Exhibit 99.1

CONTACTS:

MEDIA:

Brian E. Goerke

(412) 762-4550

corporate.communications@pnc.com

INVESTORS:

William H. Callihan

(412) 762-8257

investor.relations@pnc.com

PNC EARNS $248 MILLION AND $.71 DILUTED EPS IN THIRD QUARTER

Maintained strong capital and liquidity; grew loans and customers;

credit quality trends remained manageable

PITTSBURGH, Oct. 16, 2008 – The PNC Financial Services Group, Inc. (NYSE: PNC) today reported net income of $248 million, or $.71 per diluted share, for the third quarter of 2008 compared with net income of $407 million, or $1.19 per diluted share, for the third quarter of 2007 and net income of $505 million, or $1.45 per diluted share, for the second quarter of 2008.

For the first nine months of 2008, the company earned net income of $1.13 billion, or $3.24 per diluted share, compared with net income of $1.29 billion, or $3.85 per diluted share, for the first nine months of 2007.

“During a time of great uncertainty, PNC posted solid third quarter results reflecting the quality of our balance sheet, and we maintained strong capital and liquidity positions,” said James E. Rohr, chairman and chief executive officer. “Our core business activities performed very well and we grew loans, deposits and customer relationships. Credit quality continued to be manageable as we adhered to our strategy of maintaining a moderate risk profile. Nonetheless, PNC was not immune to the effects of market dislocation on certain fair value assets. During these extraordinary times, we continue to believe our business model positions the company for growth.”

HIGHLIGHTS

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PNC Earns $248 Million and $.71 Diluted EPS in Third Quarter – Page 2

CONSOLIDATED REVENUE REVIEW

Net interest income totaled $1.000 billion for the quarter, an increase of 31 percent compared with $761 million for third quarter 2007 and an increase of 2 percent compared with $977 million for the linked quarter. The increase in net interest income for both periods of comparison was primarily due to the benefit of declining interest rates on PNC’s liability sensitive balance sheet that resulted in lower funding costs. Higher earning assets from acquisitions also contributed to the growth in net interest income in the prior year comparison.

Noninterest income was $654 million for the third quarter of 2008 compared with $990 million for the same quarter of 2007 and $1.062 billion for the second quarter of 2008. Noninterest income decreased $408 million compared with the linked quarter largely due to the impact of valuation losses resulting from a lack of market liquidity. Fee income from corporate services, service charges on deposits and consumer services increased in the linked quarter comparison.

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PNC Earns $248 Million and $.71 Diluted EPS in Third Quarter – Page 3

Asset management revenue decreased $17 million compared with the second quarter of 2008 mainly attributable to declines in asset values. Net securities losses of $74 million included other-than-temporary impairment on perpetual preferred stock of FHLMC and FNMA held in securities available for sale. Other noninterest income declined $339 million primarily due to valuation losses of $82 million on commercial mortgage loans held for sale intended for securitization, net of hedges, compared with a net gain of $21 million in the second quarter, $54 million of net trading losses compared with net trading gains of $53 million in the second quarter, and a charge of $51 million on the mark to market of PNC’s BlackRock LTIP shares obligation due to an increase in the share price of BlackRock common stock compared with a net gain of $80 million in the second quarter. These items were partially offset by a $61 million gain in the third quarter of 2008 resulting from a settlement of a legal contingency and reversal of a related reserve established in connection with an acquisition.

Noninterest income decreased $336 million compared with the prior year third quarter primarily due to the impact of the market volatility-related items described above other than the BlackRock LTIP shares obligation adjustment which was approximately the same in both quarters. Fund servicing revenue and service charges on deposits grew in the year over year comparison and consumer service fees decreased due to the impact of the sale of Hilliard Lyons.

CONSOLIDATED EXPENSE REVIEW

Noninterest expense for the third quarter of 2008 was $1.142 billion compared with $1.099 billion in the prior year third quarter and $1.115 billion for the second quarter of 2008. The 4 percent increase compared with the third quarter of 2007 primarily resulted from investments in growth initiatives, including acquisitions, partially offset by the sale of Hilliard Lyons and lower integration costs. The 2 percent increase in noninterest expense in the linked quarter comparison was largely due to investments in growth opportunities and branding initiatives while disciplined expense management continued.

