Justice directive puts National City branches in play Dec 23, 2008
The DOJ has directed PNC Financial Services Group Inc. to sell 61 National City Corp. branches as part of its acquisition process. Fifty of those branches are located in the nine-county Pittsburgh metro area and must go to a single buyer. (Pittsburgh Business Times, PA)
PNC races to wrap up National City takeover Dec 21, 2008
PNC Financial Services' shotgun courtship of National City Corp. is expected to be consummated on Tuesday, with a shareholder vote that stands to reconfigure the region's financial landscape, turning what is already Pittsburgh's dominant bank into the fifth-largest deposit holder in the country. Approval by the two banks' shareholders is the final major action required in order for the acquisition -- which has already received the blessing of the Federal Reserve Board and the U.S. Justice... (Pittsburgh Post-Gazette, PA)
Wachovia tops J.D. Power survey of home equity lines of credit Dec 17, 2008
National City (NYSE:NCC), hobbled by bad mortgages, is being bought by Pittsburgh-based PNC Financial Services Group Inc., in a $5. 6 billion deal expected to close Dec. 31. (Pittsburgh Business Times, PA)
Federal Reserve Approves PNC's National City Acquisition Dec 16, 2008
The PNC Financial Services Group, Inc. () is one of the nation's largest diversified financial services organizations providing retail and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services. Additional Information and Where to Find It. (PR Newswire)
Fed Expected to Cut Key Interest Rate Tuesday Dec 16, 2008
"It is not so much going to give the economy a big push forward. It's more a case of trying to help the economy from being pushed further backward by all these negative events," said Stuart Hoffman, chief economist at PNC Financial Services Group. Source: The Associated Press (12/14/12008). (Realtor Magazine Online)
Can Fed cut enough to help? Dec 15, 2008
"It is not so much going to give the economy a big push forward," said Stuart Hoffman, chief economist at PNC Financial Services Group. "It's more a case of trying to help the economy from being pushed further backward by all these negative events."However deeply the Fed decides to cut rates, the prime rate for many consumer and small-business loans would drop by a corresponding amount. (News & Observer)
DOJ tells PNC to sell 61 NatCity branches Dec 13, 2008
National City's nearly 30,000 employees, from top managers to bank tellers, were informed during the afternoon of the order from the Department of Justice. " The department's order wasn't a surprise; PNC Chairman James Rohr said when the 5.6 billion deal was announced Oct. 24 that the combined bank might be forced to sell branches in western Pennsylvania because of antitrust concerns. The bank becomes the nation's fifth largest by deposits and the fourth biggest in terms of branches. The Justice... (Somerset Daily American, PA)
Justice Department Requires Divestitures in Acquisition of National City Corporation by The PNC Financial Services Group Dec 12, 2008
WASHINGTON, Dec. 11 /PRNewswire-USNewswire/ -- The Department of Justice announced today that The PNC Financial Services Group Inc. and National City Corporation have agreed to sell 61 of National City's branch banking offices in western Pennsylvania, with deposits that totaled approximately $4 ... The PNC Financial Services Group Inc. is a financial holding company headquartered in Pittsburgh with approximately $128 billion in assets. (PR Newswire)
Dow loses nearly 200 at Thursday close Dec 12, 2008
PNC Financial Services Group Inc., which was told Thursday by the Department of Justice to unload 61 National City Corp. branches to avoid anti-trust issues, saw the biggest percentage drop, 11. 41 percent, to close at $46. (Pittsburgh Business Times, PA)
61 National City branches for sale Dec 12, 2008
PNC Financial Services Group yesterday agreed to sell 61 National City Corp. branches in Western Pennsylvania with deposits of $4. 1 billion, moving the Pittsburgh bank closer to acquiring the troubled Cleveland-based bank. (Pittsburgh Post-Gazette, PA)
Future Aim Lower After Senate Snubs Detroit Dec 12, 2008
PNC Financial Services () won regulatory approval to acquire National City (), Reuters. The Justice Department signed off the roughly $4 billion acquisition, which will create the country's fifth-largest bank. (SmartMoney)
Cash woes force people to be crafty for Christmas Dec 10, 2008
Robert Dye, a senior economic analyst with PNC Financial Services Group in Pittsburgh, predicts a 6 percent to 7 percent decline in consumer expenditures for the fourth quarter - the biggest drop since 1980. Shoppers are going to cut back on lavish goods and return to more "traditional values," Dye said. (AZCentral -- Business)
National City shareholders sue over PNC sale Dec 7, 2008
National City is being acquired by Pittsburgh-based PNC Financial Services Group Inc. for $5. 6 billion. (FOX19.com, OH)
PNC names post-acquisition management team Dec 6, 2008
PNC Financial Services Group Inc. Chairman and CEO James Rohr outlined the executive management team that will lead the Pittsburgh-based bank when it completes its acquisition of National City Corp., Cleveland, Dec. 31 via a letter circulated to employees of both companies Thursday and filed with the SEC.. PNC (NYSE:PNC) executives reporting directly to Rohr will continue to oversee the following areas. (Pittsburgh Business Times, PA)
