<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
(Amendment No. 1)
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT 0F 1934
For the year ended December 31, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OF THE
SECURITIES EXCHANGE ACT 0F 1934
For the transition period from ____________ to ____________
Commission File Number 1-9718
PNC BANK CORP.
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 25-1435979
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
ONE PNC PLAZA
FIFTH AVENUE AND WOOD STREET
PITTSBURGH, PENNSYLVANIA 15265
(Address of principal executive offices)
(Zip Code)
(412) 762-3900
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Page 1 of 35
Exhibit Index begins on page 34
<PAGE> 2
By filing this amendment ("Amendment No. 1"), the undersigned
registrant hereby amends its Annual Report on Form 10-K for the
year ended December 31, 1994 ("1994 Form 10-K"), to
include, as permitted by Rule 15d-21 under the Securities
Exchange Act of 1934, as amended ("Exchange Act"), the
financial statements and exhibits required by Form 11-K with
respect to the PNC Bank Corp. Incentive Savings Plan ("Plan"),
for the year ended December 31, 1994.
In accordance with Rule 12b-15 of the Exchange Act, Item 14 of Part IV
of the 1994 Form 10-K is hereby amended and restated to read in its
entirety as follows:
PART IV
Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
The following consolidated financial statements and report of
independent auditors of the Corporation, included in the Annual
Report to Shareholders at the page indicated, are incorporated
herein by reference:
<TABLE>
<CAPTION>
PAGE OF
FINANCIAL STATEMENTS ANNUAL REPORT
- -------------------- -------------
<S> <C>
Report of Ernst & Young LLP,Independent Auditors 45
Consolidated Balance Sheet as of December 31, 1994 and 1993 46
Consolidated Statement of Income for the three years ended
December 31, 1994 47
Consolidated Statement of Changes in Shareholders' Equity for the
three years ended December 31, 1994 48
Consolidated Statement of Cash Flows for the three years
ended December 31, 1994 49
Notes to Consolidated Financial Statements 50
Selected Quarterly Financial Data 68
</TABLE>
As permitted by Rule 15d-21 of the Exchange Act, the following
financial statements of the Plan and report of independent
auditors of the Plan are filed with Amendment No. 1 at the page
indicated.
<TABLE>
<CAPTION>
INDEX TO FINANCIAL STATEMENTS PAGE OF
AMENDMENT NO.1
- ----------------------------------- --------------
<S> <C>
Report of Independent Auditors 7
Statements of Net Assets Available for Plan Benefits 8
Statements of Changes in Net Assets
Available for Plan Benefits 9
Notes to Financial Statements 10
Schedule of Assets Held for Investment 19
Schedule of Reportable Transactions 32
</TABLE>
- 2 -
<PAGE> 3
FINANCIAL STATEMENT SCHEDULES
Not applicable.
REPORTS ON FORM 8-K
A Form 8-K dated as of October 19, 1994, was filed on October 21, 1994,
pursuant to Item 5 to report the Corporation's consolidated financial
results for the three months and nine months ended September 30, 1994.
A Form 8-K dated as of November 23, 1994, was filed on December 7, 1994,
pursuant to Item 5 to report two purported class action lawsuits commenced
against the Corporation, its Chairman and Chief Executive Officer, and,
in one case, its Senior Vice President and Chief Financial Officer,
alleging purported violations of federal securities laws relating to
disclosures regarding the Corporation's net interest income, interest
rate risk, and future prospects and related matters.
A Form 8-K was filed on, and dated as of, January 6, 1995, pursuant to
Item 5 to report (i) certain actions taken by the Corporation to reduce
its interest rate sensitivity; (ii) to announce a charge to earnings
related to the cost of consolidating existing telephone banking centers
and continued rationalization of the branch network; and (iii) the
authorization by the Corporation's Board of Directors to purchase up to
24 million shares of the Corporation's common stock over the next two years.
A Form 8-K dated as of January 13, 1995, was filed on January 23, 1995,
pursuant to Item 5 to report (i) the Corporation's consolidated financial
results for the three months and twelve months ended December 31, 1994;
and (ii) the completion of the acquisition of Indian River.
A Form 8-K dated as of February 28, 1995, was filed on March 14, 1995,
pursuant to Item 5 to report (i) the completion of the acquisition of
BlackRock; (ii) the completion of the acquisition of Brentwood; and
(iii) the entering into a definitive agreement to acquire Chemical Bank
New Jersey.
No financial statements were filed with such reports.
EXHIBITS
The exhibits listed below are filed herewith or are
incorporated herein by reference:
<TABLE>
<S> <C>
3.1 Articles of Incorporation of the Corporation, as amended,
incorporated herein by reference to Exhibit 3.1 of the
Annual Report on Form 10-K for the year ended December 31, 1993.
3.2 By-Laws of the Corporation, as amended, filed as Exhibit 3.2
to 1994 Form 10-K.
4.1 Instruments defining the rights of holders of long-term
debt of the Corporation and its subsidiaries are not filed as
Exhibits because the amount of debt under each instrument is
less than 10 percent of the consolidated assets of the
Corporation. The Corporation undertakes to file these
instruments with the Commission on request.
4.2 Designation of Series: $1.80 Cumulative Convertible
Preferred Stock -- Series A, incorporated herein as part of
Exhibit 3.1.
4.3 Designation of Series: $1.80 Cumulative Convertible
Preferred Stock -- Series B, incorporated herein as part of
Exhibit 3.1.
4.4 Designation of Series: $1.60 Cumulative Convertible
Preferred Stock -- Series C, incorporated herein as part of
Exhibit 3.1.
4.5 Designation of Series: $1.80 Cumulative Convertible
Preferred Stock -- Series D, incorporated herein as part of
Exhibit 3.1.
