A US-based financial services and bank holding company. Its subsidiary PNC Bank has provided credit and loans to private prison corporation CoreCivic.
PNC Financial Services Group, Inc. is a financial services and bank holding company headquartered in Pittsburgh, Pennsylvania. PNC Financial conducts banking operations through its principal subsidiary, PNC Bank. As of 2020, PNC operated 2,162 retail banking branches across 19 states, employed 51,257 people, and reported an annual revenue of $16.9 billion.
PNC Financial has been identified as one of the major financial institutions supporting private prison and immigrant detention companies. PNC Bank is a member of a syndicate of banks that has extended hundreds of millions of dollars in revolving lines of credit and term loans to CoreCivic, one of the largest private prison and immigrant detention companies in the U.S. CoreCivic relies on banks and financial institutions to fund its operations and expansion into additional carceral industries.
In 2018, CoreCivic entered into a $1 billion credit agreement with a syndicate of banks that included Bank of America, Citizens Bank, Fifth Third Bank, First Tennessee Bank (now First Horizon Bank), JPMorgan Chase, Pinnacle Bank, PNC Bank, Regions Bank, SunTrust Bank (now Truist Financial Corporation), and Synovus Bank. Replacing CoreCivic's previous $900 million credit facility, this agreement consists of an $800 million revolving line of credit and a $200 million term loan. PNC Bank, acting as a lender in the deal, committed $112 million and $28 million, respectively, to CoreCivic's revolving line of credit and term loan. The agreement is set to expire in 2023.
In August 2019, PNC announced that it would not extend any additional credit to companies operating private prisons. The announcement followed in the wake of mass petitions, investor engagement, and grassroots activism led by the Families Belong Together coalition, calling on banks to end financing of for-profit prisons and detention centers.