/Bridgewater,New_Jersey" title="Bridgewater, New Jersey" class="mw-redirect" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Bridgewater, New Jersey</a> in 2004, and later announced that it would buy the <a href="http://en.wikipedia.org/wiki/Riggs_Bank" title="Riggs Bank" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Riggs National Bank</a> which operated in the <a href="http://en.wikipedia.org/wiki/Washington,DC" title="Washington, DC" class="mw-redirect" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Washington, DC</a>, area. Among other offenses, Riggs had aided <a href="http://en.wikipedia.org/wiki/Chile" title="Chile" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Chilean</a> dictator <a href="http://en.wikipedia.org/wiki/Augusto_Pinochet" title="Augusto Pinochet" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Augusto Pinochet</a> in laundering money. PNC successfully completed the acquisition of Riggs in 2005 after the banks resolved a disagreement on the acquisition price.<a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#cite_note-23" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[23]</a>

PNC Bank was forced to reissue hundreds of debit cards to customers in March 2006 when their account information was compromised.<a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#cite_note-24" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[24]</a> In the same month, PNC Bank was sued by Paul Bariteau who was an investor in the <a href="http://en.wikipedia.org/wiki/Military_Channel" title="Military Channel" class="mw-redirect" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Military Channel</a>. Bariteau claimed PNC let the channel’s chairman make unauthorized withdrawals of millions of dollars from the channel's account for personal use. The counter-claim is that Bariteau was only trying to recoup losses from a bad investment.<a href="http://en.wikipedia.org/wiki/PNC_Financial_Services#cite_note-25" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[25]</a>

==

Riggs Bank was a <a href="http://en.wikipedia.org/wiki/Washington,_D.C." title="Washington, D.C." style=" text-decoration: underline; color: rgb(11, 0, 128); background: none;">Washington, D.C.</a>-based commercial bank with branches located in the surrounding metropolitan area and offices around the world. For most of its history, it was the largest bank in the USA's capital. Riggs had been controlled by the <a href="http://en.wikipedia.org/wiki/Joe_Allbritton" title="Joe Allbritton" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Albritton family</a> since the 1980s, but they lost control after various <a href="http://en.wikipedia.org/wiki/Corporate_scandal" title="Corporate scandal" class="mw-redirect" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">corporate scandals</a> and management problems. On May 16, 2005, the bank merged with <a href="http://en.wikipedia.org/wiki/PNC_Financial_Services" title="PNC Financial Services" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">PNC Financial Services</a>.

[<a href="http://en.wikipedia.org/wiki/Riggs_Bank#" class="internal" id="togglelink" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">hide</a>] </div>

<li class="toclevel-1 tocsection-1" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Riggs_Bank#History" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">1 History</a></li>

<li class="toclevel-1 tocsection-2" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Riggs_Bank#Scandals" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">2 Scandals</a>

<li class="toclevel-2 tocsection-3" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Riggs_Bank#Saudi_money_transfers" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">2.1 Saudi money transfers</a></li>

<li class="toclevel-2 tocsection-4" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Riggs_Bank#Pinochet.27s_frozen_funds" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">2.2 Pinochet's frozen funds</a></li>

<li class="toclevel-2 tocsection-5" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Riggs_Bank#Equatorial_Guinean_funds" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">2.3 Equatorial Guinean funds</a></li>

<li class="toclevel-2 tocsection-6" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Riggs_Bank#Repercussions" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">2.4 Repercussions</a></li>

</ul>

</li>

<li class="toclevel-1 tocsection-7" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Riggs_Bank#References" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">3 References</a></li>

<li class="toclevel-1 tocsection-8" style=" margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Riggs_Bank#External_links" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">4 External links</a></li>

</ul>

</div>

<h2 style=" color: black; font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(170, 170, 170); font-size: 1.5em; font-family: 'Linux Libertine', Georgia, Times, serif; line-height: 1.3; font-style: normal; font-variant: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; background: none rgb(255, 255, 255);">History<span class="mw-editsection" style=" -webkit-user-select: none; font-size: small; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate; font-family: sans-serif;">[<a href="http://en.wikipedia.org/w/index.php?title=Riggs_Bank&action=edit&section=1" title="Edit section: History" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h2>

