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Shareholders approve National City sale

December 23, 2008
Shareholders of both companies today approved the $5.6 billion merger between National City Bank and PNC Financial Services Group Inc., formally sealing a deal that is expected to close Dec. 31.

Pittsburgh-based PNC announced plans to buy National City on Oct. 24, with help from a $7.7 billion infusion from the federal government's financial industry bailout plan.

The merger will create the nation's fifth-largest bank by deposits and fourth-largest by number of branches. National City is the second-largest bank in the Indianapolis area, with 77 branches.

The combined bank will take the PNC name.

Since PNC does not have local branches, banking experts said it is likely that the bank will retain National City branches and employees in central Indiana.
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