Edward P. Junker 3d says that in the dozen years he spent looking for acquisition candidates for PNC Bank Corp., no door was ever slammed in his face.
The reason, says Mr. Junker, a vice chairman of $72 billion-asset PNC, is that he felt like one of community bankers he courted, having been one.
In March, the 60-year-old Mr. Junker, known to everyone as Ted, plans to retire. His departure will close a chapter in PNC history, as the Pittsburgh-based company stakes its future on technology, data marketing, and its credit card affiliation with the American Automobile Association.
Mr. Junker said he decided to retire for personal reasons, mostly to spend more time with his family. Clearly his company is focusing less on acquisitions, he conceded, but he said his decision to retire early was made last year. "I just thought a number of years ago that age 60 would be a good time," he said.
PNC hasn't named anyone to succeed him.
At PNC, Mr. Junker wore several hats. He was largely responsible for Pennsylvania banking markets outside Pittsburgh and Philadelphia, and he oversaw the Florida market. He is also vice chairman and a director of PNC Bank, the subsidiary that includes all of Pennsylvania and New Jersey. He'll remain on its board.
But Mr. Junker, a former Pennsylvania Bankers Association president, is probably best known for the countless calls he made on the community banks PNC as interested in buying.
Analyst James Schutz of Chicago Corp. said Mr. Junker is an "ambassador of good will" for PNC. He has been instrumental in nearly a dozen acquisitions, primarily of Pennsylvania community banks.
Mr. Junker joined PNC in 1984 when it acquired Marine Bancorp, a $1 billion-asset company based in Erie, Pa. He had had plenty of experience with mergers, having built Marine through acquisitions after being named its president in 1974.
Mr. Junker said he could approach community bankers about selling their companies because he related to their trials and tribulations. "I understood the problems they were having," Mr. Junker said. "I went through the same drill."
Though he was best known for his small-bank experience, Mr. Junker began his career in 1960 as a trainee at Mellon Bank Corp. He joined Marine in 1964 but kept up with his friends at Mellon. When rumors began flying that Marine was on the block, Mr. Junker said, many believed Mellon would be the buyer.
The well-liked Mr. Junker will "continue to represent PNC externally," according to a company statement, but no specific role has been outlined for him. As those who know him point out, he was an important public- relations person for PNC in rural Pennsylvania.
"He's such a great guy," said Helen J. Clark, chief executive of $105 million-asset Apollo (Pa.) Trust Co. "Nobody would slam a door in his face."