</TABLE>
- 3 -
<PAGE> 4
<TABLE>
<S> <C>
10.1 Supplemental Executive Retirement Income and Disability
Plan of the Corporation, incorporated herein by reference to
Exhibit 10.2 of the Annual Report on Form 10-K for the year
ended December 31, 1990 ("1990 Form 10-K").*
10.2 Supplemental Executive Life Insurance and Spouse's
Benefit Plan of the Corporation, incorporated herein by
reference to Exhibit 10.3 of the 1990 Form 10-K.*
10.3 Description of the Corporation's Senior Executive
Compensation Plan, incorporated herein by reference to
Exhibit 10.4 of the Annual Report on Form 10-K for the year
ended December 31, 1992 ("1992 Form 10-K").*
10.4 1992 Long-Term Incentive Award Plan of the Corporation,
incorporated herein by reference to Exhibit 4.3 of the
Registration Statement on Form S-8 at File No. 33-54960.*
10.5 1992 Director Share Incentive Plan, incorporated herein
by reference to Exhibit 10.6 of the 1992 Form 10-K.*
10.6 PNC Bank Corp. 1994 Annual Incentive Award Plan, filed
as Exhibit 10.6 to 1994 Form 10-K.*
10.7 PNC Bank Corp. Directors Retirement Plan, filed as
Exhibit 10.7 to 1994 Form 10-K.*
11 Calculation of Primary and Fully Diluted Earnings Per
Share, filed as Exhibit 11 to 1994 Form 10-K.
12.1 Computation of Ratio of Earnings to Fixed Charges,
filed as Exhibit 12.1 to 1994 Form 10-K.
12.2 Computation of Ratio of Earnings to Combined Fixed
Charges and Preferred Dividends, filed as Exhibit 12.2
to 1994 Form 10-K.
13 Annual Report to Shareholders for the year ended December
31, 1994, filed as Exhibit 13 to 1994 Form 10-K. Such Annual
Report, except for those portions thereof that are expressly
incorporated by reference herein, is furnished for
information of the Securities and Exchange Commission only
and is not deemed to be "filed" as part of the 1994 Form 10-K.
21 Schedule of Certain Subsidiaries of the Corporation, filed as
Exhibit 21 to 1994 Form 10-K.
23.1 Consent of Ernst & Young LLP, independent auditors for the
Corporation, filed as Exhibit 23 to 1994 Form 10-K.
23.2 Consent of Ernst & Young LLP, independent auditors for the
Plan, filed herewith.
24 Powers of Attorney of certain directors of the
Corporation, filed as Exhibit 24 to 1994 Form 10-K.
27 Financial Data Schedule, filed as Exhibit 27 to 1994 Form 10-K.
- ---------
<FN>
* Management contract or compensatory plan.
</TABLE>
- 4 -
<PAGE> 5
Audited Financial Statements
PNC Bank Corp.
Incentive Savings Plan
YEARS ENDED DECEMBER 31, 1994 AND 1993
WITH REPORT OF INDEPENDENT AUDITORS
- 5 -
<PAGE> 6
PNC Bank Corp.
Incentive Savings Plan
Audited Financial Statements
Years ended December 31, 1994 and 1993
CONTENTS
<TABLE>
<S> <C>
Report of Independent Auditors ............................................ 7
Audited Financial Statements
Statements of Net Assets Available for Plan Benefits ...................... 8
Statements of Changes in Net Assets Available for Plan Benefits ........... 9
Notes to Financial Statements ............................................. 10
Schedule of Assets Held for Investment .................................... 19
Schedule of Reportable Transactions ....................................... 32
</TABLE>
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<PAGE> 7
Report of Independent Auditors
Administrative Committee
PNC Bank Corp.
Incentive Savings Plan
We have audited the accompanying statements of net assets available for plan
benefits of the PNC Bank Corp. Incentive Savings Plan (Plan) as of December 31,
1994 and 1993, and the related statements of changes in net assets available
for plan benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan
at December 31, 1994 and 1993, and the changes in its net assets available for
plan benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental schedules
of assets held for investment as of December 31, 1994 and reportable
transactions for the year ended December 31, 1994, are presented for purposes
of complying with the Department of Labor's Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act of 1974, and
are not a required part of the basic financial statements. The supplemental
schedules have been subjected to the auditing procedures applied in our
audits of the basic financial statements and, in our opinion, are fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
/s/ Ernst & Young LLP
June 26, 1995
Pittsburgh, Pennsylvania
- 7 -
<PAGE> 8
PNC Bank Corp.
Incentive Savings Plan
Statements of Net Assets Available for Plan Benefits
<TABLE>
<CAPTION>
DECEMBER 31
1994 1993
-----------------------------
<S> <C> <C>
ASSETS
Investments at fair value:
Common stock:
PNC Bank Corp. (1994 cost--$235,167,672;
1993 cost--$232,917,549) $261,982,282 $365,889,775
Other (1993 cost--$39,358,667) -- 48,105,737
PNC Bank Corp. preferred stock (1994 cost--
$8,247; 1993 cost--$8,521) 29,638 39,433
Corporate debt securities (1993 cost--$5,868,247) -- 6,134,410
Short-term investment funds (1994 cost--$76,553,303;
1993 cost--$63,197,125) 76,553,303 63,197,125
U.S. Government and agency securities (1993 cost--
$28,635,836) -- 30,914,648
Registered investment companies (1994 cost--
$118,138,611; 1993 cost--$20,583,368) 117,510,777 22,581,591
Other (1993 cost--$566,605) -- 572,446
Participant loans, at current outstanding principal
balance 24,551,533 21,661,680
-----------------------------
Total investments 480,627,533 559,096,845
Cash 1,132 --
Contribution receivable from employer 4,001,640 112,818
Accrued income 2,204,411 887,516
-----------------------------
Total assets 486,834,716 560,097,179
LIABILITIES
ESOP note payable to PNC Bank Corp. 98,600,000 110,000,000
-----------------------------
Net assets available for plan benefits $388,234,716 $450,097,179
=============================
</TABLE>
See accompanying notes.
