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PNC boosts presence, adds name to 1 N. Franklin

PNC Bank, the Chicago area’s fourth-biggest bank, is stepping up its profile in downtown Chicago.

The Pittsburgh-based bank, which now occupies about 80,000 square feet at  One North Franklin, has signed a new lease that will  increase its presence at the Tishman Speyer property to 116,000-square-feet over the next two years, with a term extension until 2022.   Get the full story »

PNC vows to keep checking free

PNC Financial Services Group Inc., bucking a trend that is sweeping the banking industry, is vowing to keep its most-basic checking accounts free of fees. Get the full story »

Supermarket banking grows in Chicago

Chicagoans like doing their banking at the supermarket.

Nationally, the number of in-store bank branches and the deposits they hold are falling, but those numbers continue to edge up in Chicago, according to a newly released study by trade publication SNL Financial. Get the full story »

Cost of ‘12 Days of Christmas’ nears $100,000

In the unlikely event that your Christmas list this year includes every item mentioned in “The Twelve Days of Christmas,” be prepared to pay nearly $100,000.

Trying to buy the 364 items repeated in all the song’s verses — from 12 drummers drumming to a partridge in a pear tree — would cost $96,824, an increase of 10.8 percent over last year, according to the annual Christmas Price Index compiled by PNC Wealth Management. Get the full story »

Wealthy open to wooing from rival banks

Just because people are affluent doesn’t mean they’re impressed with their financial institution.

In its seventh annual survey of affluent investors who do business with various banks and financial firms, PNC found that most wealthy investors are receptive to pitches from other service providers. Get the full story »

PNC Financial profit surges as loan losses ease

Regional bank operator PNC Financial Services Group Inc. said Thursday that its third-quarter income nearly doubled as it set aside sharply less money to cover bad loans. Get the full story »

More than 1,100 in Illinois warned of layoffs in Aug.

National Manufacturing Co., PNC Bank, Precision Dormer LLC and Northwestern Memorial Hospital are among about a dozen companies that notified the state of Illinois in August that they plan to close plants or institute “mass layoffs,” putting a total of more than 1,100 employees out of work. Get the full story »

ShoreBank successor boosts online savings rates

Urban Partnership Bank, the successor to the recently failed ShoreBank, has already boosted the interest rates on a couple of savings accounts for its online ShoreBank Direct.

The ShoreBank Direct Online Savings Account now pays a 1.25 percent annual percentage rate with a $100,000 minimum balance, up from 1.19 percent. It also pays  1.2 percent for balances of less than $100,000, up from 1.03 percent.

The rate hikes were first reported by, a tracker of bank account trends. Get the full story »

Urban Partnership Bank names board

Urban Partnership Bank, the newly formed group that last week bought failed Chicago-based ShoreBank, has named five-people to its board of directors.

It includes three former First Chicago executives who had joined ShoreBank in recent months during its last-ditch and ultimately unsuccessful effort to raise capital so state and federal regulators wouldn’t seize it.

Those are David Vitale, who, as previously reported, will serve as chairman; William Farrow, who, as reported, will be president and chief executive officer; and Eileen Kennedy, another former First Chicago executive who had joined ShoreBank in recent months. Get the full story »

Revolution Inc. recapitalized

From Pittsburgh Business Times | A unit of PNC Financial Services has provided recapitalization for Revolution Inc., a provider of apparel and costumes to dance schools.  Terms were not disclosed.