INSTITUTIONAL INVESTOR COMMENCES CLASS ACTION LAWSUIT AGAINST PNC FINANCIAL SERVICES GROUP, INC.

NEW YORK, NY, March 8, 2002 (PR Newswire) - Schoengold & Sporn, P.C. announced that the International Brotherhood of Teamsters Local 272 Pension Fund (the "Teamsters Pension Fund") commenced a class action lawsuit against PNC Financial Services Group, Inc. ("PNC" or the "Company") (NYSE: PNC) and certain key officers and directors of the Company in the United States District Court for the Western District of Pennsylvania on behalf of all purchasers of PNC securities during the period between July 19, 2001 and January 29, 2002 (the "Class Period").

The complaint charges defendants with violations of Sections 10(b) and 20(a) the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint alleges that during the Class Period, defendants issued to the investing public false and misleading financial statements and press releases concerning the Company's publicly reported earnings, net income and liabilities, and that the Company failed to disclose material information necessary to make its prior statements not misleading.

On January 29, 2002, PNC issued a press release announcing that the Federal Reserve Board had raised concerns about accounting inaccuracies in the Company's financial statements for the second, third, and fourth quarters of fiscal year 2001. Specifically, PNC had failed to consolidate preferred interests in three subsidiaries. As a result, the Company announced that it would restate its earnings for the second and third quarters of fiscal year 2001 and revise its fourth quarter earnings for the same year, resulting in year-end earnings being reduced $155 million to approximately $412 million, or $1.38 a share. The Company also revealed that these accounting adjustments would cause PNC's nonperforming assets to rise by $125 million to $393 million. Additionally, PNC stated that the Federal Reserve Board and SEC were making inquiries about PNC's transactions and that the Company would cooperate with the investigations. In response to these disclosures, shares of PNC fell $5.79, or nearly 10% to close at $56.08 on extremely heavy trading volume of 6,305,100 shares.

If you purchased PNC securities during the class period and either sold those securities at a loss or still hold them, you are eligible to join forces with the Teamsters Pension Fund to pursue your claims. To do so, contact the Fund's lawyers, Schoengold & Sporn, toll free at 866-348-7700 or via e-mail at shareholderrelations@spornlaw.com. However, you must do so before April 2, 2002.

Schoengold & Sporn was established in 1962 and has specialized in securities fraud litigation for over 35 years. The firm was credited by the Wall Street Journal for its work in the Wedtech Securities case, which was settled for $77.4 million, as follows:

$77.5 million settlement . . . reached in a securities fraud case stemming from the Wedtech scandal . . . The settlement with 29 defendants . . . is believed to be one of the largest ever in a civil . . . case. . . This is a global settlement, said Samuel Sporn, a plaintiffs= attorney . . . . Mr. Sporn said the settlement represents almost half of the more than $160 million in stocks and bonds that Wedtech sold to the public between 1983 and 1986.

CONTACT:
Jay P. Saltzman, Esq.
Ashley Kim, Esq.
Schoengold & Sporn, P.C.
19 Fulton Street, Suite 406
New York, New York 10038
Tel: (212) 964-0046
Fax: (212) 267-8137
Toll Free: (866) 348-7700
E-Mail: shareholderrelations@spornlaw.com
Website: www.spornlaw.com

SOURCE: Schoengold & Sporn, P.C.

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