- 8 -
<PAGE> 9
PNC Bank Corp.
Incentive Savings Plan
Statements of Changes in Net Assets Available for Plan Benefits
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31
1994 1993
------------------------------
<S> <C> <C>
Additions:
Investment income:
Interest $ 5,445,713 $ 5,887,262
Dividends:
PNC Bank Corp. 16,455,147 14,713,715
Other 4,976,152 2,030,261
------------------------------
26,877,012 22,631,238
Contributions (employer):
Cash 8,683,382 19,257,119
PNC Bank Corp. Common Stock 4,100,738 107,680
Contributions (employee) 22,930,280 20,889,993
Contributions (rollover) 1,853,130 1,195,519
------------------------------
Total additions 64,444,542 64,081,549
Deductions:
Payments to participants or beneficiaries 33,282,068 43,593,288
ESOP note interest expense 3,937,737 4,881,729
Other -- 578,071
------------------------------
Total deductions 37,219,805 49,053,088
Net realized and unrealized (depreciation) appreciation
in fair value of investments (102,892,080) 13,113,492
Net assets received in connection with mergers 13,804,880 10,899,776
------------------------------
Net (decrease) increase (61,862,463) 39,041,729
Net assets available for plan benefits at beginning
of year 450,097,179 411,055,450
------------------------------
Net assets available for plan benefits at end of year $388,234,716 $450,097,179
==============================
</TABLE>
See accompanying notes.
- 9 -
<PAGE> 10
PNC Bank Corp.
Incentive Savings Plan
Notes to Financial Statements
December 31, 1994
1. SIGNIFICANT ACCOUNTING POLICIES
VALUATION
Marketable securities are stated at fair value. Securities are valued at the
last public sale price of the securities listed on the New York Stock Exchange.
If no sales were reported, and in the case of securities traded over the
counter, the last bid price at the close of business is used. The value of any
security not listed or quoted on any exchange is determined by the last closing
bid price, reference to the bid price of any published quotations in common
use, or by the quotation of a reputable broker. For certain investments that do
not have an established fair value, such value is established based on the
opinion of the trustee.
The fair value of the participation units in the short-term investment funds
and registered investment companies are based on quoted redemption values on
the last business day of the plan year. Loans are valued at the amount of
principal outstanding.
RECLASSIFICATION
Certain prior year amounts have been reclassified to conform to current
year presentation.
2. DESCRIPTION OF THE PLAN
PNC Bank Corp. (PNC Bank) is the sponsor of the Incentive Savings Plan (Plan).
The Plan covers substantially all eligible salaried employees of PNC Bank and
subsidiaries.
The Plan allows participants to contribute from 1 to 15 percent of their
biweekly base compensation on a pretax 401(k) basis. PNC Bank matches 100
percent of employee contributions up to 6 percent of base compensation, subject
to Internal Revenue Service (IRS) limitations. Participants are fully vested in
their balances, including the employer contributions. Plan income is allocated
to participants based on an average participant investment balance, on a
quarterly basis.
- 10 -
<PAGE> 11
PNC Bank Corp.
Incentive Savings Plan
Notes to Financial Statements (continued)
2. DESCRIPTION OF THE PLAN (CONTINUED)
Participants in the Plan may invest any voluntary contributions and balances
rolled over from any prior plans in any of four investment options: Fund A (a
common stock fund), Fund B (an intermediate-term income fund), Fund C (a
short-term income fund), and/or Fund D (PNC Bank common stock fund). At
December 31, total participants in each fund were as follows:
<TABLE>
<CAPTION>
1994 1993
---------------
<S> <C> <C>
Fund A 9,042 8,041
Fund B 7,739 7,184
Fund C 9,354 8,892
Fund D 14,353 13,604
</TABLE>
Employer matching contributions for participants whose age is 55 years or under
are made in PNC Bank common stock. Participants over age 55 can choose to have
their matching contribution made in PNC Bank common stock or in cash to
invest in the other three funds.
Benefits to participants for withdrawals requested but not yet paid were
$8,957,966 and $6,818,078 at December 31, 1994 and 1993, respectively.
The Plan has a loan feature that allows participants to borrow against their
balance in accordance with the loan policies established by the Administrative
Committee. Such borrowings are reflected in the Loan Fund. At December 31,
1994, the Plan was committed to fund approximately $2.9 million in participant
loans, of which approximately $1.1 million represents refinancings of existing
loans. Under certain circumstances, the Plan permits withdrawals by
participants.
Although it has not expressed an interest to do so, PNC Bank has the right
under the Plan to discontinue contributions at any time and to terminate the
Plan subject to the provisions of the Employee Retirement Income Security Act
of 1974 (ERISA).
- 11 -
<PAGE> 12
PNC Bank Corp.
Incentive Savings Plan
Notes to Financial Statements (continued)
2. DESCRIPTION OF THE PLAN (CONTINUED)
The Plan includes a leveraged employee stock ownership plan (ESOP). In
September 1989, the ESOP borrowed $140 million from PNC Bank and purchased
approximately 7,350,000 shares of PNC Bank common stock through open market
purchases. The unallocated shares of PNC Bank common stock are pledged as
security on the ESOP note. The ESOP shares are used to match a portion of the
PNC Bank's matching contributions to the Plan.
PNC Bank is obligated to make annual contributions sufficient to fund principal
and interest payments on the ESOP note net of investment income and realized
gains and losses in the unallocated ESOP fund. Shares of PNC Bank common stock
allocated to participants totaled 567,884 in 1994 and 572,335 in 1993.
