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National City Mortgage to adopt PNC name

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By Tim Tresslar, Staff Writer Updated 10:27 PM Friday, November 6, 2009

MIAMI TWP., Montgomery County — National City Mortgage today, Nov. 7, will change its name to PNC Mortgage to reflect its ownership under Pittsburgh-based PNC Financial Services Group, executives said.

Sy Naqvi, president and chief executive of National City Mortgage, said the name change will have no impact on the company’s servicing operations in Miami Twp.

“If you think about our commitment to the Dayton community, that has been a long-term commitment, not just from the bank, but also the mortgage company,” he said.

The company said it doesn’t specify job numbers by geographic region. But Naqvi said the mortgage business has continued to add employees in the Dayton area to handle demand for new mortgages and mortgage refinancings as well as arranging loan workouts for troubled borrowers.

In August, the bank told state officials it planned to eliminate 74 jobs at its Miami Twp. mortgage business, with the majority of those cuts coming by Dec. 28. The reductions are part of a PNC’s companywide effort to slash 5,800 positions over two years. PNC in its August letter to the Ohio Department of Jobs and Family Services said it still plans to employ more than 1,000 at its mortgage operation.

Naqvi said the merger with National City gave PNC something it didn’t have before — a mortgage servicing business. Previously, the bank originated mortgage loans and partnered with Wells Fargo to service those loans, he said.

Naqvi said the mortgage company has performed well this year. In the third quarter, PNC’s residential mortgage banking operation earned $91 million, compared with $92 million in the second quarter.

PNC Financial Services acquired Cleveland-based National City Corp. in December for $5.6 billion.

The National City bank retail branches will become PNC Bank branches next year, said Kelly Wagner Amen, PNC spokeswoman.

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