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The transitional logo used by PNC Financial Services after it finalized the purchase of National City Corp., January 2009 –June 2010. The National City acquisition by PNC was the deal by PNC Financial Services to acquire National City Corp. on October 24, 2008 following National City's untenable loan losses during the subprime mortgage crisis.
On October 24, 2008, PNC announced that it had finalized a purchase agreement for National City. The acquisition was a stock purchase transaction to be completed before the end of 2008. National City would be merged into PNC, and the National City brand would be dissolved.
National City Corp. First of America Bank National City Corp. PNC Financial Services: 1997 Banc One Corp. First USA: Bank One Corp. JPMorgan Chase: 1997 First Nationwide Bank California Federal Bank: California Federal Bank: $1.2 billion, 1st Nationwide rebranded as "Cal Fed." Citibank: 1998 NationsBank Corp. Barnett Banks, Inc. NationsBank ...
On October 24, 2008, during the financial crisis of 2007–2008, the National City acquisition by PNC for $5.2 billion in stock was completed. The acquisition was financed with preferred stock sold to the United States Treasury as part of the Troubled Asset Relief Program implemented as part of the Emergency Economic Stabilization Act of 2008.
In 2009, Huntington bid against rival Fifth Third Bank to acquire National City Corp. branches in the Pittsburgh region from PNC Financial Services. The United States Department of Justice ordered PNC to sell the branches to comply with United States antitrust law concerns after the National City acquisition by PNC.
20 Stanwix Street, Downtown Pittsburgh, Pittsburgh, Pennsylvania, United States. Area served. Western Pennsylvania. Products. Financial services. Integra Financial Corporation was a Pittsburgh -based bank that was eventually acquired by National City Corp. in May 1996 as one of National City's first attempts at becoming a major powerhouse in ...
Also in 2005, Rohr engineered PNC's acquisition of Riggs National Corp., parent company of Riggs National Bank. The company's assets increased to nearly $92 billion with the addition of Riggs. [9] The acquisition was the beginning of a series of purchases that would dramatically increase PNC's size and bring it deep into the U.S. Southeast.
PNC has in the past used acquisitions to get bigger during times of industry-wide stress. During the 2008 financial crisis, it was encouraged by the US government to buy Cleveland rival National ...