October 24, 200816 yr I would actually think that PNC would now be Ohio's largest. NatCity was the largest and PNC already has a significant presence in some parts of the state. I would expect PNC to pick up much of what NatCity used to do for the community in terms of investing in arts and other things. That is pretty typical for banks. That is not true. This will happen, only if they WANT TO, PNC will have no "vested" community ties to Cleveland, once the deal is final. None. PNC is a corporate citizen of Pittsburgh not Cleveland. I disagree. PNC will have a vested interest in that they will have tens of thousands of northeast ohio customers who they do not want to turn off. It will be hard enough for them to convince them to stay with a Pittsburgh based bank for them to start slashing community support. They'll love to have their name supporting the plays at playhouse square, or even supporting the Browns (ugh..I hate the thought, but think Giant Eagle). It'll be just like Nat City did about a decade ago when they brought Integra Bank in Pittsburgh and became one of Pittsburgh's best corporate citizens. Large institutions that receive support will be ok. My concern is for the smaller community organizations...hopefully they are not abandoned by PNC.
October 24, 200816 yr Peter Ranskind's statement to his employees: http://blog.cleveland.com/pdextra/2008/10/national_city_ceo_peter_raskin.html As you know, National City has always strived to serve the best interests of our shareholders, employees, customers and communities. Through your heroic efforts, we have done precisely that, taking difficult actions that have maintained stability amidst the backdrop of one of the most tumultuous periods in the history of the financial markets. More at http://blog.cleveland.com/pdextra/2008/10/national_city_ceo_peter_raskin.html
October 24, 200816 yr I would actually think that PNC would now be Ohio's largest. NatCity was the largest and PNC already has a significant presence in some parts of the state. I would expect PNC to pick up much of what NatCity used to do for the community in terms of investing in arts and other things. That is pretty typical for banks. That is not true. This will happen, only if they WANT TO, PNC will have no "vested" community ties to Cleveland, once the deal is final. None. PNC is a corporate citizen of Pittsburgh not Cleveland. I disagree. PNC will have a vested interest in that they will have tens of thousands of northeast ohio customers who they do not want to turn off. It will be hard enough for them to convince them to stay with a Pittsburgh based bank for them to start slashing community support. They'll love to have their name supporting the plays at playhouse square, or even supporting the Browns (ugh..I hate the thought, but think Giant Eagle). It'll be just like Nat City did about a decade ago when they brought Integra Bank in Pittsburgh and became one of Pittsburgh's best corporate citizens. Large institutions that receive support will be ok. My concern is for the smaller community organizations...hopefully they are not abandoned by PNC. I agree. They have business motives to become a strong corporate citizen, especially during a merger when attrition is usually the highest.
October 24, 200816 yr I would actually think that PNC would now be Ohio's largest. NatCity was the largest and PNC already has a significant presence in some parts of the state. I would expect PNC to pick up much of what NatCity used to do for the community in terms of investing in arts and other things. That is pretty typical for banks. That is not true. This will happen, only if they WANT TO, PNC will have no "vested" community ties to Cleveland, once the deal is final. None. PNC is a corporate citizen of Pittsburgh not Cleveland. I disagree. PNC will have a vested interest in that they will have tens of thousands of northeast ohio customers who they do not want to turn off. It will be hard enough for them to convince them to stay with a Pittsburgh based bank for them to start slashing community support. They'll love to have their name supporting the plays at playhouse square, or even supporting the Browns (ugh..I hate the thought, but think Giant Eagle). It'll be just like Nat City did about a decade ago when they brought Integra Bank in Pittsburgh and became one of Pittsburgh's best corporate citizens. Large institutions that receive support will be ok. My concern is for the smaller community organizations...hopefully they are not abandoned by PNC. Thats why I say we need to WAIT and see what the local structure will be. When I was at SOHIO and the merger took affect, it affected all of our "community initiative". When the AOL fiasco went down, the DC took a HUGE hit as their foundation was shut. The devil will be in the negotiations.
