Exhibit 99.1

CONTACTS:

MEDIA:
- ------
R. Jeep Bryant
(412) 762-4550
corporate.communications@pnc.com

INVESTORS:
- ----------
William H. Callihan
(412) 762-8257
investor.relations@pnc.com

                      PNC IN FULL COMPLIANCE WITH FINANCIAL
                          HOLDING COMPANY REQUIREMENTS

         PITTSBURGH, Dec. 19, 2002 - The PNC Financial Services Group, Inc.
(NYSE: PNC) said today that it has been notified by the Federal Reserve Bank of
Cleveland that PNC is now in full compliance with the financial holding company
and financial subsidiary requirements under the Gramm-Leach-Bliley Act (GLB
Act).
         This notification reflects that PNC now meets both the well-capitalized
and well-managed criteria under the GLB act. This has been achieved through
proactive measures that PNC implemented in close coordination with the Office of
the Comptroller of the Currency (OCC) and the Federal Reserve. The measures,
which result from the written agreements reached last July between PNC and the
Federal Reserve and between PNC Bank and the OCC, were designed to correct
deficiencies and strengthen the governance, risk management and internal control
environment at the company. While the written agreements remain in effect, PNC
has successfully completed the action steps needed within 180 days to achieve
full compliance with the financial holding company and subsidiary requirements.
         The PNC Financial Services Group, Inc., headquartered in Pittsburgh, is
one of the nation's largest diversified financial services organizations,
providing regional community banking, corporate banking, real estate finance,
asset-based lending, wealth management, asset management and global fund
services.


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