We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

PNC Uses Treasury Plan In $5.6B National City Buy

Law360 (October 24, 2008, 12:00 AM EDT) -- Becoming the first bank to use a capital injection from the U.S. Treasury Department to bolster an acquisition, PNC Financial Services Group Inc. has said it will acquire the struggling National City Corp. in a nearly $5.6 billion deal that will create the fifth-largest U.S. banking deposit franchise.

PNC has been approved to participate in the government's capital purchase program, the company said, and plans to issue the Treasury $7.7 billion of preferred stock and related warrants. PNC is now the 10th bank to participate in...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.