CONSOLIDATED BALANCE SHEET REVIEW

Total assets were $145.6 billion at September 30, 2008 compared with $131.4 billion at September 30, 2007 and $142.8 billion at June 30, 2008. The increase compared with September 30, 2007 was primarily due to growth in loans and securities and the impact of acquisitions. The increase compared with the linked quarter end was mainly attributable to higher loans and an increase in other assets due to the pending settlement of sales of securities.

Average loans were $73.3 billion for the quarter and increased $8.5 billion, or 13 percent, compared with the year-earlier third quarter and $.5 billion, or 1 percent, compared with the second quarter of 2008. The increase in average loans compared with the third quarter of 2007 was primarily a result of higher commercial loans, acquisitions and the transfer of education loans previously held for sale to the loan portfolio during the first quarter of 2008. The increase compared with the linked quarter was largely due to growth in consumer, commercial and commercial real estate loans somewhat offset by a decline in residential mortgage loans.

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PNC Earns $248 Million and $.71 Diluted EPS in Third Quarter – Page 4

Average securities available for sale for the third quarter of 2008 were $33.8 billion, an increase of $6.7 billion, or 25 percent, compared with the third quarter of 2007 and an increase of $2.4 billion, or 8 percent, compared with the second quarter of 2008. The increase in securities over the prior year third quarter was primarily due to the addition of residential mortgage-backed, commercial mortgage-backed and asset-backed securities as part of the company’s balance sheet management activities. The linked quarter increase mainly resulted from higher US government agency residential mortgage-backed securities. Securities available for sale were $31.0 billion at September 30, 2008, consistent with June 30, 2008, and reflected an increase of $1.6 billion to $3.6 billion in the net unrealized pretax valuation loss from a decline in fair value due to the impact of widening credit spreads. The valuation adjustment did not represent credit quality concerns of any significance with the underlying assets.

Average loans held for sale were $2.1 billion for the third quarter of 2008, a decrease of $.7 billion compared with the third quarter of 2007 and a decrease of $.2 billion compared with the second quarter of 2008. The decline from third quarter 2007 was primarily due to the transfer of approximately $1.8 billion of education loans previously held for sale to the loan portfolio during the first quarter of 2008 and securitizations and sales of commercial mortgage loans held for sale. These reductions were somewhat offset by an increase in commercial mortgage loans intended for securitization primarily during the fourth quarter of 2007 that resulted from market conditions not conducive to completing securitization transactions. The portfolio of commercial mortgage loans held for sale intended for securitization was $1.5 billion at September 30, 2008 compared with $1.6 billion at June 30, 2008. Fair value adjustments on this portfolio and related hedges resulted in a loss of $82 million during the quarter, and generally did not represent credit quality concerns with the underlying assets.

Average deposits of $85.0 billion for the third quarter of 2008 grew $6.6 billion, or 8 percent, compared with the third quarter of 2007 and $1.0 billion, or 1 percent, compared with the linked quarter. Average deposits increased from the prior year third quarter as a result of acquisitions and growth in money market and time deposits. In the linked quarter comparison, the increase was due to higher time deposits in foreign offices and continued growth in retail money market deposits. The increases in both comparisons were somewhat offset by declines in retail certificates of deposit.

Average borrowed funds for the third quarter of 2008 were $32.1 billion, an increase of $6.9 billion, or 28 percent, compared with the third quarter of 2007 and an increase of $1.1 billion, or 3 percent, compared with the second quarter of 2008. The increase over third quarter 2007 was due to new borrowings to fund acquisitions and for both comparisons to fund earning asset growth.

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PNC Earns $248 Million and $.71 Diluted EPS in Third Quarter – Page 5

PNC’s Tier 1 risk-based capital ratio was an estimated 8.2 percent at September 30, 2008 compared with 7.5 percent at September 30, 2007 and 8.2 percent at June 30, 2008. The increase in the ratio from September 30, 2007 was primarily due to retained earnings and issuance of $1.3 billion of securities in the first and second quarters of 2008 that qualified as Tier 1 capital, partially offset by the impact of acquisitions, which increased risk-weighted assets and goodwill, and organic balance sheet growth. The company has not actively engaged in share repurchase activity during 2008. In October 2008, the PNC board of directors declared a quarterly common stock cash dividend of 66 cents a share.

