Integra Bank (Pittsburgh)
Encyclopedia
Integra Financial was a Pittsburgh-based bank
that was eventually acquired by National City Corp.
in late 1995 in one of National City's first attempts at becoming a major powerhouse in American
banking.
Integra had expanded throughout Western Pennsylvania
through acquisitions of smaller banks in the region, eventually surpassing the privately-held Dollar Bank
but dwarfed by its two larger rivals, Mellon Financial
(now The Bank of New York Mellon) and PNC Financial Services
.
Unlike those banks, Integra's color scheme was "gold" and "duranautic bronze" (anodization process used for coating aluminum the end result is a dark bronze). The basis for this choice was the impression that these colors represented strength and value. The colors where first used in the Union Nation Bank of Pittsburgh logo designed by Phil Luth of Luth and Katz design firm from New York in 1976. "The Union National Bank of Pittsburgh was the 4th largest bank in Pittsburgh at the time of "State-wide banking" and acquired several smaller banks and used the Integra name as the holding company name. In the late 1980s the holding company name was used more as a trade name. The Union National Bank of Pittsburgh was one of the most profitable banks in the nation until the late 1980s. Charles L. McCune, was President and then Director of The Union National Bank of Pittsburgh for 56 years, served as its President from 1945 until 1972, and then as Chairman until his death. During his life, Charles McCune gave generously to charitable organizations, mostly in the Pittsburgh area, while seeking no public recognition of his philanthropy. He established the Foundation in memory of his parents, Janet Lockhart McCune and John Robison McCune. He was followed by Richard Edwards and then by George Kesel as President of the bank.
In late 1995, Cleveland-based National City Corp.
acquired Integra, and the branches were converted to the National City name in early 1996. Integra's headquarters at 20 Stanwix Street in Pittsburgh became the regional headquarters of National City. At the time of the acquisition, Integra was third in market share in the Pittsburgh market behind PNC and Mellon. The deal also gave National City entry into the Pittsburgh market.
Shortly afterwards, National City consolidated some redundant branches that Integra had while selling eight former Integra branches to Warren, Pennsylvania
-based Northwest Savings Bank
. Two of those branches were in the Pittsburgh region, giving Northwest its own first expansion into the Pittsburgh market, where it has since expanded its presence.
PNC later bought
National City itself in 2008 with TARP funds after National City became a victim of the subprime mortgage crisis
. Due to antitrust
reasons, PNC had to divest 61 National City branches by order of the United States Department of Justice
in Western Pennsylvania, most of which were formerly Integra Bank branches. Buffalo
-based First Niagara Bank
bought most of those brances, meaning that a sizable amount of former Integra Bank branches and accounts are now that of First Niagara, although PNC did retain the others it did not have to divest.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
that was eventually acquired by National City Corp.
National City Corp.
National City Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first...
in late 1995 in one of National City's first attempts at becoming a major powerhouse in American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
banking.
Integra had expanded throughout Western Pennsylvania
Western Pennsylvania
Western Pennsylvania consists of the western third of the state of Pennsylvania in the United States. Pittsburgh is the largest city in the region, with a metropolitan area population of about 2.4 million people, and serves as its economic and cultural center. Erie, Altoona, and Johnstown are its...
through acquisitions of smaller banks in the region, eventually surpassing the privately-held Dollar Bank
Dollar Bank
Dollar Bank is a full service, regional bank serving both individuals and business customers, operating more than 50 branch offices and loan centers throughout the southwestern Pennsylvania and northeastern Ohio metropolitan areas. The bank’s Pennsylvania headquarters is located in downtown...
but dwarfed by its two larger rivals, Mellon Financial
Mellon Financial
Mellon Financial Corporation, was one of the world's largest money management firms. Based in Pittsburgh, Pennsylvania, it was in the business of institutional and high-net-worth-individual asset management, including the Dreyfus family of mutual funds; business banking; and shareholder and...
(now The Bank of New York Mellon) and PNC Financial Services
PNC Financial Services
PNC Financial Services Group, Inc. is a U.S.-based financial services corporation, with assets of approximately $264.3 billion...
.
