8-K: Current report filing
Published on July 22, 1994
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
June 16, 1994
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
COMMISSION FILE NUMBER 1-9718
PNC BANK CORP.
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 25-1435979
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
ONE PNC PLAZA
FIFTH AVENUE AND WOOD STREET
PITTSBURGH, PENNSYLVANIA 15265
(Address of principal executive offices)
(Zip Code)
(412) 762-3900
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Page 1 of 10
Exhibit Index begins on page 4
ITEM 5. OTHER EVENTS
SECOND QUARTER 1994 FINANCIAL RESULTS
On July 19, 1994, PNC Bank Corp. ("Corporation") reported results
of operations for the three months and six months ended June 30, 1994.
Excerpts from the earnings press release issued by the Corporation
are attached as Exhibit 99 and incorporated herein by reference.
ACQUISITION OF BLACKROCK FINANCIAL MANAGEMENT L.P.
On June 16, 1994, the Corporation entered into an agreement to
acquire BlackRock Financial Management L.P. ("BlackRock") for
approximately $240 million in cash and notes. BlackRock is a New
York-based fixed income asset management firm with approximately $23
billion of assets under management. The Corporation estimates the
acquisition will increase its total discretionary assets under
management to approximately $75 billion and add approximately 20
percent to the Corporation's investment management and trust revenue.
The transaction is expected to close in the fourth quarter of 1994,
subject to receipt of regulatory and other approvals.
ACQUISITION OF FIRST EASTERN CORP.
Effective at the close of business on June 17, 1994, the
Corporation acquired First Eastern Corp. ("First Eastern") for
approximately $330 million in cash. First Eastern had assets of
approximately $2 billion and deposits of approximately $1.8 billion.
The acquisition expanded the Corporation's presence in northeastern
Pennsylvania, resulting in a combined network spanning an 11-county
region.
ACQUISITION OF MORTGAGE SERVICING PORTFOLIO
On June 23, 1994, the Corporation consummated its acquisition of a
$10-billion residential mortgage servicing portfolio from Associates
Corp. of North America, effective May 31, 1994. The purchase price
totaled approximately $117 million, of which approximately $94 million
was paid on June 23, 1994. The remainder of the purchase price is
expected to be paid in the fourth quarter of 1994 upon the receipt of
certain consents. The acquisition increased the size of the
Corporation's mortgage servicing portfolio to approximately $46
billion. The portfolio will be serviced by the Corporation's existing
mortgage servicing centers.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
The exhibit listed on the Exhibit Index on page 4 of this Form 8-K is
filed herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PNC BANK CORP.
(REGISTRANT)
Date: July 22, 1994 By /s/ Robert L. Haunschild
--------------------------
Robert L. Haunschild
SENIOR VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER
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EXHIBIT INDEX
99 Excerpts from the earnings press release issued by the Corporation on
July 19, 1994, with respect to results of operations for the three months
and six months ended June 30, 1994, filed herewith.
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