ASSET QUALITY REVIEW

Overall asset quality at PNC migrated at a manageable pace in the very challenging credit environment. The company remained focused on maintaining a moderate risk profile. The provision for credit losses for the third quarter of 2008 was $190 million compared with $65 million in the third quarter of 2007 and $186 million in the second quarter of 2008. The increase in the provision compared with the 2007 quarter was largely attributable to general credit quality migration, including residential real estate development exposure in the commercial real estate portfolio and related sectors, and growth in total credit exposure.

Net charge-offs for the third quarter of 2008 were $122 million, or .66 percent of average loans, compared with net charge-offs of $49 million, or .30 percent, for the third quarter of 2007 and net charge-offs of $112 million, or .62 percent, for the second quarter of 2008. The increase in net charge-offs in the prior year third quarter comparison was primarily due to commercial real estate loans and home equity consumer loans.

The allowance for loan and lease losses to total loans improved to 1.40 percent at September 30, 2008 from 1.09 percent at September 30, 2007 and 1.35 percent at June 30, 2008.

Nonperforming assets at September 30, 2008 were $875 million, or 1.16 percent of total loans and foreclosed assets, compared with ratios of .46 percent at September 30, 2007 and 1.00 percent at June 30, 2008. Nonperforming assets increased $574 million compared with the balance a year ago and $142 million compared with June 30, 2008. The increases resulted primarily from higher nonaccrual residential real estate development loans and loans in related sectors. Nonperforming assets to total assets were .60 percent at September 30, 2008 compared with .23 percent at September 30, 2007 and .51 percent at June 30, 2008. The allowance for loan and lease losses to nonperforming loans was 125 percent at September 30, 2008, 274 percent at September 30, 2007 and 142 percent at June 30, 2008.

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PNC Earns $248 Million and $.71 Diluted EPS in Third Quarter – Page 6

BUSINESS SEGMENT RESULTS

Retail Banking

Retail Banking earned $79 million for the quarter compared with $246 million for the year-ago quarter and $140 million for the second quarter of 2008. The declines from both prior periods were driven by an increase in the provision for credit losses and higher noninterest expense.

Retail Banking overview:

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PNC Earns $248 Million and $.71 Diluted EPS in Third Quarter – Page 7

Corporate & Institutional Banking

Corporate & Institutional Banking earned $72 million in the third quarter of 2008 compared with $87 million in the third quarter of 2007 and $134 million in the second quarter of 2008. Revenue declines in both comparisons were largely driven by valuation losses on commercial mortgage loans held for sale intended for securitization. Higher noninterest expense was substantially offset by lower provision for credit losses in both comparisons.

Corporate & Institutional Banking overview:

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PNC Earns $248 Million and $.71 Diluted EPS in Third Quarter – Page 8

Global Investment Servicing

Global Investment Servicing earned $34 million for the third quarter of 2008 compared with $33 million for both the third quarter of 2007 and second quarter of 2008. Servicing revenue increased $27 million, or 13 percent, from the third quarter of 2007 and declined $1 million from the linked quarter. The increase compared with the 2007 quarter primarily resulted from the acquisitions of Albridge Solutions Inc. and Coates Analytics, LP in December 2007, growth in offshore operations and opportunities the market provided for securities lending. Operating expense increased $28 million, or 18 percent, from the year ago quarter and $1 million compared with the linked quarter. The increase compared with third quarter 2007 was largely due to investments in technology, a larger employee base to support business growth and costs related to the acquisitions.

Global Investment Servicing provided accounting/administration services for $907 billion of net fund assets and provided custody services for $415 billion of fund assets as of September 30, 2008 compared with $922 billion and $497 billion, respectively, on September 30, 2007 and $988 billion and $471 billion, respectively, at June 30, 2008. The decrease in assets serviced in both comparisons was due to declines in asset values and fund outflows resulting from market conditions in the third quarter of 2008. Total fund assets serviced by Global Investment Servicing were $2.3 trillion at September 30, 2008 compared with asset servicing levels of $2.5 trillion at September 30, 2007 and $2.6 trillion at June 30, 2008.

