PNC To Become NASCAR's Official Bank, Replacing BofA

NASCAR this morning will name PNC Bank its official bank and wealth management partner as part of a new five-year deal. Financial terms were not disclosed for the deal. PNC gets access to NASCAR IP and marks, hospitality rights and access to NASCAR's Fuel for Business council, which is meeting today in Charlotte. PNC replaces Bank of America as NASCAR's official bank, and the financial services category is now almost completely filled, with Credit One Bank serving as its official credit card and Click n' Close being the official mortgage provider.

NASCAR Exec VP and Chief Global Marketing, Media & Sales Officer Steve Phelps indicated the PNC deal was a year in the making. PNC Corporate Banking CEO Terry Begley said that the Pittsburgh-based bank signed up for the deal because it is expanding nationally and sees the hospitality rights as a key B2B tool to grow its corporate banking business. He added that PNC will focus more on B2B than B2C marketing as part of the deal.