National City To Sell 61 Branches In $5.6B PNC Deal

Law360, New York (December 11, 2008, 12:00 AM EST) -- PNC Financial Services Group Inc. and National City Corp. will sell 61 National City branch banking offices in western Pennsylvania in order to move forward with a nearly $5.6 billion deal to create the fifth-largest U.S. banking deposit franchise, federal antitrust authorities said.

The divestitures, which represent $4.1 billion in deposits, will resolve competitive concerns about PNC's pending acquisition of its struggling rival. After the divestitures, the merger will not significantly impede competition in local markets for retail banking, small business banking and middle market banking...
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