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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.
After the acquisition, National City renamed the division National City Warehouse Resources. The warehouse lending division was a profit center and did not contribute to the bank's downfall. In addition, in 2005, National City acquired Allegiant Bancorp to secure a presence in the St. Louis, Missouri, market. In 2006, they acquired Fidelity ...
On October 24, 2008, during the 2007–2008 financial crisis, the National City acquisition by PNC for $5.2 billion in stock was completed. [32] 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 ...
The General Motors streetcar conspiracy refers to the convictions of General Motors (GM) and related companies that were involved in the monopolizing of the sale of buses and supplies to National City Lines (NCL) and subsidiaries, as well as to the allegations that the defendants conspired to own or control transit systems, in violation of Section 1 of the Sherman Antitrust Act.
In August 1995, Cleveland-based National City Corp. announced that it was acquiring Integra for $2.3 billion, [4] [5] and the acquisition was completed with the branches were converted to the National City name on May 3, 1996. [6] Integra's headquarters at 20 Stanwix Street in Pittsburgh became the regional headquarters of National City. At the ...
Dubai Ports World controversy. The Dubai Ports World controversy began in February 2006 and rose to prominence as a national security debate in the United States. At issue was the sale of port management businesses in six major U.S. seaports to a company based in the United Arab Emirates (UAE), and whether such a sale would compromise port ...
Troubled Asset Relief Program. The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by President George W. Bush. It was a component of the government's measures in ...
The United States occupation of Haiti began on July 28, 1915, when 330 U.S. Marines landed at Port-au-Prince, Haiti, after the National City Bank of New York convinced the President of the United States, Woodrow Wilson, to take control of Haiti's political and financial interests. The July 1915 invasion took place following years of ...