It was announced this morning (Friday, Oct. 24, 2008) that PNC Bank, headquartered in Pittsburgh, plans to buy Cleveland's National City Bank. The question for most readers of this blog is, what happens to philanthropic giving? National City has been a major player in Northeast Ohio and their community involvement extends to Illinois, Indiana, Kentucky, Michigan, Missouri, and Pennsylvania. PNC has a strong presence in the Pittsburgh area and its community involvement extends to Washington, DC, Delaware, Indiana, Kentucky, Maryland, New Jersey, Ohio, and Virginia. For now, all we can do is look to the facts.
National City Bank supports a private company-sponsored foundation, a direct corporate giving program, and also operates a matching gift program. For the year ended 12/31/06, National City's corporate giving program gave support totaling $4.1 million. National City Bank's company-sponsored foundation, NCC Charitable Foundation (EIN 347050989), had assets of $51,862,182 (market value) as of 6/30/07 and total giving of $25,735,583.
Here's a sampling of grants made by the NCC Charitable Foundation in 2007:
$445,000 to Western Michigan University Foundation, Kalamazoo, MI. For general support.
$300,000 to United Way, Metro, Louisville, KY. For general support, payable over 1 year.
$291,667 to Musical Arts Association, Cleveland, OH. For general support, payable over 1 year.
$142,857 to Cleveland Clinic Foundation, Cleveland, OH. For general support, payable over 1 year.
$110,000 to Allegheny Conference on Community Development, Pittsburgh, PA. For general support, payable over 1 year.
$50,000 to Salvation Army of Saint Louis, Saint Louis, MO. For general support.
$24,500 to United Way of Southeastern Pennsylvania, Philadelphia, PA. For general support, payable over 1 year.
$20,000 to Illinois State University, Normal, IL. For general support.
$20,000 to Opera Cleveland, Cleveland, OH. For general support, payable over 1 year.
$15,000 to Booker T. Washington Business Association, Detroit, MI. For general support, payable over 1 year.
PNC Bank supports 2 company-sponsored foundations and operates a sponsorship program, in addition to committing itself to "green building" and the environment and a signature cause, Grow Up Great, a 10-year, $100 million investment in school readiness to help prepare children from birth to age five for success in school and life. The PNC Foundation (EIN 251202255), had assets of $100,801,357 (market value) as of 12/31/07 and total giving of $18,577,489.
Here's a sampling of grants made by the PNC Foundation in 2007:
$300,000 to August Wilson Center for African American Culture, Pittsburgh, PA. For general operating support.
$300,000 to Saint Vincent College, Latrobe, PA. For general operating support.
$226,264 to United Way of Southeastern Pennsylvania, Philadelphia, PA. For general operating support.
$100,000 to Social Compact, Washington, DC. For general operating support.
$50,000 to Lynn Economic Opportunity, Lynn, MA. For general operating support.
$19,500 to United Way of Lackawanna County, Scranton, PA. For general operating support.
$10,000 to Kappa Scholarship Endowment Fund of Western Pennsylvania, Pittsburgh, PA. For general operating support.
$10,000 to Oakland Planning and Development Corporation, Pittsburgh, PA. For general operating support.
$10,000 to Philadelphia Dance Company, Philadelphia, PA. For general operating support.
$7,500 to Sarah A. Reed Children's Center, Erie, PA. For general operating support.
PNC's second foundation, the PNC Memorial Foundation (EIN 256487950), awards college scholarships to children of current employees and children of deceased employees who died during their period of employment at PNC Bank. The foundation had assets of $241,233 (market value) as of 12/31/07 and total giving of $9,000 for grants to individuals.
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