During 1993, the original ESOP note was replaced with medium-term fixed rate
notes. The effective interest rate on the new fixed rate notes was 4.91% in
1994. Principal payments are due on an annual basis and interest payments are
due on a semiannual basis. The following is a schedule of debt maturities:
<TABLE>
<S> <C>
1995 $ --
1996 14,000,000
1997 16,900,000
1998 20,100,000
1999 23,900,000
2000 and thereafter 23,700,000
-----------
$98,600,000
===========
</TABLE>
At December 31, 1994, the ESOP held 4,568,333 unallocated shares of PNC Bank
common stock with a market value of $96,506,035 and $1,793,661 in short-term
investment funds. These assets will be used to match future participant
contributions.
3. INVESTMENTS
The Plan is comprised of investment funds representing both the employer's and
the participants' contributions. Records are maintained to account for the
noncontributory and the voluntary portion of each fund.
- 12 -
<PAGE> 13
PNC Bank Corp.
Incentive Savings Plan
Notes to Financial Statements (continued)
3. INVESTMENTS (CONTINUED)
Net realized and unrealized (depreciation) appreciation in aggregate fair value
of securities was as follows:
<TABLE>
<CAPTION>
NET REALIZED AND UNREALIZED
(DEPRECIATION)
APPRECIATION IN FAIR
VALUE FOR YEAR ENDED
DECEMBER 31
------------------------------
1994 1993
-----------------------------
<S> <C> <C>
Common stock $ (98,058,741) $11,059,012
Preferred stock (9,612) 420
Corporate obligations (508,043) 152,902
U.S. Government and agency securities (1,770,357) 759,077
Collective funds (2,540,362) 1,142,081
Other (4,965) --
-----------------------------
$(102,892,080) $13,113,492
=============================
</TABLE>
The fair values of individual investments that represent 5 percent or more of
the Plan's net assets are as follows:
<TABLE>
<CAPTION>
DECEMBER 31
1994 1993
----------------------------
<S> <C> <C>
PNC Bank common stock $261,982,282 $365,889,775
PNC Money Market Portfolio Fund 76,553,303 63,197,125
PNC Index Equity Portfolio Fund 19,701,378 21,478,252
PNC Value Equity Portfolio Fund 23,877,171 --
PNC Managed Income Fund 23,252,746 --
</TABLE>
- 13 -
<PAGE> 14
PNC Bank Corp.
Incentive Savings Plan
Notes to Financial Statements (continued)
3. INVESTMENTS (CONTINUED)
The net assets available for plan benefits for the Plan's investment funds were
as follows:
December 31, 1994
<TABLE>
<CAPTION>
COMMON INTERMEDIATE- SHORT-TERM PNC BANK
STOCK- TERM FIXED FIXED INCOME- CORP. STOCK-
FUND A INCOME-FUND B FUND C FUND D
-------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investments at fair value:
PNC Bank common stock $ -- $ -- $ -- $110,059,372
PNC Bank preferred stock -- -- -- 29,638
Short-term investment funds 7,717,236 3,868,123 54,366,600 8,405,457
Registered investment companies
PNC Fund - Small Cap Growth Equity
Portfolio 5,568,797 -- -- --
PNC Fund - International Equity
Portfolio 16,456,280 -- -- --
PNC Fund - Small Cap Value Equity
Portfolio 4,902,460 -- -- --
PNC Fund - Index Equity Portfolio 19,701,378 -- -- --
PNC Fund - Growth Equity Portfolio 8,733,812 -- -- --
PNC Fund - Intermediate Term Bond
Portfolio -- 15,018,133 -- --
PNC Fund - Managed Income Portfolio -- 23,252,746 -- --
PNC Fund - Value Equity Portfolio 23,877,171 -- -- --
Participant loans -- -- -- --
-------------------------------------------------------------------
Total investments 86,957,134 42,139,002 54,366,600 118,494,467
Cash -- -- 1,132 --
Contribution receivable 49,455 52,745 74,551 3,824,889
Accrued income 32,715 16,413 251,370 1,875,645
Due to (from) fund (2,194,620) (966,637) 1,361,512 4,343,628
-------------------------------------------------------------------
Total assets 84,844,684 41,241,523 56,055,165 128,538,629
ESOP note payable -- -- -- --
-------------------------------------------------------------------
Net assets available for plan benefits $84,844,684 $ 41,241,523 $56,055,165 $128,538,629
===================================================================
</TABLE>
<TABLE>
<CAPTION>
PNC PNC
BANK CORP. BANK CORP.
ALLOCATED UNALLOCATED LOAN
ESOP FUND ESOP FUND FUND TOTAL
------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investments at fair value:
PNC Bank common stock $55,416,875 $ 96,506,035 $ -- $261,982,282
PNC Bank preferred stock -- -- -- 29,638
Short-term investment funds -- 1,793,661 402,226 76,553,303
Registered investment companies
PNC Fund - Small Cap Growth Equity
Portfolio -- -- -- 5,568,797
PNC Fund - International Equity
Portfolio -- -- -- 16,456,280
PNC Fund - Small Cap Value Equity
Portfolio -- -- -- 4,902,460
PNC Fund - Index Equity Portfolio -- -- -- 19,701,378
PNC Fund - Growth Equity Portfolio -- -- -- 8,733,812
PNC Fund - Intermediate Term Bond
Portfolio -- -- -- 15,018,133
PNC Fund - Managed Income Portfolio -- -- -- 23,252,746
PNC Fund - Value Equity Portfolio -- -- -- 23,877,171
Participant loans -- -- 24,551,533 24,551,533
-------------------------------------------------------------------
Total investments 55,416,875 98,299,696 24,953,759 480,627,533
Cash -- -- -- 1,132
Contribution receivable -- -- -- 4,001,640
Accrued income 7,367 19,137 1,764 2,204,411
Due to (from) fund 3,547,204 (6,107,506) 16,419 --
-------------------------------------------------------------------
Total assets 58,971,446 92,211,327 24,971,942 486,834,716
ESOP note payable -- (98,600,000) -- (98,600,000)
-------------------------------------------------------------------
Net assets available for plan benefits $58,971,446 $ (6,388,673) $24,971,942 $388,234,716
===================================================================
</TABLE>
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<PAGE> 15
PNC Bank Corp.
