What's left in the account?

[seemslikeadream]

PNC Financial banks on Riggs' footprint in the region, but is it enough?
By Tim Mazzucca
Washington Business Journal
Updated: 8:00 p.m. ET July 25, 2004

It's an understatement to say 2004 has been a tough year for Riggs National Corp.

The once-venerable D.C. institution got in trouble with federal regulators, to the tune of $25 million. That issue tied Riggs, however loosely, to the Sept. 11 terrorists, and, as part of the fallout, the bank must divest itself of the embassy business that once was its mainstay.

So when Pittsburgh-based PNC Financial agreed to buy Riggs, the first question on everyone's mind was: What exactly is PNC buying?

PNC is working with Riggs to help phase out its international business, resolve some of the regulatory issues that have tainted its reputation and develop complementary products to stave off customer attrition -- brokerage services for high net-worth customers at the branch level and more small business banking services. Riggs lacked both in recent years.

Also, PNC (www.pncfinancial.com) is forging ahead with Riggs' pre-deal plans to open 30 more branches in the region over the next three years and upgrade existing branches.

Surprise buyer
The July 16 announcement that PNC would buy Riggs surprised many industry insiders because the Pittsburgh institution reportedly wasn't on the short list of top contenders, which included Cleveland's Key Bank, Baltimore's Mercantile, Philadelphia's Sovereign Bank and Buffalo, N.Y.'s M&T Bank.

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http://msnbc.msn.com/id/5499028/

[abelenkpe]

1. a recognizable 'brand' name n/t