The PNC Financial Services Group, Inc. (NYSE: PNC) today announced $150 million in below-market interest rate loans to individuals and small business owners plus $250,000 in assistance grants for the most financially distressed victims of the flooding caused by the remnants of Hurricane Ivan.
"PNC and our 23,500 employees have a tradition of helping our communities where we do business during times of need," said James E. Rohr, chairman and chief executive officer of PNC. "Although the full extent of the damage is not yet known, it is clear that our friends and neighbors will need our ongoing support so that these communities can recover and thrive in the future."
"The Commonwealth of Pennsylvania is very grateful to PNC for initiating this major commitment of its statewide resources and facilities during a time of need for so many of our citizens and businesses," Pennsylvania Governor Edward G. Rendell said. "This is another example of PNC's leadership as a corporate citizen and reinforces the importance of public/private partnerships to enhance the government's response and access to resources in times of crisis. Responding with this sense of urgency is critical to ensuring the future success of our communities and economy."
PNC, the largest bank headquartered in Pennsylvania, established the PNC Bank Flood Relief Loan program and related recovery assistance grants for low- and moderate-income people in response to the many across Pennsylvania and neighboring areas who suffered damage to property and possessions from the flooding that began Friday, Sept. 17. Recognizing the urgency among flood victims for rapid access to financial support, PNC also has committed to escalate its loan application process to respond within 24 hours so that funds are available as soon as possible.
PNC also announced that its 395 branches across Pennsylvania, as well as nearly 400 other branches in five other states, will accept monetary donations on behalf of the American Red Cross. PNC launched its disaster relief fundraising support with a donation of $25,000 to encourage other businesses and individuals to give to the Red Cross.
"We have mobilized PNC's resources to focus on the greatest needs and offer immediate financial support to the thousands of individuals and small businesses most impacted by the flooding," said Joseph C. Guyaux, president of PNC. "Our employees and our branch network can together serve as important sources of support and information in the hardest-hit communities."
Support for Individuals & Businesses
PNC's financial consultants and business bankers began Saturday, Sept. 18 -- the day after the flooding -- to visit the hardest-hit communities and offer financial advice and information to flood victims. Special services have been created to help individuals and small businesses. Details about the PNC Bank Flood Relief Loan program, grants and other offerings in PNC's six-state region are available at any PNC Bank branch or by calling 1-888-PNC-BANK:
PNC Bank Flood Relief Loan Program
For Individuals:
- Home equity installment loans -- fixed interest rate of 3.99 percent;
fees waived; up to 20 years
- Auto loans -- fixed interest rate of 4.5 percent up to 60 months on new
and used autos, with proof of loss
For Businesses:
- Term loans -- fixed interest rate of 5.25 percent on new business
equity installment loans or secured term loans up to $100,000 and
Choice Credit term loans up to $50,000
- Line of credit -- fixed interest rate of 2.99 percent until June 2005
on new business equity lines, Choice Credit lines and secured lines of
credit up to $100,000
- Government Sponsored Lending (GSL) loans -- 1 percent reduction of
interest rate and 50 percent reduction of standard origination fees on
all applicable loans of this kind
PNC Bank Flood Recovery Assistance Grants
- Low- and moderate-income individuals and owners of small businesses
located in low- and moderate-income communities who apply and qualify
for PNC's flood relief loans are also eligible for grants up to $500 to
provide them immediately with cash to pay for expenses, whether it be
food, clothing or repairs.
Other PNC Offerings
For Individuals:
- Check stock replacement -- free check replacement order of 150 PNC
Exclusive Design checks
- Copies of statements and checks -- free copies of previous account
statements or checks
- Transaction services -- free placement of stop payments
For Businesses:
- Check stock replacement -- free check replacement order of 150 checks
for small business owners
- Copies of bank records -- free copies of previous account statements or
deposit reconstructions
- Transaction services -- free placement of stop payments
Branch personnel -- particularly in southwestern, central and northeastern Pennsylvania -- also will provide information about other resources available to support flood victims. This includes Small Business Administration (SBA) and Economic Injury Disaster loans, as well as services provided by the Federal Emergency Management Association (FEMA) and Individual and Household Program.
The PNC Financial Services Group, Inc. is one of the nation's largest diversified financial services organizations providing consumer 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.
SOURCE: The PNC Financial Services Group, Inc.
CONTACT: Brian E. Goerke of The PNC Financial Services Group, Inc.,
+1-412-762-4550, or corporate.communications@pnc.com
Web site: http://www.pnc.com/
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