In 1854 Corcoran retired and George Washington Riggs re-assumed leadership, resulting in the bank changing its name to "Riggs & Co."<a href="http://en.wikipedia.org/wiki/Riggs_Bank#cite_note-2" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[2]</a> After accepting a government charter, "Riggs National Bank" was born in 1896. By 1900, Riggs was twice as large as any other bank in the capital. In 1909, Riggs' president formally presented to the <a href="http://en.wikipedia.org/wiki/United_States_Congress" title="United States Congress" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">U.S. Congress</a> a plan for economic relief. Many financial reforms were implemented as a result of this plan, including the establishment of the <a href="http://en.wikipedia.org/wiki/Federal_Reserve" title="Federal Reserve" class="mw-redirect" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Federal Reserve</a> in 1913.

Throughout the early 20th century, the bank continued to flourish. During World War I, Riggs National Bank participated in a high profile Liberty Loan Drive. After the War in the 1920s, the bank established a new savings deposit system as a result of the large deposit boom during the previous decade. Throughout the Great Depression, Riggs Director, Robert V. Fleming, also acted as adviser to President <a href="http://en.wikipedia.org/wiki/Franklin_D._Roosevelt" title="Franklin D. Roosevelt" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Franklin D. Roosevelt</a>. While all of these things were occurring, the bank was also strategically expanding its clientele by opening branches in different areas of Washington, D.C.<a href="http://en.wikipedia.org/wiki/Riggs_Bank#cite_note-3" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[3]</a>

Beginning in the early 20th century, the bank embarked on a successful project to become known as the bank of <a href="http://en.wikipedia.org/wiki/Embassy" title="Embassy" class="mw-redirect" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">embassies</a> and <a href="http://en.wikipedia.org/wiki/Diplomat" title="Diplomat" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">diplomats</a>, and by 1950 most embassies in Washington were customers. Many branches thereafter opened within embassies in Washington D.C. and <a href="http://en.wikipedia.org/wiki/London" title="London" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">London</a>.

In 1986, looking to expand its presence in the suburbs of Northern Virginia, Riggs bought the Guaranty Bank and Trust Company of Fairfax, Virginia, for $37.8 million and renamed it Riggs National Bank of Virginia.<a href="http://en.wikipedia.org/wiki/Riggs_Bank#cite_note-4" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[4]</a><a href="http://en.wikipedia.org/wiki/Riggs_Bank#cite_note-5" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[5]</a>

In 2002, <a href="http://en.wikipedia.org/wiki/Joe_Allbritton" title="Joe Allbritton" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Joe Allbritton</a>, the Chairman of the Board, was inducted into the Washington <a href="http://en.wikipedia.org/w/index.php?title=Business_Hall_of_Fame&action=edit&redlink=1" class="new" title="Business Hall of Fame (page does not exist)" style=" text-decoration: none; color: rgb(165, 88, 88); background: none;">Business Hall of Fame</a>.

