PNC Bank looks to expand in the Twin Cities

PNC Bank, one of the nation's largest banks, will open an office in Minneapolis to expand its commercial banking services in the Twin Cities.

The bank, of the 10 biggest, has not settled on a site, but PNC officials said it will not be a full-service branch.

"The Twin Cities metropolitan area is an attractive market for PNC with a strong base of corporate clients and a thriving community," said Lou Cestello, PNC executive vice president. "The region continues to be a bright spot for job growth, and there is significant opportunity for PNC to support that growth with the delivery of corporate banking services."

Leading the bank's expansion will be Kate Kelly, a 30-year veteran of the local banking scene. Kelly most recently served as president and chief executive of Minnesota Bank & Trust. Kelly also served as regional president of Bremer Financial and worked at U.S. Bank for 18 years.

"We're excited about coming," said Kelly, PNC's regional president. "We already have relationships with a lot of these large corporate and middle market companies. And we look forward to meeting others."

PNC declined to provide details on its existing business in Minnesota. Harris Williams & Co., a bank subsidiary that provides merger and acquisition services, also has an office in Minneapolis.

With assets of $366 billion, Pittsburgh-based PNC is the seventh largest banking company in the U.S., according to SNL Financial, a financial industry research firm.

Kelly said the bank has been successful by offering services to large and midsize firms, including treasury management, capital markets and international banking services.

Kelly said the bank is still putting together its local team, which will include a local head of corporate banking and a community relations director who will lead local philanthropic and community initiatives. She noted that PNC has committed a total of $350 million to early education efforts across the country. Bank employees are encouraged to volunteer at local learning centers, where they can be reimbursed for up to 40 hours of their time.

Kelly said PNC is not looking for a retail branch. She said the bank will continue evaluate its needs.

"Right now, 60 percent of PNC's commercial clients do their banking online or via mobile," Kelly said. "So we will not only watch what our clients' needs are, but we will be watching this fast-changing technology and what the preferred distribution channels are."