October 24, 200816 yr I would actually think that PNC would now be Ohio's largest. NatCity was the largest and PNC already has a significant presence in some parts of the state. I would expect PNC to pick up much of what NatCity used to do for the community in terms of investing in arts and other things. That is pretty typical for banks. That is not true. This will happen, only if they WANT TO, PNC will have no "vested" community ties to Cleveland, once the deal is final. None. PNC is a corporate citizen of Pittsburgh not Cleveland. I disagree. PNC will have a vested interest in that they will have tens of thousands of northeast ohio customers who they do not want to turn off. It will be hard enough for them to convince them to stay with a Pittsburgh based bank for them to start slashing community support. They'll love to have their name supporting the plays at playhouse square, or even supporting the Browns (ugh..I hate the thought, but think Giant Eagle). It'll be just like Nat City did about a decade ago when they brought Integra Bank in Pittsburgh and became one of Pittsburgh's best corporate citizens. Large institutions that receive support will be ok. My concern is for the smaller community organizations...hopefully they are not abandoned by PNC. Interesting viewpoint.
October 24, 200816 yr Yeah... I was asking Ohio-based bank.... sorry for any confusion. So 5/3 would be it. I hope, for the sake of Cleveland, PNC maintains a substantial base in Cleveland and is a good community supporter.
October 24, 200816 yr Thats why I say we need to WAIT and see what the local structure will be. When I was at SOHIO and the merger took affect, it affected all of our "community initiative". When the AOL fiasco went down, the DC took a HUGE hit as their foundation was shut. The devil will be in the negotiations. Yes, but banks are in their own ballpark when it comes to being good corporate citizens. They are required to invest in their communities, and do so. If this were anything other than a bank then I would agree with you, but this is just how things tend to go. When NatCity bought Provident Bank here in Cincy it was a loss, but NatCity continued to invest in the community at similar (and probably higher) levels than Provident. I don't know that I would bank on higher levels of investment, from PNC, given the financial climate, but I would expect them to maintain similar levels.
October 24, 200816 yr Here's PNC chair James Rohr's letter to PNC employees: Dear Colleague: I am pleased to announce that PNC has reached a definitive agreement to acquire National City Corporation for approximately $5.2 billion in stock, and additionally $384 million in cash payable to certain warrant holders. The addition of National City will more than double the size of PNC and accelerate our efforts to build a great company. Upon closing, which is scheduled for later in the fourth quarter of 2008, PNC will have more than $180 billion in deposits and 2,500 branches across 13 states and Washington, D.C., ranking us in the top five in each of those categories. It will also make PNC the number one bank by market share in Kentucky, Ohio and Pennsylvania as well as number two in Indiana. The agreement is subject to customary conditions including shareholder and regulatory approval. The combination of PNC and National City will create a powerful deposit franchise with significant opportunities to generate revenue growth. By applying PNC’s business model, risk management system and technology platform on this larger scale – and incorporating appropriate policies and processes that have been successful at National City – we can do even more to create value for the customers, employees, shareholders and communities served by both companies. To maintain our strong capital levels, PNC plans to issue to the U.S. Treasury $7.7 billion of preferred stock and related warrants under the Troubled Asset Relief Program (TARP) Capital Purchase Program subject to standard closing requirements. Finally, I would like to thank every PNC employee. Without the efforts we have collectively taken to grow our company, serve our customers and strengthen our communities, we would not be in a position to enter into this unprecedented transaction.