Incentive Savings Plan
Notes to Financial Statements (continued)
3. INVESTMENTS (CONTINUED)
December 31, 1993
<TABLE>
<CAPTION>
COMMON INTERMEDIATE- SHORT-TERM PNC BANK
STOCK- TERM FIXED FIXED INCOME- CORP. STOCK-
FUND A INCOME-FUND B FUND C FUND D
------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investments at fair value:
Common stock:
PNC Bank $ -- $ -- $ -- $155,765,635
Other 48,105,737 -- -- --
PNC Bank preferred stock -- -- -- 39,433
Corporate Debt Securities -- 6,134,410 -- --
Short-term investment funds 5,138,462 857,353 51,021,486 2,901,292
U.S. Government and agency securities -- 30,914,648 -- --
Registered investment companies
PNC Fund - Index Equity Portfolio 21,478,252 -- -- --
PNC Fund - Short-Term Bond Portfolio -- 1,103,339 -- --
Other investments -- 472,446 100,000 --
Participant loans -- -- -- --
------------------------------------------------------------------
Total investments 74,722,451 39,482,196 51,121,486 158,706,360
Contribution receivable from employer 36,832 28,028 47,958 --
Accrued income 98,716 631,679 134,712 9,504
Due to (from) fund 11,156 68,468 35,187 1,656,559
------------------------------------------------------------------
Total assets 74,869,155 40,210,371 51,339,343 160,372,423
ESOP note payable -- -- -- --
------------------------------------------------------------------
Net assets available for plan benefits $74,869,155 $40,210,371 $51,339,343 $160,372,423
==================================================================
</TABLE>
<TABLE>
<CAPTION>
PNC PNC
BANK CORP. BANK CORP.
ALLOCATED UNALLOCATED LOAN
ESOP FUND ESOP FUND FUND TOTAL
------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investments at fair value:
Common stock:
PNC Bank $58,424,328 $ 151,699,812 $ -- $ 365,889,775
Other -- -- -- 48,105,737
PNC Bank preferred stock -- -- -- 39,433
Corporate Debt Securities -- -- -- 6,134,410
Short-term investment funds -- 2,882,834 395,698 63,197,125
U.S. Government and agency securities -- -- -- 30,914,648
Registered investment companies
PNC Fund - Index Equity Portfolio -- -- -- 21,478,252
PNC Fund - Short-Term Bond Portfolio -- -- -- 1,103,339
Other investments -- -- -- 572,446
Participant loans -- -- 21,661,680 21,661,680
------------------------------------------------------------------
Total investments 58,424,328 154,582,646 22,057,378 559,096,845
Contribution receivable from employer -- -- -- 112,818
Accrued income 2,866 9,342 697 887,516
Due to (from) fund 3,473,684 (5,116,852) (128,202) --
------------------------------------------------------------------
Total assets 61,900,878 149,475,136 21,929,873 560,097,179
ESOP note payable -- (110,000,000) -- (110,000,000)
------------------------------------------------------------------
Net assets available for plan benefits $61,900,878 $ 39,475,136 $21,929,873 $ 450,097,179
==================================================================
</TABLE>
- 15 -
<PAGE> 16
PNC Bank Corp.
Incentive Savings Plan
Notes to Financial Statements (continued)
3. INVESTMENTS (CONTINUED)
The changes in net assets available for plan benefits for the Plan's investment
funds were as follows:
Year ended December 31, 1994
<TABLE>
<CAPTION>
COMMON INTERMEDIATE- SHORT-TERM PNC BANK
STOCK- TERM FIXED FIXED INCOME- CORP. STOCK-
FUND A INCOME-FUND B FUND C FUND D
---------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net assets available for plan benefits
at December 31, 1993 $ 74,869,155 $ 40,210,371 $51,339,343 $ 160,372,423
Additions:
Interest and dividends 3,735,759 2,746,838 2,165,379 7,149,082
Contributions:
Employer 379,285 273,114 415,983 4,100,738
Employee 8,523,507 4,297,217 4,604,632 5,504,924
Rollover 736,161 483,623 241,548 391,798
Deductions:
Payments to participants or
beneficiaries (5,657,217) (3,810,151) (6,106,363) (14,237,379)
Net transfers 1,551,666 (2,023,907) (2,390,922) (258,471)
ESOP activity:
Interest expense -- -- -- --
Other ESOP activity -- -- -- 3,460,972
Net realized and unrealized depreciation (1,663,564) (3,639,287) -- (40,891,136)
Acquisitions 2,369,932 2,703,705 5,785,565 2,945,678
---------------------------------------------------------------------
Net assets available for plan benefits
at December 31, 1994 $ 84,844,684 $ 41,241,523 $56,055,165 $ 128,538,629
=====================================================================
</TABLE>
<TABLE>
<CAPTION>
PNC PNC
BANK CORP. BANK CORP.
ALLOCATED UNALLOCATED LOAN
ESOP FUND ESOP FUND FUND TOTAL
---------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net assets available for plan benefits
at December 31, 1993 $ 61,900,878 $ 39,475,136 $21,929,873 $ 450,097,179
Additions:
Interest and dividends 2,917,633 6,702,346 1,459,975 26,877,012
Contributions:
Employer -- 7,615,000 -- 12,784,120
Employee -- -- -- 22,930,280
Rollover -- -- -- 1,853,130
Deductions:
Payments to participants or
beneficiaries (1,931,421) -- (1,539,537) (33,282,068)
Net transfers 1,599,616 (1,599,613) 3,121,631 --
ESOP activity:
Interest expense -- (3,937,737) -- (3,937,737)
Other ESOP activity 14,982,094 (18,443,066) -- --
Net realized and unrealized depreciation (20,497,354) (36,200,739) -- (102,892,080)
Acquisitions -- -- -- 13,804,880
---------------------------------------------------------------------
Net assets available for plan benefits
at December 31, 1994 $ 58,971,446 $ (6,388,673) $24,971,942 $ 388,234,716
=====================================================================
</TABLE>
- 16 -
<PAGE> 17
PNC Bank Corp.