Through its history Riggs Bank served many notable personalities. Twenty-three U.S. Presidents or their families banked at Riggs, including <a href="http://en.wikipedia.org/wiki/Martin_Van_Buren" title="Martin Van Buren" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Martin Van Buren</a>, <a href="http://en.wikipedia.org/wiki/John_Tyler" title="John Tyler" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">John Tyler</a>, <a href="http://en.wikipedia.org/wiki/Abraham_Lincoln" title="Abraham Lincoln" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Abraham Lincoln</a>, <a href="http://en.wikipedia.org/wiki/Ulysses_S.Grant" title="Ulysses S. Grant" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Ulysses S. Grant</a>, <a href="http://en.wikipedia.org/wiki/Dwight_D.Eisenhower" title="Dwight D. Eisenhower" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Dwight D. Eisenhower</a>, and <a href="http://en.wikipedia.org/wiki/Richard_Nixon" title="Richard Nixon" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Richard Nixon</a>.<a href="http://en.wikipedia.org/wiki/Riggs_Bank#cite_note-6" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[6]</a> Accounts were also held by <a href="http://en.wikipedia.org/wiki/United_States_Senate" title="United States Senate" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Senators</a> <a href="http://en.wikipedia.org/wiki/Henry_Clay" title="Henry Clay" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Henry Clay</a>,<a href="http://en.wikipedia.org/wiki/John_C.Calhoun" title="John C. Calhoun" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">John C. Calhoun</a> and <a href="http://en.wikipedia.org/wiki/Daniel_Webster" title="Daniel Webster" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Daniel Webster</a>, Confederate president <a href="http://en.wikipedia.org/wiki/Jefferson_Davis" title="Jefferson Davis" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Jefferson Davis</a>, <a href="http://en.wikipedia.org/wiki/American_Red_Cross" title="American Red Cross" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">American Red Cross</a> founder <a href="http://en.wikipedia.org/wiki/Clara_Barton" title="Clara Barton" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Clara Barton</a>, suffragist <a href="http://en.wikipedia.org/wiki/Susan_B.Anthony" title="Susan B. Anthony" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Susan B. Anthony</a>, and generals <a href="http://en.wikipedia.org/wiki/William_Tecumseh_Sherman" title="William Tecumseh Sherman" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">William Tecumseh Sherman</a> and <a href="http://en.wikipedia.org/wiki/Douglas_MacArthur" title="Douglas MacArthur" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Douglas MacArthur</a>.

The bank traded on its history with an advertising campaign that proclaimed Riggs as "The Most Important Bank in The Most Important City in The World." <a href="http://en.wikipedia.org/wiki/Riggs_Bank#cite_note-7" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[7]</a>

<h2 style=" color: black; font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(170, 170, 170); font-size: 1.5em; font-family: 'Linux Libertine', Georgia, Times, serif; line-height: 1.3; font-style: normal; font-variant: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; background: none rgb(255, 255, 255);">Scandals<span class="mw-editsection" style=" -webkit-user-select: none; font-size: small; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate; font-family: sans-serif;">[<a href="http://en.wikipedia.org/w/index.php?title=Riggs_Bank&action=edit&section=2" title="Edit section: Scandals" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h2>

<h3 style=" color: black; font-weight: bold; margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom-style: none; font-size: 1.17em; line-height: 1.6; font-family: sans-serif; font-style: normal; font-variant: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; background: none rgb(255, 255, 255);">Saudi money transfers<span class="mw-editsection" style=" -webkit-user-select: none; font-size: small; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate; font-family: sans-serif;">[<a href="http://en.wikipedia.org/w/index.php?title=Riggs_Bank&action=edit&section=3" title="Edit section: Saudi money transfers" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h3>

A Saudi named <a href="http://en.wikipedia.org/wiki/Omar_al-Bayoumi" title="Omar al-Bayoumi" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Omar al-Bayoumi</a> housed and opened bank accounts for two of the <a href="http://en.wikipedia.org/wiki/September_11,_2001_attacks" title="September 11, 2001 attacks" class="mw-redirect" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">9/11</a> hijackers. About two weeks after the assistance began, al-Bayoumi's wife began receiving monthly payments totaling tens of thousands of dollars from <a href="http://en.wikipedia.org/wiki/Princess_Haifa_bint_Faisal" title="Princess Haifa bint Faisal" class="mw-redirect" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Princess Haifa bint Faisal</a>, the wife of <a href="http://en.wikipedia.org/wiki/Saudi_Arabia" title="Saudi Arabia" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Saudi</a> <a href="http://en.wikipedia.org/wiki/Ambassador" title="Ambassador" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">ambassador</a>and <a href="http://en.wikipedia.org/wiki/Bandar_bin_Sultan#Political_career" title="Bandar bin Sultan" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Bush family confidant</a>, Prince <a href="http://en.wikipedia.org/wiki/Bandar_bin_Sultan" title="Bandar bin Sultan" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Bandar bin Sultan</a>, through a Riggs bank account. <a rel="nofollow" class="external autonumber" href="http://www.msnbc.com/avantgo/839269.htm" style=" text-decoration: none; color: rgb(102, 51, 102); padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(data:image/svg+xml;base64,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) 100% 50%;">[1]</a> (<a href="http://en.wikipedia.org/wiki/Jonathan_Bush" title="Jonathan Bush" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Jonathan Bush</a>, uncle of President George W. Bush, was an executive at Riggs Bank during this period.)