October 24, 200816 yr Thats why I say we need to WAIT and see what the local structure will be. When I was at SOHIO and the merger took affect, it affected all of our "community initiative". When the AOL fiasco went down, the DC took a HUGE hit as their foundation was shut. The devil will be in the negotiations. Yes, but banks are in their own ballpark when it comes to being good corporate citizens. They are required to invest in their communities, and do so. If this were anything other than a bank then I would agree with you, but this is just how things tend to go. When NatCity bought Provident Bank here in Cincy it was a loss, but NatCity continued to invest in the community at similar (and probably higher) levels than Provident. I don't know that I would bank on higher levels of investment, from PNC, given the financial climate, but I would expect them to maintain similar levels. Truthfully, from a community investment standpoint, this may be the only positive. My understanding (from merely anectdotal evidence) was that NCB was going to have to reduce many of its commitments going forward due to their capitalization issues. PNC may at least have the wherewithal to maintain many of these going forward. Other than that, I'm not happy about the prospects for back office employees. HR and operations positions and potentially credit / risk management positions are the ones I see in the most jeopardy. Branch and sales positions will likely remain intact, as PNC will look to maintain market share and ultimately grow.
October 24, 200816 yr Thats why I say we need to WAIT and see what the local structure will be. When I was at SOHIO and the merger took affect, it affected all of our "community initiative". When the AOL fiasco went down, the DC took a HUGE hit as their foundation was shut. The devil will be in the negotiations. Yes, but banks are in their own ballpark when it comes to being good corporate citizens. They are required to invest in their communities, and do so. If this were anything other than a bank then I would agree with you, but this is just how things tend to go. When NatCity bought Provident Bank here in Cincy it was a loss, but NatCity continued to invest in the community at similar (and probably higher) levels than Provident. I don't know that I would bank on higher levels of investment, from PNC, given the financial climate, but I would expect them to maintain similar levels. Truthfully, from a community investment standpoint, this may be the only positive. My understanding (from merely anectdotal evidence) was that NCB was going to have to reduce many of its commitments going forward due to their capitalization issues. PNC may at least have the wherewithal to maintain many of these going forward. Other than that, I'm not happy about the prospects for back office employees. HR and operations positions and potentially credit / risk management positions are the ones I see in the most jeopardy. Branch and sales positions will likely remain intact, as PNC will look to maintain market share and ultimately grow. I've been through a very large corporate buyout. HR is absolutely the first to be shown the door, most executives not long after. Accounting is the last major department to go, but once the new company's acquisiton is complete the entire accounting department goes. I agree, branch and sales will probably largely go untouched. My guess is that of the 2,500-2,800 employeed downtown, eventually 1,500-1,800 will disapear.
October 24, 200816 yr After two hours of processing this news, I feel a little better. Yes, it is unfortunate for Cleveland and the region, however, National City did not do itself any favors over the last few years. If McCleveland is right, 1500-1800 downtown jobs lost will not be a death blow. It still sucks though.
October 24, 200816 yr From my experience, Corporate Communications/Public Relations/Affairs is the last to go. he he he Granted there is usually a "transition team" with members from HR, Legal/Business affairs, strategic initiates and Corporate Communications, to close the joint down and turn out the lights.
October 24, 200816 yr ^That would be even more catastrophic for local jobs lost - there's SO much overlap between Key and NCC. At least with PNC, the retail banking and sales will be relatively safe from being slashed. clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
October 24, 200816 yr Buy them out KEY. Key isn't in the position and if memory serves me correct (MayDay help), they wouldn't be able to acquire NCC (PNC) do to market share limits, so they would have to sell off part of the bank. That could be more dangerous than the PNC takeover. One good thing to look at this is now, Key and other banks will have to aggressively market their own banks. Which means more local spending. An outsider coming into your market territory and now you've got to up the anti to keep customer and win customers of your new rival. This could be good for the retail customers and commercial/business customers. I know I'm taking my money out, but that another issue.