Incentive Savings Plan
Notes to Financial Statements (continued)
3. INVESTMENTS (CONTINUED)
Year ended December 31, 1993
<TABLE>
<CAPTION>
COMMON INTERMEDIATE- SHORT-TERM PNC BANK
STOCK- TERM FIXED FIXED INCOME- CORP. STOCK-
FUND A INCOME-FUND B FUND C FUND D
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net assets available for plan benefits
at December 31, 1992 $63,638,602 $ 36,043,537 $ 58,872,388 $155,688,607
Additions:
Interest and dividends 2,129,796 2,469,705 1,732,255 6,288,509
Contributions:
Employer 310,953 227,374 418,800 107,680
Employee 6,330,784 3,782,203 5,157,880 5,619,126
Rollover 476,369 304,357 71,788 343,005
Deductions:
Payments to participants or beneficiaries (5,911,660) (3,680,956) (12,298,840) (19,631,917)
Net transfers 1,891,174 (482,259) (6,384,354) 2,963,389
ESOP activity:
Interest expense -- -- -- --
Other ESOP activity -- -- -- 48,180
Other -- -- -- --
Net realized and unrealized appreciation 5,494,419 880,658 -- 2,989,964
Acquisitions 508,718 665,752 3,769,426 5,955,880
--------------------------------------------------------------------
Net assets available for plan benefits
at December 31, 1993 $74,869,155 $ 40,210,371 $ 51,339,343 $160,372,423
====================================================================
</TABLE>
<TABLE>
<CAPTION>
PNC PNC
BANK CORP. BANK CORP.
ALLOCATED UNALLOCATED LOAN
ESOP FUND ESOP FUND FUND TOTAL
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net assets available for plan benefits
at December 31, 1992 $44,080,514 $ 33,663,414 $ 19,068,388 $411,055,450
Additions:
Interest and dividends 1,672,651 6,979,883 1,358,439 22,631,238
Contributions:
Employer -- 18,299,992 -- 19,364,799
Employee -- -- -- 20,889,993
Rollover -- -- -- 1,195,519
Deductions:
Payments to participants or beneficiaries (1,322,315) -- (747,600) (43,593,288)
Net transfers (2,486,698) 1,670,031 2,828,717 --
ESOP activity:
Interest expense -- (4,881,729) -- (4,881,729)
Other ESOP activity 19,308,995 (19,357,175) -- --
Other -- -- (578,071) (578,071)
Net realized and unrealized appreciation 647,731 3,100,720 -- 13,113,492
Acquisitions -- -- -- 10,899,776
--------------------------------------------------------------------
Net assets available for plan benefits
at December 31, 1993 $61,900,878 $ 39,475,136 $ 21,929,873 $450,097,179
====================================================================
</TABLE>
- 17 -
<PAGE> 18
PNC Bank Corp.
Incentive Savings Plan
Notes to Financial Statements (Continued)
4. TRANSACTIONS WITH PARTIES-IN-INTEREST
The Investment Management and Trust Division of PNC Bank, N.A., a wholly owned
subsidiary of PNC Bank, administers the Plan assets, maintains discretionary
investment power, and is the safekeeping agent. PNC Bank pays administrative
costs incurred by the Plan. The Investment Management and Trust Division of PNC
Bank, Ohio, N.A., a wholly owned subsidiary of PNC Bank, administers the ESOP
assets of the Plan. The Plan also holds shares in PNC Bank, N.A. sponsored
registered investment company mutual funds.
5. INCOME TAX STATUS
The Plan has received a favorable letter of determination from the IRS
which states that the Plan qualifies under Section 401(a) of the Internal
Revenue Code (Code) and is exempt from taxation under Section 501(a) of
the Code. The Plan Administrator is not aware of any events or actions that
have occurred in the operation of the Plan that would result in its
disqualification.
- 18 -
<PAGE> 19
PNC Bank Corp.
Incentive Savings Plan
Schedule of Assets Held for Investment
December 31, 1994
COMMON STOCK-FUND A
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Registered Investment Companies
- -------------------------------
The PNC Fund - Small Cap
Growth Equity Portfolio
Fund 093 Institutional Class 508,102 units $ 4,917,978 $ 5,568,797
The PNC Fund - International
Equity Portfolio Fund 065
Institutional Class 1,314,399 units 16,899,654 16,456,280
The PNC Fund - Small Cap
Value Portfolio Fund 046
Institutional Class 386,020 units 5,245,014 4,902,460
The PNC Fund - Index Equity
Portfolio Fund 045
Institutional Class 1,837,815 units 18,505,111 19,701,378
The PNC Fund - Growth
Equity Portfolio Fund 029
Institutional Class 872,509 units 8,585,383 8,733,812
The PNC Fund - Value
Equity Portfolio Fund 089
Institutional Class 2,120,530 units 24,389,852 23,877,171
Interest Bearing Cash
- ---------------------
PNC Money Market
Institutional Class 7,717,236 units 7,717,236 7,717,236
--------------------------------
TOTAL COMMON STOCK - FUND A 86,260,228 86,957,134
</TABLE>
- 19 -
<PAGE> 20
Schedule of Assets Held for Investment (continued)
INTERMEDIATE-TERM FIXED INCOME-FUND B
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Registered Investment Companies
- -------------------------------
The PNC Fund - Intermediate
Term Bond Portfolio
Fund 090 Institutional Class 1,687,431 units 15,498,473 15,018,133
The PNC Fund - Managed
Income Portfolio Fund 013
Institutional Class 2,404,627 units 24,097,146 23,252,746
Interest Bearing Cash
