PWBA Asks About PNC Restatement

August 14, 2002 ( - The Labor Department has asked PNC Financial about the impact of its 2001 earnings restatement on its retirement plan.

According to the firm’s 10-Q, a field agent from the Department of Labor’s Pension and Welfare Benefits Administration (PWBA) contacted the company on July 29 to see how its already announced restatement of 2001 earnings might affect the company stock held in its incentive savings plan, according to Dow Jones.

In January, PNC Financial revised its 2001 results to reduce earnings by about $155 million, or 53 cents a share, after consolidating three units of a third party financial institution in which it had preferred interests.

In July, federal banking regulators imposed a strict new monitoring program on the company in response to its use of off-balance-sheet accounting structures that allowed it to keep problem loans off its books.