PNC Bank (PNC) has signed on to become the “Official Bank of NASCAR” and “Official Wealth Management Partner of NASCAR”, agreeing a 5-year; its first partnership with a sports league. Looking to establish a stronger national brand, PNC will be present at races throughout each season; offering services and insights to drivers, teams, tracks and sponsors. The Fortune 500 company has also joined NASCAR Fuel for Business Council, a group of 50+ official sponsors that buy and sell products from each other. More than 25% of Fortune 500 companies are currently invested in NASCAR, a +7% YOY increase from 2017.
Howie Long-Short: 2017 was a strong year for PNC (and its shareholders) as the company reported net income of $5.4 billion ($10.36 per diluted common share) and returned $3.6 billion in capital to shareholders, a 17% YOY increase. PNC increased loans, deposits and customers for FY17, while generating record fee income. CFO Rob Reilly said he expects to “deliver positive operating leverage” in 2018.
Fan Marino: Sunday’s NASCAR Cup race at Martinsville Speedway was postponed until 2p today because of inclement weather, a particularly rare occurrence. Atlanta 1993 was the last time a race was postponed due to snowfall. Heavier than expected snowfall Saturday evening forced NASCAR to make the safety driven decision. With no time for qualifying, drivers will line up for the start of the race in order of team owner points.
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