US bank National City taken over by rival PNCOctober 25th, 2008 - 2:40 am ICT by IANS
New York, Oct 25 (DPA) The international finance crisis claimed another US bank Friday, as regional bank National City was taken over by rival PNC Financial Services, in a merger that will create the nation’s fifth largest bank by deposits.PNC will buy National City, Ohio’s largest bank, for $5.2 billion in stock. The Pittsburgh, Pennsylvania-based bank also said it will receive $7.7 billion under the US Treasury Department’s programme designed to take shares in banks, which will help finance the deal.
PNC chief executive James E. Rohr said in a statement that the government funds had “helped to put this transaction on a very solid footing”.
PNC will pay $2.23 per share for National City.