October 24, 200816 yr ^way to keep things in perspective I have to eat and keep a roof over my head. There is no bigger perspective. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
October 24, 200816 yr ^Absolutely, however it wasn't PNC that brought NCC down: "National City's undoing was the mortgage meltdown. National City, simply, was caught holding the hot potato when the music stopped. Its business model a few years ago was based on relying on mortgages for half of the company's $2 billion a year in profits. As recently as 2004, one-fourth of its mortgages were high-risk, subprime loans. When Wall Street stopped trusting the mortgage market in 2007, National City was holding about $25 billion in undesirable loans that faced considerable risk of default and that National City couldn't sell. clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
October 24, 200816 yr ^way to keep things in perspective I have to eat and keep a roof over my head. There is no bigger perspective. Well, unless you had planned on selling your shares to pay your mortgage this month, the bigger perspective is now you own stock in the 5th largest bank in the US with a strong and divesified portfolio and that, again, unless you sell today, might actually go up and you can make a profit over time. From a pure business perspective, ignoring the negative social ramifications, this was a great move for both companies.
October 24, 200816 yr From a pure business perspective, ignoring the negative social ramifications, this was a great move for both companies. So PNC is using a lot of tax payer dollars to buy NCB? Would this deal have been possible with out the governmental bailout?
October 24, 200816 yr F*ck Excuse me? I have no objection to the swearing, but without context it seems to imply a minor case of digital tourette's.
October 24, 200816 yr F*ck Excuse me? I have no objection to the swearing, but without context it seems to imply a minor case of digital tourette's. I think Kstay2 meant to say...... We needed a lil humor...back on topic :wink:
October 24, 200816 yr My Browns' season tickets are at the southeast corner and are labeled with the National City logo. It will be sickening if "PNC" appears on my Browns' tickets next season. Just sickening.
October 24, 200816 yr So PNC is using a lot of tax payer dollars to buy NCB? Would this deal have been possible with out the governmental bailout? I believe that such government is an incentive for banks like PNC to make such deals (to cover the bad debt of the purchased bank). Also I do think that banks do have some community obligation, but I don't recall what National City did for Pgh after buying Integra bank in the 90's...?
October 24, 200816 yr 1500-1800 (if that's the number) jobs lost is never something to feel ok about especially in this city. If we had prospects for out of town companies to move in that would be one thing but we don't. This hurts in many ways. -Losing the young professionals that work for the bank that work, play and live (some) downtown. -Soon to be large vacancy in the NCB tower. How does this affect the proposed new office projects? -The effect on local shops, restaurants, etc from the loss of these people that worked in the heart of downtown. As for supporting the arts and community investment I feel confident that PNC will do its share. How that compares to the $$ that NCB spent I don't know, but they will certainly be involved. Chase, and US Bank are based elsewhere yet they support a lot in this city.
October 24, 200816 yr The government money is definitely an incentive for a stronger bank to buy a weaker one. It certainly was in this case. In the long run its better for the economy to have stronger banks instead of weaker ones, but it hurts Cleveland right now because we were home to one of the weakest of the weak banks. Let's hope that Key can survive and Fifth Third down in Cinci.
October 24, 200816 yr My insiders at Key Bank tell me it's terrible news for the Cleveland offices... And to Pittsburgh no less... seriously? This one hurts on so many levels. This sucks for everyone ... obviously Cincy's news is all over this and their reporting job cuts in our region as well (thanks a lot, Cleveland) j/k ... seriously, I kind of wish PNC didn't have the presence that it does now in our region, hell all of OH now. Luckily with The Banks, some major players were recently announced to have a huge personal investment with the project, so hopefully NCB's acquisition won't hurt that project.
October 24, 200816 yr 1500-1800 (if that's the number) jobs lost is never something to feel ok about especially in this city. If we had prospects for out of town companies to move in that would be one thing but we don't. This hurts in many ways. -Losing the young professionals that work for the bank that work, play and live (some) downtown. -Soon to be large vacancy in the NCB tower. How does this affect the proposed new office projects? -The effect on local shops, restaurants, etc from the loss of these people that worked in the heart of downtown. As for supporting the arts and community investment I feel confident that PNC will do its share. How that compares to the $$ that NCB spent I don't know, but they will certainly be involved. Chase, and US Bank are based elsewhere yet they support a lot in this city. Professionals Some will be able to live off of severence for a while and other will go the entrenual route. Vacancy Rate As NCC isn't the sole tenant, I don't think that would stop as PNC - in my mind - will still need a "regional" HQ. Space will decrease but not enough that another company looking for a larger space can take over. Our downtown vacancy rate is very low, so there still is a need for more/new class A space. I see space being divided up and sublet. Local Spending With more residencies coming online, I see this being split as more downtown residents will eat out for lunch and dinner and continue to spend on downtown retailers.
