PNC Financial to Buy National City for $5.2 Billion

PNC Financial to Buy National City for $5.2 Billion

PNC Financial Services Group Inc., Pennsylvania's biggest bank, plans to buy National City Corp. for about $5.2 billion in stock with funds from the U.S. Treasury.
PNC will pay $2.23 a share, 19 percent less than National City's closing price yesterday, to create the fifth-largest U.S. bank by deposits, the Pittsburgh-based lender said today in a statement. The $7.7 billion of Treasury funding ``put this transaction on a very solid footing,'' PNC said.
National City, Ohio's largest bank, joins Washington Mutual Inc. and Wachovia Corp. in submitting to takeovers after losses tied to failed home loans. National City, based in Cleveland, lost more than $3 billion during the past five quarters, and its stock plunged 87 percent this year. PNC is still profitable.


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