PNC Bank 2012 Annual Report Download - page 8

CONTINUE TO BUILD OUR PRESENCE IN NEWLY ACQUIRED MARKETS.
As this letter goes to press, we have been in
our new Southeastern markets about one year.
In that short space of time, we have established
our brand in highly attractive markets such as
Atlanta, Birmingham, Charlotte and Raleigh,
provided Retail customers with a robust
product set and, from a de novo position,
created an Asset Management and Corporate
& Institutional banking presence.
When we entered the market, we received
thousands of resumes, many from area
competitors. These new hires coupled with
a group of legacy employees who willingly
relocated to warmer climes have allowed
PNC to establish itself as a worthy banking
competitor with strong talent.
Despite a credit market that has become more
competitive for our Corporate & Institutional
Bank, we remain bullish on the opportunities,
and believe that over time, this area will
generate loan and fee income in line with our
more established markets such as Chicago,
Washington, D.C. and Philadelphia.
BUILD A SUSTAINABLE RESIDENTIAL MORTGAGE BUSINESS.
For most customers, the single most important
financial transaction of their lives is the purchase
of a home. We are committed to investing in this
business to create a strong financial bond with
our customers while delivering bottom-line
returns and burnishing our already strong brand.
Today, we are building a viable, highly integrated
mortgage origination and servicing engine that
is cost efficient and reflects PNC’s business
practices, culture and commitment to customer
service. As refinancing activity eases, this should
drive longer term value for this business. We
are also looking to cross-sell our mortgage
products to existing clients across our footprint.
We are seeing an improving housing market,
something we haven’t experienced since 2008.
Taken together, we see our opportunities with
our residential mortgage business to enhance
customer relationships and help us capture a
greater share of wallet.
PNC’s expansion in the Southeast combined with a commitment to innovation, expense management and energy
efficiency led to the opening of a net-zero energy bank branch in Fort Lauderdale in January 2012.