October 24, 200816 yr From my friend in Baltimore on his experience with PNC buying Mercantile, sounds promising or rather the best we could expect of a bad situation. "PNC gobbled up Baltimore's Mercantile bank about a year ago. People were pretty freaked out by it, but they have been a good partner so far, minimal cuts and they'll flood Cleveland with corporate donations to win you over. The first week they opened in Bmore they had marketing people on every corner handing out free pretzels. The dropped $50K on Patterson Park and just donated another $5K to the pool in our park in support of Phelps and underprivileged kids who want to swim. So it's not all bad. :
October 24, 200816 yr Here's a useful blog entry on the topic of NatCity's philanthropic activity and PNC's: http://clevelandblog.foundationcenter.org/cleveland/national_city_bank/
October 24, 200816 yr My insiders at Key Bank tell me it's terrible news for the Cleveland offices... And to Pittsburgh no less... seriously? This one hurts on so many levels. This sucks for everyone ... obviously Cincy's news is all over this and their reporting job cuts in our region as well (thanks a lot, Cleveland) j/k ... seriously, I kind of wish PNC didn't have the presence that it does now in our region, hell all of OH now. Luckily with The Banks, some major players were recently announced to have a huge personal investment with the project, so hopefully NCB's acquisition won't hurt that project. Individual projects don't get affected by bank acquisitions. NCB made the loan now the loan will be PNC's. PNC can't turn around and say, "sorry we don't like this deal, give us our money back". There are legal documents signed. Hope that clears it up.
October 24, 200816 yr Well, this is our tax dollars at work to undermine our local economy. I see this as unforgivable.
October 24, 200816 yr My insiders at Key Bank tell me it's terrible news for the Cleveland offices... And to Pittsburgh no less... seriously? This one hurts on so many levels. This sucks for everyone ... obviously Cincy's news is all over this and their reporting job cuts in our region as well (thanks a lot, Cleveland) j/k ... seriously, I kind of wish PNC didn't have the presence that it does now in our region, hell all of OH now. Luckily with The Banks, some major players were recently announced to have a huge personal investment with the project, so hopefully NCB's acquisition won't hurt that project. Individual projects don't get affected by bank acquisitions. NCB made the loan now the loan will be PNC's. PNC can't turn around and say, "sorry we don't like this deal, give us our money back". There are legal documents signed. Hope that clears it up. My understanding is NCB said they would loan $40 million for the banks. But, that loan has not been made yet, just promised. Most loans are not actually issued until the project is ready for construction. Someone more familiar with this project might know something different. I am not saying PNC will not keep that 'promise' but, in today's market who knows. Banks are pulling money out from under many projects right now, including some actually under construction.
October 24, 200816 yr My insiders at Key Bank tell me it's terrible news for the Cleveland offices... And to Pittsburgh no less... seriously? This one hurts on so many levels. This sucks for everyone ... obviously Cincy's news is all over this and their reporting job cuts in our region as well (thanks a lot, Cleveland) j/k ... seriously, I kind of wish PNC didn't have the presence that it does now in our region, hell all of OH now. Luckily with The Banks, some major players were recently announced to have a huge personal investment with the project, so hopefully NCB's acquisition won't hurt that project. Individual projects don't get affected by bank acquisitions. NCB made the loan now the loan will be PNC's. PNC can't turn around and say, "sorry we don't like this deal, give us our money back". There are legal documents signed. Hope that clears it up. My understanding is NCB said they would loan $40 million for the banks. But, that loan has not been made yet, just promised. Most loans are not actually issued until the project is ready for construction. Someone more familiar with this project might know something different. I am not saying PNC will not keep that 'promise' but, in today's market who knows. Banks are pulling money out from under many projects right now, including some actually under construction. Thanks for the clarification. I was assuming by the earlier post that the funds were at least committed if not already disbursed.
