At the end of James Rohr's presentation yesterday to a New York investor conference, there was silence and no immediate questions from the audience.

"Is the story that boring?" asked Mr. Rohr, chief executive officer of PNC Financial Services Group.

Pittsburgh's largest bank largely has sidestepped the widespread credit crunch now roiling the U.S. financial markets. PNC's ho-hum strategy has been to stay clear of risky subprime lending, stick to conservative underwriting standards and maintain a balanced fee-based approach as it expands into some of the country's wealthiest and best-educated metropolitan areas.

While PNC "is not immune" to the subprime mess, Mr. Rohr said, the turmoil does "validate our model."

"We are performing better than our peers."

PNC's stock -- among the best performers in the industry during the past two years -- rose 3.62 percent yesterday, to $73.23.

Asked about the possibility of more acquisitions, Mr. Rohr ruled out a "giant transaction" but said, "We will see what comes up. We like faster-growing markets ... but price is a big issue."

In response to a question, he also discussed Larry Fink, the chief executive officer of New York money manager BlackRock Inc. who is now rumored as a top candidate to run Merrill Lynch & Co. in the wake of Stanley O'Neal's departure amid credit problems. Mr. Rohr is on the board of BlackRock, and PNC still owns a minority stake in the company. Like Mr. Rohr, Mr. Fink has stayed clear of the industry's recent credit problems, avoiding risky investment vehicles.

"I hope he doesn't leave," Mr. Rohr said. "I have told Larry that." But, "If Larry leaves, Larry leaves." Either way, he said, "I think BlackRock will continue to be successful."