PNC Bank 2008 Annual Report Download - page 158
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Please find page 158 of the 2008 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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N
OTE
28 S
UBSEQUENT
E
VENT
Beginning in the first quarter of 2009, PNC will have three
new reportable business segments. These new business
segments reflect the impact of our December 31, 2008
acquisition of National City and are as follows:
•Residential Mortgage Banking – The Residential
Mortgage Banking business segment directly
originates first lien residential mortgage loans on a
nationwide basis with a significant presence within
the retail banking footprint and also originates loans
through a joint venture partner. Mortgage loans
represent loans collateralized by one-to-four-family
residential real estate and are made to borrowers in
good credit standing. These loans are typically
underwritten to third party standards and sold to
primary mortgage market aggregators (Fannie Mae,
Freddie Mac, Ginnie Mae, Federal Home Loan Banks
and third-party investors) with servicing retained.
The mortgage servicing operation performs all
functions related to servicing first mortgage loans for
various investors. Loans originated through the joint
venture are serviced by our joint venture partner.
•PNC Asset Management Group – The PNC Asset
Management Group business segment includes
institutional asset and personal wealth management.
Institutional asset management provides investment
management, custody, retirement planning services,
and other corporate trust services to institutional
clients. The clients served include privately held
corporations, charitable endowments and
foundations, as well as unions, residing primarily in
PNC’s geographic footprint and generally
complementing its corporate banking relationships.
Personal wealth management products and services
include private banking services and tailored credit
solutions, customized investment management
services, financial planning, as well as trust
management and administration for affluent
individuals and families. This segment includes the
wealth management business acquired with National
City and the legacy wealth management business
currently included in Retail Banking.
•Distressed Assets Portfolio – The Distressed Assets
Portfolio business segment includes residential real
estate development loans, cross-border leases,
subprime residential mortgage loans, brokered home
equity loans and certain other residential real estate
loans. These loans require special servicing and
management oversight given current market
conditions. The majority of these loans are from
acquisitions, primarily National City.
In addition to these new segments, we will continue to report
our four current business segments: Retail Banking,
Corporate & Institutional Banking, BlackRock and Global
Investment Servicing.
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