- ---------------------
PNC Money Market
Institutional Class 3,868,123 units 3,868,123 3,868,123
-------------------------------
TOTAL INTERMEDIATE-TERM FIXED INCOME-FUND B 43,463,742 42,139,002
</TABLE>
- 20 -
<PAGE> 21
Schedule of Assets Held for Investment (continued)
SHORT-TERM FIXED INCOME-FUND C
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Interest Bearing Cash
- ---------------------
PNC Money Market
Institutional Class 54,366,600 units 54,366,600 54,366,600
-------------------------------
TOTAL SHORT-TERM FIXED INCOME-FUND C 54,366,600 54,366,600
</TABLE>
- 21 -
<PAGE> 22
Schedule of Assets Held for Investment (continued)
PNC BANK CORP. STOCK-FUND D
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Common Stock
- ------------
PNC Bank Corp. 5,209,911 shares 95,881,945 110,059,372
Preferred Stock
- ---------------
PNC Bank Corp. 812 shares 8,247 29,638
Interest Bearing Cash
- ---------------------
PNC Money Market
Institutional Class 8,405,457 units 8,405,457 8,405,457
--------------------------------
TOTAL PNC BANK CORP. STOCK-FUND D 104,295,649 118,494,467
</TABLE>
- 22 -
<PAGE> 23
Schedule of Assets Held for Investment (continued)
ESOP ACCOUNT
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Common Stock
- ------------
PNC Bank Corp.:
Allocated Account 2,623,284 shares 52,661,108 55,416,875
Unallocated Account 4,568,333 shares 86,624,619 96,506,035
Interest Bearing Cash
- ---------------------
PNC Money Market
Institutional Class 1,793,661 units 1,793,661 1,793,661
-------------------------------
TOTAL ESOP ACCOUNT 141,079,388 153,716,571
</TABLE>
- 23 -
<PAGE> 24
Schedule of Assets Held for Investment (continued)
LOAN FUND
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
PARTICIPANT LOANS
Installment Loans
- -----------------
89-02 550,800 par
Effective January, 1989
10.50% 148 148
89-05 890,900 par
Effective May, 1989
11.50% 19,634 19,634
89-09 1,472,600 par
Effective September, 1989
10.50% 47 47
89-11 348,800 par
Effective November, 1989
10.50% 6,577 6,577
89-12 262,800 par
Effective December, 1989
10.50% 218 218
90-01 328,500 par
Effective January, 1990
10.50% 7,296 7,296
90-02 603,800 par
Effective February, 1990
10.00% 3,266 3,266
90-03 464,800 par
Effective March, 1990
10.00% 1,221 1,221
90-04 408,900 par
Effective April, 1990
10.00% 10,955 10,955
</TABLE>
- 24 -
<PAGE> 25
Schedule of Assets Held for Investment (continued)
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
90-05 700,300 par
Effective May, 1990
10.00% 8,619 8,619
90-06 537,100 par
Effective June, 1990
10.00% 11,180 11,180
90-07 489,100 par
Effective July, 1990
10.00% 3,832 3,832
90-08 559,800 par
Effective August, 1990
10.00% 11,673 11,673
90-09 979,000 par
Effective September, 1990
10.00% 9,010 9,010
90-10 423,000 par
Effective October, 1990
10.00% 5,194 5,194
90-11 442,500 par
Effective November, 1990
10.00% 4,150 4,150
90-12 232,200 par
Effective December, 1990
10.00% 5,138 5,138
BOD-90 595,341 par
Effective January, 1991
At Various Rates 6,266 6,266
91-01 418,100 par
Effective January, 1991
10.00% 20,794 20,794
</TABLE>
- 25 -
<PAGE> 26
Schedule of Assets Held for Investment (continued)
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
91-02 643,300 par
Effective February, 1991
9.50% 6,248 6,248
91-03 714,000 par
Effective March, 1991
9.00% 21,277 21,277
91-04 572,900 par
Effective April, 1991
9.00% 11,192 11,192
91-05 1,270,800 par
Effective May, 1991
9.00% 39,378 39,378
91-06 955,200 par
Effective June, 1991
8.50% 35,033 35,033
91-07 955,200 par
Effective July, 1991
8.5% 41,178 41,178
91-08 1,507,100 par
Effective August, 1991
8.50% 56,321 56,321
91-09 1,579,700 par
Effective September, 1991
8.50% 91,271 91,271
91-12 2,235,000 par
Effective December, 1991
8.00% 126,147 126,147
92-03 3,962,900 par
Effective March, 1992
6.50% 541,559 541,559
</TABLE>
- 26 -
<PAGE> 27
Schedule of Assets Held for Investment (continued)
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
92-06 3,931,400 par
Effective June, 1992
6.50% 463,481 463,481
92-09 4,333,500 par
Effective September, 1992
6.50% 731,557 731,557
92-12 2,505,000 par
Effective December, 1992
6.00% 475,808 475,808
93-03 3,459,000 par
Effective March, 1993
6.00% 949,461 949,461
93-06 4,122,800 par
Effective June, 1993
6.00% 1,356,636 1,356,636
93-09 4,677,500 par
Effective September, 1993
6.00% 2,138,723 2,138,723
93-12 3,370,500 par
Effective December, 1993
6.00% 2,397,537 2,397,537
94-03 4,357,400 par
Effective March, 1994
6.00% 3,418,301 3,418,301
94-06 4,602,200 par
Effective June, 1994
6.25% 3,967,291 3,967,291
94-09 4,999,100 par
Effective September, 1994
7.25% 4,715,977 4,715,977
------------------------------
21,719,594 21,719,594
</TABLE>
- 27 -
<PAGE> 28
Schedule of Assets Held for Investment (continued)
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Mortgage Loans
- --------------
89-01-M 15,000 par
Effective January, 1989
10.50% 7,756 7,756
89-03CFC-M 41,300 par
Effective February, 1989
10.50% 14,336 14,336
CFC88-M 349,104 par
Effective February, 1989