Upon discovery of these transactions, the <a href="http://en.wikipedia.org/wiki/Federal_Bureau_of_Investigation" title="Federal Bureau of Investigation" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">FBI</a> began investigating the bank for possible money-laundering and <a href="http://en.wikipedia.org/wiki/Terrorist_financing" title="Terrorist financing" class="mw-redirect" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">terrorist financing</a>. Although the FBI and later the <a href="http://en.wikipedia.org/wiki/9/11_Commission" title="9/11 Commission" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">9/11 Commission</a> ultimately stated that the money was not intentionally being routed to fund terrorists, investigators were surprised to see how lax the safeguards at Riggs Bank were. Several Saudi accounts were discovered to have financial improprieties, including a lack of required background checks and a consistent failure to alert regulators to large transactions, in violation of federal banking laws.

Many of these transactions involved Prince Bandar personally, often transferring over $1 million at a time. According to British investigations on the <a href="http://en.wikipedia.org/wiki/Al_Yamamah" title="Al Yamamah" class="mw-redirect" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Al Yamamah</a> deal, reported by <a rel="nofollow" class="external text" href="http://www.guardian.co.uk/baefiles/story/0,,2097149,00.html#article_continue" style=" text-decoration: none; color: rgb(102, 51, 102); padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(data:image/svg+xml;base64,PD94bWwgdmVyc2lvbj0iMS4wIiBlbmNvZGluZz0iVVRGLTgiPz48c3ZnIHhtbG5zPSJodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZyIgd2lkdGg9IjEwIiBoZWlnaHQ9IjEwIj48ZyB0cmFuc2Zvcm09InRyYW5zbGF0ZSgtODI2LjQyOSAtNjk4Ljc5MSkiPjxyZWN0IHdpZHRoPSI1Ljk4MiIgaGVpZ2h0PSI1Ljk4MiIgeD0iODI2LjkyOSIgeT0iNzAyLjMwOSIgZmlsbD0iI2ZmZiIgc3Ryb2tlPSIjMDZjIi8+PGc+PHBhdGggZD0iTTgzMS4xOTQgNjk4Ljc5MWg1LjIzNHY1LjM5MWwtMS41NzEgMS41NDUtMS4zMS0xLjMxLTIuNzI1IDIuNzI1LTIuNjg5LTIuNjg5IDIuODA4LTIuODA4LTEuMzExLTEuMzExeiIgZmlsbD0iIzA2ZiIvPjxwYXRoIGQ9Ik04MzUuNDI0IDY5OS43OTVsLjAyMiA0Ljg4NS0xLjgxNy0xLjgxNy0yLjg4MSAyLjg4MS0xLjIyOC0xLjIyOCAyLjg4MS0yLjg4MS0xLjg1MS0xLjg1MXoiIGZpbGw9IiNmZmYiLz48L2c+PC9nPjwvc3ZnPg==) 100% 50%;">The Guardian</a>, Bandar would have received over $ 1.5 billion in bribery from <a href="http://en.wikipedia.org/wiki/BAE_Systems" title="BAE Systems" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">BAE Systems</a>, laundered through the Riggs Bank.

<h3 style=" color: black; font-weight: bold; margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom-style: none; font-size: 1.17em; line-height: 1.6; font-family: sans-serif; font-style: normal; font-variant: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; background: none rgb(255, 255, 255);">Pinochet's frozen funds<span class="mw-editsection" style=" -webkit-user-select: none; font-size: small; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate; font-family: sans-serif;">[<a href="http://en.wikipedia.org/w/index.php?title=Riggs_Bank&action=edit&section=4" title="Edit section: Pinochet's frozen funds" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h3>

<div class="hatnote" style=" font-style: italic; padding-left: 1.6em; margin-bottom: 0.5em; color: rgb(37, 37, 37); font-family: sans-serif; font-size: 14px; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22.399999618530273px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">Further information: <a href="http://en.wikipedia.org/wiki/Augusto_Pinochet%27s_arrest_and_trial" title="Augusto Pinochet's arrest and trial" class="mw-redirect" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Augusto Pinochet's arrest and trial</a></div>

