PNC Bank 2004 Annual Report Download - page 17

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Please find page 17 of the 2004 PNC Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

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“Our PNC banker was so professional and
knowledgeable that we moved all of our
personal and business accounts, as well as
our children’s accounts, to PNC. Our banker
constantly works very hard to help us continue
building our business and manage our
personal finances.”
– Al and Joyce Kollinger, Owners, Kollinger Auto Body Inc.
$
342
billion
BlackRock Booming
BlackRock, our asset management
subsidiary, experienced remarkable
growth in 2004 despite turbulent fixed
income market conditions. Assets under
management at BlackRock grew to $342
billion, a 10 percent increase over 2003,
and sales of the firm’s proprietary risk
analytics tool, BlackRock Solutions,
increased substantially. BlackRock made
further progress when, on January 31,
2005, it acquired SSRM Holdings, Inc., the
holding company of State Street Research
& Management and SSR Realty Advisors.
The acquisition added approximately $55
billion in equity, fixed income and real
estate assets under management to
BlackRock.
Community banking grows
Small business banking’s progress is one element in the excellent 2004 results
for our largest business segment, Regional Community Banking. Checking
customer relationships increased eight percent in 2004, to more than 1.7
million, and drove a seven percent increase in average deposits. These statis-
tics indicate success at both acquiring and retaining customers, while our loan
growth indicates our ability to sell additional products to existing customers.
Average loans in the Regional Community Bank increased by 30 percent in
2004, driven primarily by a $2.5 billion increase in home equity loans.
The community bank’s year was highlighted by the acquisition of United
National Bancorp on January 1, 2004, adding 47 branches in the fast-growing
New Jersey and eastern Pennsylvania marketplace. The integration of United
was highly successful; the earnings generated by the former United franchise
met our expectations.
We understand that community banking is both intensely local and increasingly
borderless. We know that success will be defined by our ability to serve our
neighbors in each of our 774 branches and through our network of more
than 3,500 automated teller machines. But our customers also rely upon our
best-in-class online banking options so that they can bank with us from around
the corner or around the world.