October 24, 200816 yr 1500-1800 (if that's the number) jobs lost is never something to feel ok about especially in this city. If we had prospects for out of town companies to move in that would be one thing but we don't. This hurts in many ways. -Losing the young professionals that work for the bank that work, play and live (some) downtown. -Soon to be large vacancy in the NCB tower. How does this affect the proposed new office projects? -The effect on local shops, restaurants, etc from the loss of these people that worked in the heart of downtown. It certainly won't help and makes it even more imperative that K & G is able to rehab the Breuer tower catty corner across the street.
October 24, 200816 yr PNC has been in Cincinnati for a decade. I've had much better experiences with them than with NatCity. This will be tough for Cleveland no doubt and Cincinnati may be hurt a little because of the overlap. The bigger picture is that Ohio won't have a zombie bank anymore, which NCC had turned into. Sadly, a lot of the bad mojo came into NCC with the purchase of Provident which had a lot of weak mortgage debt and the airline leasing stuff which got crushed in the post-9/11 era.
October 24, 200816 yr Correct me if I'm wrong, but doesn't NatCity have its mortgage business in Dayton? (Miamisburg suburb, actually). Didn't NatCity buy Gem City Savings & Loan many years ago and convert it to the mortgage business for the company? I remember interviewing at the Dayton offices about 4 years ago for an IT position. They occupy several buildings in a campus-like setting about 2 miles south of the Dayton Mall. Am I remembering this correctly?
October 24, 200816 yr This whole deal is BS. PNC would not have had the cash if they were not getting 7billion from the bailout. NCB also asked for funds but they were denied. Even though NCB is bigger than PNC in consolidate assets. I saw Voinivich on the news tonite at the ECP dedication, he's all proud of himself. He should spend less time calling Obama a socialist and get his ass back to DC. Can't wait till he's outta there.
October 25, 200816 yr NCB was run into the ground, PNC was not. If you had to dole out $7 billion, who would you give it to, based on each bank's track record? Don't get me wrong - I'm worried sick for my friends who may/will be affected but NCB (their leadership) brought this on themselves. clevelandskyscrapers.com Cleveland Skyscrapers on Instagram
October 25, 200816 yr It seems PNC would not be able to buy out NCB unless taxpayers hadn't made it possible...
October 25, 200816 yr You shouldn't be able to use that money to buy out struggling but still functional company's
October 25, 200816 yr I would be so so mad if companies are using the bailout to buy other companies so they themselves can survive. That's not what the bailout money was for.
October 25, 200816 yr i work at national city. we haven't heard anything other then what the news said. i work in a rogue IT group in retail banking and we shut down shop at 11AM and went to the bar til 1 then shut down shop for the weekend. i've been checking my email from home and everything is super quiet. i did hear the senior management teleconference from this morning with peter raskind and he was on the verge of tears the entire time. either he's a really good actor or the most sincere CEO out there. either way i've been drinking for a long time and will hopefully know more on monday.