Other, including BlackRock

The “Other, including BlackRock” category, for the purposes of this release, includes the earnings and gains or losses related to PNC’s equity interest in BlackRock and those related to Hilliard Lyons prior to its sale, integration costs, asset and liability management activities including net securities gains or losses and certain trading activities, equity management activities, differences between business segment performance reporting and financial statement reporting under generally accepted accounting principles (GAAP), corporate overhead and intercompany eliminations.

PNC recorded earnings of $63 million in Other for the third quarter of 2008 compared with $41 million in the third quarter of 2007 and $198 million in the second quarter of 2008. In the linked quarter comparison the decrease in earnings primarily resulted from a loss on the mark to market of PNC’s BlackRock LTIP shares obligation compared with a gain in the second quarter, higher net securities losses related to other-than-temporary impairment of securities in the available for sale portfolio and trading losses somewhat offset by higher net interest income. In the comparison with the third quarter of 2007, earnings increased mainly due to higher net interest income and lower integration costs somewhat offset by trading and equity management losses compared with gains in the prior year third quarter and higher net securities losses.

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PNC Earns $248 Million and $.71 Diluted EPS in Third Quarter – Page 9

CONFERENCE CALL AND SUPPLEMENTAL FINANCIAL INFORMATION

PNC Chairman and Chief Executive Officer James E. Rohr and Chief Financial Officer Richard J. Johnson will hold a conference call for investors today at 9:00 a.m. Eastern Time regarding the topics addressed in this news release and the related financial supplement. Investors should call five to 10 minutes before the start of the conference call at 800-990-2718 or 706-643-0187 (international). The related financial supplement and presentation slides to accompany the conference call remarks may be found at www.pnc.com/investorevents. A taped replay of the call will be available for one week at 800-642-1687 or 706-645-9291 (international), conference ID 66613572.

In addition, Internet access to the call (listen only) and to PNC’s third quarter 2008 earnings release, supplemental financial information and presentation slides will be available at www.pnc.com/investorevents. A replay of the webcast will be available on PNC’s Web site for 30 days.

The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation’s largest diversified financial services organizations providing retail and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.

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PNC Earns $248 Million and $.71 Diluted EPS in Third Quarter – Page 10

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

We make statements in this news release and in the conference call regarding this news release, and we may from time to time make other statements, regarding our outlook or expectations for earnings, revenues, expenses and/or other matters regarding or affecting PNC that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “will,” “project” and other similar words and expressions.

Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. We do not assume any duty and do not undertake to update our forward-looking statements. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those that we anticipated in our forward-looking statements, and future results could differ materially from our historical performance.

Our forward-looking statements are subject to the following principal risks and uncertainties. We provide greater detail regarding some of these factors in our Form 10-K for the year ended December 31, 2007 and our first and second quarter 2008 Form 10-Qs, including in the Risk Factors and Risk Management sections of those reports, and in our other SEC reports. Our forward-looking statements may also be subject to other risks and uncertainties, including those that we may discuss elsewhere in this news release or in our filings with the SEC, accessible on the SEC’s website at www.sec.gov and on or through our corporate website at www.pnc.com/secfilings.

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PNC Earns $248 Million and $.71 Diluted EPS in Third Quarter – Page 11

We grow our business from time to time by acquiring other financial services companies. Acquisitions in general present us with risks in addition to those presented by the nature of the business acquired. In particular, acquisitions may be substantially more expensive to complete (including as a result of costs incurred in connection with the integration of the acquired company) and the anticipated benefits (including anticipated cost savings and strategic gains) may be significantly harder or take longer to achieve than expected. In some cases, acquisitions involve our entry into new businesses or new geographic or other markets, and these situations also present risks resulting from our inexperience in these new areas. As a regulated financial institution, our pursuit of attractive acquisition opportunities could be negatively impacted due to regulatory delays or other regulatory issues. Regulatory and/or legal issues related to the pre-acquisition operations of an acquired business may cause reputational harm to PNC following the acquisition and integration of the acquired business into ours and may result in additional future costs arising as a result of those issues. Our acquisition of Sterling Financial Corporation (“Sterling”) presents regulatory and litigation risk, as a result of financial irregularities at Sterling’s commercial finance subsidiary, that may adversely impact our financial results.

[TABULAR MATERIAL FOLLOWS]

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Certain prior period amounts included in these Consolidated Financial Highlights have been reclassified to conform with the current period presentation.

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