PNC Bank 2000 Annual Report Download - page 23

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ne of the country’s fastest growing
asset-based lenders, PNC Business
Credit provides secured financing
products and services to middle market
customers on a national basis.
PNC Business Credit enables
clients to leverage the value of their
assets and cash flow to achieve both
short- and long-term goals.
Led by a seasoned management
team and with a marketing presence in
some of the nation’s fastest growing
regions, in 2000 PNC Business Credit
posted record earnings for the third
consecutive year — and it has grown
to become one of the nation’s top 10
asset-based lenders.
Since its inception in 1997,
PNC Business Credit has generated
consistently high returns in this primarily
leverage-based business.
Driving this success is PNC
Business Credit’s emphasis on risk
management practices. To mitigate risk,
PNC Business Credit conducts extensive
due diligence on prospective clients, and
it has implemented a systemic approach
to monitoring collateral.
In addition, Business Credit has
developed an intense focus on cross-sell-
ing to its clients PNC’s wide range of
financial services — such as treasury
management, capital markets and work-
place banking products.
As a result of these initiatives,
PNC Business Credit increased noninter-
est income 82% last year to $20 million.
With its strong marketing team and
emphasis on risk management practices,
PNC Business Credit is well positioned to
build on the success it has achieved.
COM-NET ERICSSON
The principals of The Anderson Group —
Bill Anderson, Steve Frobouck and Steve Savor —
have been banking and investing with The PNC
Financial Services Group for over 30 years. So
when their company, Com-Net Critical
Communications, sought financing to acquire the
mobile radio division of Ericsson, they selected
PNC Business Credit over a number of
asset-based lending groups to structure,
underwrite and syndicate the transaction.
PNC Business Credit worked closely with the
Com-Net team (Frobouck, the chairman,
is pictured here with PNC’s Greg Steve and Savor,
the CEO) in structuring the transaction so
that Com-Net had the liquidity to purchase
the division, with sufficient capital to grow and
meet its strategic objectives.
P N C BU S I N E S S CR E D I T
O
21
RE V E N U E
(in millions)
$62
98 99 00
$82
$119