October 25, 200816 yr There is no sugar coating it. This was a kick in the teeth to our civic pride and to Cleveland's economic influence, albeit self-inflicted, with, infuriatingly, tax payer help. How bad was National City's condition that the federal government would choose to give $7B to PNC to buy them, as opposed to giving the $7B to National City to help it heal, given that NCB had already received a $6B "rescue package" not too long ago? This one just HURTS. One glimmer of hope was the potential salvaging of some IT jobs, as noted in the corporate communications. Being in that field, it hurts to lose large IT shops, believe me! :-( Now that I am done venting, I was wondering if PNC had purchased Central Trust in Cincinnati long ago, and if so, what effect it had on Cincinnati. Also, I was a little amused that the last two letters of PNC...... I guess now I can shop at Giant Eagle, have lunch at Eat and Park, bank at PNC, and if I get fed up and want to leave the area, I can hire Howard Hanna to sell my house . Are we, like, a suburb of Pittsburgh, or what? Oops more venting. I feel better now, LOL
October 25, 200816 yr PNC can't turn around and say, "sorry we don't like this deal, give us our money back". Actually, PNC can turn around and say, "sorry, we don't like this deal." Key isn't in the position False. Key is actually in a good position. They haven't had any subprime exposure, will recoup some of their tax charges that were announced during the 2nd quarter, and have a solid Tier 1 capital ratio. Hopefully they don't get bought out as well or that will be a big blow to the city. Looks like Nat City had a few suitors: From Reuters: NEW YORK, Oct 24 (Reuters) - National City Corp (NCC.N: Quote, Profile, Research, Stock Buzz) drew interest from more than one party, with US Bancorp (USB.N: Quote, Profile, Research, Stock Buzz) and Bank of Nova Scotia (BNS.TO: Quote, Profile, Research, Stock Buzz) also looking at buying the U.S. regional bank, sources familiar with the matter said on Friday. But PNC Financial Services Group Inc (PNC.N: Quote, Profile, Research, Stock Buzz) won the deal, agreeing to buy the Ohio-based lender in a government-supported $5.6 billion transaction to create the No. 5 U.S. bank by deposits. (Reporting by Paritosh Bansal; Editing by Brian Moss) (For more M&A news and our DealZone blog, go to www.reuters.com/deals) http://www.reuters.com/article/marketsNews/idUSWEN955920081024 I wonder if either will target Key or 5/3 now.
October 25, 200816 yr 5/3 tanked today (Goldman Sachs put out a sell recommendation). Half of NCC profits in 04-06 was from subprime loans, this is why they are shot. I'd guess they were weren't given a choice by the feds.
October 25, 200816 yr this is complete BULLsh!t. OOC chief john durgan forced national city to be sold and the govt rejected national city's proposal to receive funds. the whole system is f$&ked pure greed and the people at the top are responsible for the bank collapse. this is deliberate everyone here should contact senator sherrod brown NEW YORK, Oct 24, 2008 (GlobeNewswire via COMTEX) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the Board of Director s of National City Corp. ("National City" or the "Company") (NYSE:NCC) arising out of their attempt to sell the Company to PNC Financial Services Group, Inc. ("PNC"). Under the terms of the agreement, National City shareholders will be entitled to 0.0392 share of PNC common stock for each share of National City stock for a total sale price of approximately $5.2 billion. Based on the October 23, 2008 closing price of PNC stock, the value National City shareholders are to receive is approximately $2.23 per share. The price is unfair given that the Company's share closed at $2.75 on October 23, 2008 and the Company has more than $3.99 per share in cash. The proposed acquisition is subject to customary conditions and regulatory approvals. If you own common stock in National City and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/ncc.html Levi & Korsinsky has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. This news release was distributed by GlobeNewswire, www.globenewswire.com SOURCE: Levi & Korsinsky, LLP By Staff CONTACT: Levi & Korsinsky, LLP Eduard Korsinsky, Esq. Juan E. Monteverde, Esq. (212) 363-7500 Fax: (212) 363-7171 www.zlk.com 39 Broadway, Suite 1601 &nbs p; New York, NY 10006 raskind is a liar.........they deceived shareholders class action lawsuit should be filed on them and raskind should rot behind bars
October 25, 200816 yr OK...... i,M a little mad.. It looks to me PNC would not be able to buy out NCB unless tax payers didn't let make it possible.. Am i right?? I don't believe NCB was going under... The Fed government is providing incentives because otherwise many stronger banks would not want to deal with all of the bad debt. It's not that PNC couldn't buy National City otherwise, it just would be a lot less desirable. Given the historic crisis that we are in, this strongly encourages able banks to salvage the ones that are collapsing rather than have those banks simply collapse.
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