pFGI

AcronymDefinition
PFGIProvident Financial Group, Incorporated (Cincinnati, OH)
pFGIPrimary Force Generation Installations (US Army)
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A Maryland corporation formed as a real estate investment trust for federal income tax purposes, PFGI Capital Corporation is a consolidated subsidiary of PNC Bank National Association, a wholly owned banking subsidiary of The PNC Financial Services Group Inc (NYSE: PNC).
PFGI Capital Corporation is a Maryland corporation formed as a real estate investment trust for federal income tax purposes.
A Maryland corporation formed as a real estate investment trust for federal income tax purposes, PFGI Capital Corporation is a consolidated subsidiary of National City Bank (NYSE: NCC), now a wholly owned banking subsidiary of The PNC Financial Services Group Inc (NYSE: PNC).
While PFGI had a number of issues in recent years, the company had previously taken steps to address the risk profile of the organization, including paring exposures in certain higher risk lending areas and strengthening the retail franchise.
The deal is expected to be a tax-free, 100% stock transaction whereby PFGI shareholders receive 1.
PFGI does not garner strong deposit market shares in Florida and combined with the subprime mortgage loan sale, this divestiture does not pose liquidity concerns.