The Senate report also indicated that regulators were negligent in holding the bank accountable. Although Pinochet's accounts at Riggs had been reported in U.S. and British newspapers, and although these accounts were largely unreported to regulators, those same regulators never made a serious effort to investigate. The bank examiner from the <a href="http://en.wikipedia.org/wiki/Office_of_the_Comptroller_of_the_Currency" title="Office of the Comptroller of the Currency" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Office of the Comptroller of the Currency</a> tasked with investigating Riggs in 2002, R. Ashley Lee, was later given an executive position at Riggs. In 2004, Lee was placed on paid leave by the bank pending a Justice Department investigation on whether he violated government ethics rules.<a href="http://en.wikipedia.org/wiki/Riggs_Bank#cite_note-10" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[10]</a>

The disclosure of the Riggs accounts reignited the case against General Pinochet, and a ruling that he was not mentally competent to stand trial was overturned when it was proven that the general himself had orchestrated some of the huge transactions. In 2004, he was ordered to stand trial for crimes against humanity, and additional claims of mental and physical incompetence have been overruled. Pinochet died, however, in December 2006 before being judged. However, in September 2007, Pinochet's widow and five children were indicted by a Chilean court on charges including embezzlement.<a href="http://en.wikipedia.org/wiki/Riggs_Bank#cite_note-11" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[11]</a>

<h3 style=" color: black; font-weight: bold; margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom-style: none; font-size: 1.17em; line-height: 1.6; font-family: sans-serif; font-style: normal; font-variant: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; background: none rgb(255, 255, 255);">Equatorial Guinean funds<span class="mw-editsection" style=" -webkit-user-select: none; font-size: small; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate; font-family: sans-serif;">[<a href="http://en.wikipedia.org/w/index.php?title=Riggs_Bank&action=edit&section=5" title="Edit section: Equatorial Guinean funds" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h3>

</td><td class="mbox-text" style=" border: none; padding: 0.25em 0.5em; width: 669px;">This section needs additional citations for <a href="http://en.wikipedia.org/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability" style=" text-decoration: none; color: rgb(11, 0, 128); padding: 0px !important; background: none !important;">verification</a>. Please help <a class="external text" href="http://en.wikipedia.org/w/index.php?title=Riggs_Bank&action=edit" style=" text-decoration: none; color: rgb(102, 51, 102); padding-top: 0px !important; padding-right: 13px; padding-bottom: 0px !important; padding-left: 0px !important; background-image: linear-gradient(transparent, transparent), url(data:image/svg+xml;base64,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); background-attachment: initial !important; background-color: initial !important; background-size: initial !important; background-origin: initial !important; background-clip: initial !important; background-position: 0% 0%; background-repeat: no-repeat;">improve this article</a> by <a href="http://en.wikipedia.org/wiki/Help:Introduction_to_referencing/1" title="Help:Introduction to referencing/1" style=" text-decoration: none; color: rgb(11, 0, 128); padding: 0px !important; background: none !important;">adding citations to reliable sources</a>. Unsourced material may be challenged and removed. (December 2011)</td></tr></tbody></table>

In the Senate Permanent Subcommittee on Investigations hearing in July 2004, Kareri, under advisement from legal counsel, refused to answer any questions of the panel by invoking his 5th Amendment Rights.

In that hearing, the President of Riggs Bank was asked why the bank would willingly enter into a business arrangement with the dictator of Equatorial Guinea, a man who willingly exercises his hold over his people with demonstrations of murder and torture on state-run television. In a copy of correspondence to President Mbasogo, the letter, "thanked the president for his establishment of several bank accounts, and encouraged a working relationship to help establish and secure the stable reign of his country..."<a href="http://en.wikipedia.org/wiki/Riggs_Bank#cite_note-12" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[12]</a>

