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...
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