According to Patrick McMahon, a PNC spokesman, the local closing is part of the company's move to restructure and reposition its venture capital activities. The other three offices of VentureBank--in Pittsburgh, Philadelphia and Reston, VA--are also closing. Equity financing deals will now be done under PNC Equity Management. "VentureBank had $50 million in assets," notes McMahon. "PNC Equity has $1 billion in assets."

PNC Technology Investors, which was established last summer, will also provide financing to early-stage companies in the information technology sector. McMahon emphasizes that the local closing of the office here--which he says was leased space--is not a reflection of the company's interest in businesses in the area. "Boston remains a market of interest to us," he says. The lack of a local physical presence "does not prevent us from making deals" here.