Unlike those banks, Integra's color scheme was "gold" and "duranautic bronze" (anodization process used for coating aluminum the end result is a dark bronze). The basis for this choice was the impression that these colors represented strength and value. The colors where first used in the Union Nation Bank of Pittsburgh logo designed by Phil Luth of Luth and Katz design firm from New York in 1976. "The Union National Bank of Pittsburgh was the 4th largest bank in Pittsburgh at the time of "State-wide banking" and acquired several smaller banks and used the Integra name as the holding company name. In the late 1980s the holding company name was used more as a trade name. The Union National Bank of Pittsburgh was one of the most profitable banks in the nation until the late 1980s. Charles L. McCune, was President and then Director of The Union National Bank of Pittsburgh for 56 years, served as its President from 1945 until 1972, and then as Chairman until his death. During his life, Charles McCune gave generously to charitable organizations, mostly in the Pittsburgh area, while seeking no public recognition of his philanthropy. He established the Foundation in memory of his parents, Janet Lockhart McCune and John Robison McCune. He was followed by Richard Edwards and then by George Kesel as President of the bank.
In late 1995, Cleveland-based National City Corp.
National City Corp.
National City Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first...
acquired Integra, and the branches were converted to the National City name in early 1996. Integra's headquarters at 20 Stanwix Street in Pittsburgh became the regional headquarters of National City. At the time of the acquisition, Integra was third in market share in the Pittsburgh market behind PNC and Mellon. The deal also gave National City entry into the Pittsburgh market.
Shortly afterwards, National City consolidated some redundant branches that Integra had while selling eight former Integra branches to Warren, Pennsylvania
Warren, Pennsylvania
Warren is a city in Warren County, Pennsylvania, United States, located along the Allegheny River. The population was 9,710 at the 2010 census. It is the county seat of Warren County. It is home to the headquarters of the Allegheny National Forest and the Cornplanter State Forest...
-based Northwest Savings Bank
Northwest Savings Bank
Northwest Savings Bank is an American commercial bank. It was founded in Warren, Pennsylvania in 1896. Today, Northwest has 171 branches in Pennsylvania, New York, Maryland, Ohio, and Florida. The parent company, Northwest Bancshares, has $7.0 billion dollars in assets. Northwest offers free...
. Two of those branches were in the Pittsburgh region, giving Northwest its own first expansion into the Pittsburgh market, where it has since expanded its presence.
PNC later bought
National City acquisition by PNC
The National City acquisition by PNC was the deal by PNC Financial Services to acquire National City Corp. on October 24, 2008 following National City's untenable loan losses during the subprime mortgage crisis...
National City itself in 2008 with TARP funds after National City became a victim of the subprime mortgage crisis
Subprime mortgage crisis
The U.S. subprime mortgage crisis was one of the first indicators of the late-2000s financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages....
. Due to antitrust
Antitrust
The United States antitrust law is a body of laws that prohibits anti-competitive behavior and unfair business practices. Antitrust laws are intended to encourage competition in the marketplace. These competition laws make illegal certain practices deemed to hurt businesses or consumers or both,...
reasons, PNC had to divest 61 National City branches by order of the United States Department of Justice
United States Department of Justice
The United States Department of Justice , is the United States federal executive department responsible for the enforcement of the law and administration of justice, equivalent to the justice or interior ministries of other countries.The Department is led by the Attorney General, who is nominated...
in Western Pennsylvania, most of which were formerly Integra Bank branches. Buffalo
Buffalo, New York
Buffalo is the second most populous city in the state of New York, after New York City. Located in Western New York on the eastern shores of Lake Erie and at the head of the Niagara River across from Fort Erie, Ontario, Buffalo is the seat of Erie County and the principal city of the...
-based First Niagara Bank
First Niagara Bank
First Niagara Bank is a Federal Deposit Insurance Corporation-insured regional banking corporation headquartered in the historic Larkin Terminal Warehouse in Buffalo, New York.-History:...
bought most of those brances, meaning that a sizable amount of former Integra Bank branches and accounts are now that of First Niagara, although PNC did retain the others it did not have to divest.