When did PNC Financial Services buy National City?
The transitional logo used by PNC Financial Services after it finalized the purchase of National City Corp., January 2009 – June 2010. The National City acquisition by PNC was the deal by PNC Financial Services to acquire National City Corp. on October 24, 2008 following National City's untenable loan losses during the subprime mortgage crisis.
What happened to National City Bank?
After closing, PNC intends to merge National City's banking affiliates into PNC Bank and they will assume the PNC Bank name. The merged entity will have its headquarters in Pittsburgh. Based on PNC's closing NYSE stock price of $56.88 on October 23, 2008, the transaction values each share of National City's common stock at $2.23.
How much is a share of National City stock worth?
Based on PNC's closing NYSE stock price of $56.88 on October 23, 2008, the transaction values each share of National City's common stock at $2.23. The aggregate consideration is composed of a fixed number of approximately 92 million shares of PNC common stock.
How does PNC Bank compare to National City Bank?
While National City was Cleveland's top bank at the time of PNC's acquisition, PNC slipped to fourth overall in the area behind KeyBank, locally owned Third Federal Savings & Loan, and Citizens Financial Group's Charter One brand.
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How much did PNC pay National City Bank?
for $5.58 billion. NEW YORK -- PNC Financial Services pnc, a large, Pittsburgh-based regional bank said Friday that it is buying National City ncc, a struggling Cleveland-based bank, for $5.58 billion. The deal will create the nation's fifth-largest bank by deposits.
Did PNC buy out National City?
In 2008, PNC acquired National City Bank, Cleveland's oldest bank known for its commercial leadership, service to its customers, and its contributions to the community.
What did National City Bank change to?
The acquisition was a stock purchase transaction to be completed before the end of 2008. National City would be merged into PNC, and the National City brand would be dissolved. The deal was approved by shareholders of both banks on December 23, 2008, and the acquisition was completed on December 31.
Is PNC also National City Bank?
PNC Financial Services acquired National City Corporation in October 2008.
Who owns National City Bank?
PNC Financial ServicesNational City Corporation / Parent organizationThe PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 branches and 9,523 ATMs. Wikipedia
Who owns National City Mortgage?
National City CorporationNational City Mortgage Co / Parent organization
Who owns PNC Financial?
As you can see in the following chart, the majority of PNC's 529 million shares are held by institutional investors. Company insiders, including board members and corporate executives, own a further 0.32% of the outstanding common stock. And the public at large owns the remaining 17%.
What was PNC before it was PNC?
PNC is the product of a merger of two distinguished Pennsylvania banks in 1983: Pittsburgh National Corporation and Provident National Corporation based in Philadelphia. Each of these institutions had served diverse markets so that merger creating PNC also became the largest bank in Pennsylvania.
What bank was before National City?
After the Pittsburgh-based PNC Bank received $7.7 in government funds through this program at the end of 2008, they announced the purchase of National City. Before National City entered the subprime market, their stock shares sold for $30 each.
What bank did PNC buy out?
BBVA USAPNC Financial Services Group Inc. completed its conversion of former BBVA USA branches into its PNC Bank over Columbus Day weekend, after formally acquiring the offices June 1.
What happened to National City Mortgage?
Conversion to PNC That day also saw the rebranding of National City Mortgage into PNC Mortgage and NatCity Investments fully merged into PNC Investments.
When did National City merge with PNC?
The National City name, as expected, lasted well into 2009 since it would take PNC some time to integrate the two banks together. PNC began to phase out the National City name in favor of PNC on November 7, 2009, starting with Pennsylvania (where the two had the most overlap), Florida, and the Youngstown & Steubenville, Ohio regions. That day also saw the rebranding of National City Mortgage into PNC Mortgage and NatCity Investments fully merged into PNC Investments. In addition, National City's bank charter was merged into PNC's, effectively having the retail banking branches having yet to convert being legally known as PNC Bank, N.A., d/b/a National City Bank.
Where did PNC lose money?
Much of the losses for PNC came in Cleveland, where many Clevelanders left PNC upon the April 2010 conversion of National City in the area for other banks, most notably KeyBank, which became the Cleveland market's largest bank by deposits. While National City was Cleveland 's top bank at the time of PNC's acquisition, ...
When did PNC buy Ohio Bancorp?
In late 1992, PNC announced plans to acquire Youngstown, Ohio -based Ohio Bancorp. PNC later backed out of the deal, and National City acquired Ohio Bancorp instead in 1993, with the same branches and even some employees of Ohio Bancorp still employed with National City at the time of the PNC deal.
When did PNC close its Pittsburgh branch?
Because of the significant overlap in Pittsburgh that remains, PNC closed seven National City branches & five PNC branches on November 6, 2009, and later closed two more PNC branches on April 23, 2010, with the accounts at those branches being moved to the nearby PNC branch that will remain. As part of the agreement to buy ...
When did PNC buy First Niagara Bank?
On April 7, 2009, PNC reached a deal with Buffalo -based First Niagara Bank to buy 57 of the branches. First Niagara officially took over those branches on September 8 after the signs were changed over from National City during Labor Day Weekend.
What was the take under deal for National City?
There was also criticism from National City shareholders. The deal was described as a "take-under," meaning the purchase price was below National City's market value.
When did National City stockholders receive a settlement?
Shareholders felt that they were being undervalued for their National City stock. Eight National City stockholders received a settlement from PNC on July 31, 2009. Under terms of the settlement, investors dropped their claims in return for the release of more than 400 pages of documents in Delaware State Court.