Federal Reserve and SEC Jointly Announce Administrative Actions Against the PNC Financial Services Group, Inc.

FOR IMMEDIATE RELEASE
2002-108

Joint Release: Board of Governors of the Federal Reserve System and Securities and Exchange Commission

July 18, 2002 -- The Board of Governors of the Federal Reserve System and the U.S. Securities and Exchange Commission on Thursday jointly announced the issuance of administrative actions addressing bank supervisory and securities law-related matters against The PNC Financial Services Group, Inc., Pittsburgh, Pennsylvania, a bank holding company.

Under the agencies' respective statutory authorities, the Federal Reserve Bank of Cleveland executed a Written Agreement with The PNC Financial Services Group, Inc., and the SEC issued an Order Instituting Public Administrative Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934 against The PNC Financial Services Group, Inc.

Copies of the Federal Reserve's Written Agreement and the SEC's Press Release and Order are attached.

Last modified: 7/18/2002