At various rates 12,080 12,080
89-03-M 19,700 par
Effective March, 1989
11.50% 3,584 3,584
89-04-M 42,900 par
Effective April, 1989
11.50% 8,020 8,020
89-05-M 59,700 par
Effective May, 1989
11.50% 1,464 1,464
89-06-M 85,300 par
Effective June, 1989
11.50% 8,093 8,093
89-09-M 119,900 par
Effective September, 1989
10.50% 37,784 37,784
90-02-M 12,800 par
Effective February, 1990
10.00% 3,471 3,471
90-03-M 88,100 par
Effective March, 1990
10.00% 30,287 30,287
</TABLE>
- 28 -
<PAGE> 29
Schedule of Assets Held for Investment (continued)
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
90-04-M 66,600 par
Effective April, 1990
10.00% 22,595 22,595
90-05-M 38,700 par
Effective May, 1990
10.00% 10,423 10,423
90-06-M 41,000 par
Effective June, 1990
10.00% 19,342 19,342
90-07-M 49,500 par
Effective July, 1990
10.00% 6,746 6,746
90-08-M 80,200 par
Effective August, 1990
10.00% 66,232 66,232
90-12-M 11,200 par
Effective December, 1990
10.00% 9,641 9,641
91-02-M 83,400 par
Effective February, 1991
9.50% 60,576 60,576
91-03-M 58,700 par
Effective March, 1991
9.00% 29,010 29,010
91-04-M 59,000 par
Effective April, 1991
9.00% 34,974 34,974
91-05-M 57,000 par
Effective May, 1991
9.00% 4,596 4,596
</TABLE>
- 29 -
<PAGE> 30
Schedule of Assets Held for Investment (continued)
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
91-07-M 118,700 par
Effective July, 1991
8.50% 52,644 52,644
91-08-M 60,100 par
Effective August, 1991
8.50% 33,010 33,010
91-09-M 42,800 par
Effective September, 1991
8.50% 20,629 20,629
91-12-M 92,200 par
Effective December, 1991
8.00% 48,204 48,204
92-03-M 504,700 par
Effective March, 1992
6.50% 317,136 317,136
92-06-M 347,100 par
Effective June, 1992
At various rates 222,756 222,756
92-09-M 287,300 par
Effective September, 1992
6.50% 218,644 218,644
92-12-M 148,700 par
Effective December, 1992
6.00% 114,552 114,552
93-03-M 203,200 par
Effective March, 1993
6.00% 166,374 166,374
93-06-M 309,100 par
Effective June, 1993
6.00% 196,553 196,553
</TABLE>
- 30 -
<PAGE> 31
Schedule of Assets Held for Investment (continued)
<TABLE>
<CAPTION>
IDENTITY OF ISSUE, BORROWER, DESCRIPTION OF
OR SIMILAR ENTITY INVESTMENT COST FAIR VALUE
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
93-09-M 379,300 par
Effective June, 1993
6.00% 359,005 359,005
93-12-M 185,600 par
Effective December, 1993
6.00% 178,019 178,019
94-03-M 194,600 par
Effective March, 1994
6.00% 232,584 232,584
94-06-M 252,100 par
Effective June, 1994
6.25% 210,930 210,930
94-09-M 70,800 par
Effective September, 1994
7.25% 69,889 69,889
--------------------------------
2,831,939 2,831,939
Short-Term Investment Funds
- ---------------------------
PNC Money Market Portfolio 402,226 units 402,226 402,226
--------------------------------
TOTAL LOAN FUND 24,953,759 24,953,759
--------------------------------
TOTAL PNC BANK CORP. INCENTIVE SAVINGS PLAN $454,419,366 $480,627,533
================================
</TABLE>
- 31 -
<PAGE> 32
PNC Bank Corp.
Incentive Savings Plan
Schedule of Reportable Transactions
Year Ended December 31, 1994
<TABLE>
<CAPTION>
FAIR VALUE
COST OF ASSETS ON NET
PURCHASE SELLING OF TRANSACTION GAIN
DESCRIPTION OF ASSETS PRICE PRICE ASSETS DATE (LOSS)
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Category (iii)--Series of securities transactions in excess of 5% of the fair value of Plan assets
- ---------------------------------------------------------------------------------------------------------------
PNC Money Market Portfolio #1 - Institutional Class
---------------------------------------------------
22,140,458 units $22,140,458 $22,140,458 $22,140,458 $ --
29,300,910 units $29,300,910 29,300,910 29,300,910 --
PNC Bank Corp. Common Stock
---------------------------
635,494 shares 17,606,755 17,606,755 17,606,755 --
591,642 shares 16,689,357 10,976,709 16,689,357 5,712,648
</TABLE>
There were no category (i), (ii) or (iv) reportable transactions during 1994.
- 32 -
<PAGE> 33
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, PNC Bank Corp. has duly caused this amendment to
be signed on its behalf by the undersigned, thereunto duly authorized.
PNC BANK CORP.
(REGISTRANT)
Date: June 29, 1995 By /s/ Robert L. Haunschild
---------------------------
Robert L. Haunschild
SENIOR VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER
- 33 -
<PAGE> 34
EXHIBIT INDEX
<TABLE>
<CAPTION>
Page of
Amendment No. 1
---------------
<C> <S> <C>
23.2 Consent of Independent Auditors, filed herewith. 35
</TABLE>
- 34 -
<PAGE> 1
Exhibit 23.2
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the
Registration Statement (Form S-8, Number 33-25140) pertaining to
the PNC Bank Corp. Incentive Savings Plan and in the related
Prospectus of our report dated June 26, 1995 with respect to the
financial statements and schedules of the PNC Bank Corp.
Incentive Savings Plan included in this Annual Report on Form
10-K/A (Amendment No. 1) for the year ended December 31, 1994.
/s/ ERNST & YOUNG LLP
Pittsburgh, Pennsylvania
June 28, 1995
- 35 -