<h3 style=" color: black; font-weight: bold; margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom-style: none; font-size: 1.17em; line-height: 1.6; font-family: sans-serif; font-style: normal; font-variant: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; background: none rgb(255, 255, 255);">Repercussions<span class="mw-editsection" style=" -webkit-user-select: none; font-size: small; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate; font-family: sans-serif;">[<a href="http://en.wikipedia.org/w/index.php?title=Riggs_Bank&action=edit&section=6" title="Edit section: Repercussions" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h3>

Former Riggs Bank building, now the <a href="http://en.wikipedia.org/wiki/Courtyard_by_Marriott" title="Courtyard by Marriott" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Courtyard by Marriott</a> <a href="http://en.wikipedia.org/wiki/Washington_Convention_Center" title="Washington Convention Center" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Washington Convention Center</a> Hotel</div>

</div>

<p style=" margin: 0.5em 0px; line-height: 22.399999618530273px; color: rgb(37, 37, 37); font-family: sans-serif; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);">Riggs Bank was fined $25 million in May 2004 by the <a href="http://en.wikipedia.org/wiki/Office_of_the_Comptroller_of_the_Currency" title="Office of the Comptroller of the Currency" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Office of the Comptroller of the Currency</a> and the<a href="http://en.wikipedia.org/wiki/Financial_Crimes_Enforcement_Network" title="Financial Crimes Enforcement Network" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Financial Crimes Enforcement Network</a> for violations of money-laundering laws. A long running Justice Department investigation was wrapped up quickly in February 2005 with Riggs pleading guilty and paying a $16 million fine for violations of the U.S. Bank Secrecy Act after a <a href="http://en.wikipedia.org/wiki/Wall_Street_Journal" title="Wall Street Journal" class="mw-redirect" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Wall Street Journal</a> article reported December 31, 2004, that Riggs had extensive ties to the <a href="http://en.wikipedia.org/wiki/CIA" title="CIA" class="mw-redirect" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">CIA</a>, including that several bank officials held security clearances. Also in February 2005, the bank and Albritton family agreed to pay $9 million to Pinochet victims for concealing and illegally facilitating movement of Pinochet money out of Britain.<a href="http://en.wikipedia.org/wiki/Riggs_Bank#cite_note-13" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[13]</a> No similar payment has been made with regard to Equatorial Guinea, as reported in <a rel="nofollow" class="external text" href="http://www.innercitypress.org/finwatch.html" style=" text-decoration: none; color: rgb(102, 51, 102); padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(data:image/svg+xml;base64,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) 100% 50%;">this weekly Anti-Money Laundering Report</a> from the <a rel="nofollow" class="external text" href="http://www.fairfinancewatch.org/africa.html#obiang" style=" text-decoration: none; color: rgb(102, 51, 102); padding-right: 13px; background: linear-gradient(transparent, transparent) 100% 50% no-repeat, url(data:image/svg+xml;base64,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) 100% 50%;">Fair Finance Watch</a> The abuses at Riggs led Congress to consider forming a single agency with greater authority to enforce money laundering and currency control laws. <a href="http://en.wikipedia.org/w/index.php?title=Daniel_E._Stipano&action=edit&redlink=1" class="new" title="Daniel E. Stipano (page does not exist)" style=" text-decoration: none; color: rgb(165, 88, 88); background: none;">Daniel E. Stipano</a>, deputy chief counsel for the <a href="http://en.wikipedia.org/wiki/Office_of_the_Comptroller_of_the_Currency" title="Office of the Comptroller of the Currency" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">Office of the Comptroller of the Currency</a>, said, "What happened with Riggs is unacceptable. It cannot be repeated."<a href="http://en.wikipedia.org/wiki/Riggs_Bank#cite_note-14" style=" text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[14]</a>

Riggs and its executives denied any wrongdoing, although some executives may now face criminal trials. Members of the Albritton family resigned from the bank board. The operation was acquired by PNC, which phased out the scandal-plagued embassy business. On February 10, 2005 <a href="http://en.wikipedia.org/wiki/PNC_Financial_Services" title="PNC Financial Services" style=" text-decoration: none; color: rgb(11, 0, 128); background: none;">PNC Financial Services</a> agreed to acquire Riggs, and on May 16, 2005, the Riggs name was retired and all Riggs branches became PNC Bank branches.

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