PNC Bank will no longer do bond work with the Illinois Tollway, now that its executive heads the tollway board.
Tollway Board Chair Dorothy Abreu said PNC committed to stop underwriting tollway bonds before her appointment was announced on February 18th in an effort to avoid conflicts of interest.
The Sun-Times reported the bank has done deals with the agency worth two billion dollars over the past decade. The paper said PNC sent a letter announcing the move the day after the Sun-Times inquired about the relationship, and questions what Abreu will do about votes concerning contractors or vendors who use PNC. According to the paper, executives from other banks have served on the tollway board before but never as chair.
Governor Pritzker pointed to Abreu’s banking experience as a reason he chose her to lead the tollway board last month.