US stocks tumble Dec 5, 2008
Businesses are battening down the hatches, Stuart Hoffman, chief economist at PNC Financial Services Group, said in Bloomberg Television interview. Job losses are going to continue to accelerate. (Sydney Morning Herald -- Business)
Dow ends Wednesday up 172 points Dec 4, 2008
PNC Financial Services Group Inc. (NYSE:PNC), up 9. 08 percent to $47. (Pittsburgh Business Times, PA)
'12 Days of Christmas' items would cost $86,609 Dec 2, 2008
PNC Financial Services Group Inc. checks jewelry stores, dance companies, pet stores and other sources to compile the list. While it is done humorously, PNC said its index mirrors actual economic trends. (AZCentral -- News)
Bill Clinton lends Ravenstahl a hand Nov 27, 2008
So were representatives of the University of Pittsburgh, PNC Financial Services Group, and engineering and law firms -- some with city contracts. "Some [contributors] do business with the city. Some don't," said Mr. Ravenstahl. (Pittsburgh Post-Gazette, PA)
PNC disputes reports of $5B tax break in National City deal Nov 22, 2008
CLEVELAND -- Although some experts have estimated that PNC Financial Services Group Inc. will save $5 billion in taxes by buying National City Corp., PNC provided its own figure for the first time this week -- and it's a lot lower. PNC's tax benefit will be no more than $725 million, and it ``may be substantially smaller,'' the Pittsburgh bank said in a regulatory filing. (Kalamazoo Gazette, MI)
Dow closes up nearly 500 points Friday Nov 22, 2008
PNC Financial Services Inc. (NYSE: PNC), down 2. 41 percent to $43. (Pittsburgh Business Times, PA)
Treasury Denounced Over Bailout Nov 19, 2008
Representative Steven C. LaTourette, Republican of Ohio, lambasted the Treasury secretary for picking winners and losers and using the bailout program to force the recent merger between PNC Financial Services and the National City Corporation. Mr. Paulson defended his strategy, but said he hoped to avoid committing any more of the bailout money, from the troubled asset relief program, before Mr. Bush s term ends in January. (Atlanta Journal-Constitution -- Business)
Druckenmiller thrown for loss in 3rd quarter (Today) Nov 16, 2008
After owning no shares of PNC Financial Services Group as of June 30, Duquesne placed a large bet on the proposed acquirer of National City during the third quarter. PNC was Duquesne's sixth-largest stockholding as of Sept. 30, when the shares were fetching $74. (Pittsburgh Post-Gazette, PA -- Sports)
PNC's sweet takeover deal for National City Nov 16, 2008
CLEVELAND -- Three weeks after the announcement that National City Corp. was being sold, two things are apparent: PNC Financial Services Group got a really sweet deal to buy Ohio's largest bank. And National City was in far worse shape than the public knew. (Pittsburgh Post-Gazette, PA)
Banks say they're using bailout money for loans Nov 14, 2008
Sherrod Brown, D-Ohio, noted that Cleveland-based National City Bank was denied Treasury funds, only to be taken over by PNC Financial Services Group Inc. of Pittsburgh on the same day that PNC was approved for $7. 7 billion in bailout money. (San Diego Union-Tribune)
How will you get to work? Nov 14, 2008
PNC Financial Services Group, with up to 3,000 employees in Downtown and Oakland who could be affected by a disruption of service on any given day, is not expecting any disruption of its own service. Whether through car pools, flextime or other arrangements, the bank has a plan to make sure those employees can get their work done, said Jeff Gerlach, PNC's business resiliency manager. (Pittsburgh Post-Gazette, PA)
PNC will pledge more for National City charities Nov 13, 2008
PNC Financial Services Group yesterday promised to boost National City Corp.'s charitable donations next year after the planned takeover of the hobbled Cleveland-based bank. Pittsburgh-based PNC, which is expected to complete the federally assisted acquisition Dec. 31, said it was committing $28 million to National City's annual charitable and community sponsorships, up from the roughly $23 million National City will give in 2008. (Pittsburgh Post-Gazette, PA)
Treasury gives banks multi-billion tax break Nov 11, 2008
He calculated that it will reduce PNC Financial Services Group Inc.'s taxes by about $5. 1 billion through its takeover of National City Corp. Spain's Banco Santander could cut its tax liability by an additional $2 billion with its takeover of Philadelphia's Sovereign Bancorp, he said. (San Francisco Chronicle -- Business)
U.S. to push banks to up lending Nov 11, 2008
For example, the government refused to invest directly in National City, whose acquisition last month instead was made possible by giving money to PNC Financial Services Group. That has raised concerns that other banks will use the money for acquisitions, which economists generally regard as having little positive impact on the economy. (MSNBC -- Race)
Banks could reap tax breaks on top of bailout Nov 11, 2008
He calculated that it will reduce Pittsburgh-based PNC Financial Services Group Inc.'s taxes by about $5. 1 billion through its takeover of National City Corp. Spain-based Banco Santander could cut its tax liability by an additional $2 billion with its takeover of Philadelphia-based Sovereign Bancorp, he said. (MSNBC -- Politics)
U.S. jobless rate at highest level since 1994 Nov 8, 2008
"The economy is slipping deeper into a recessionary sinkhole," said Stuart Hoffman, chief economist at PNC Financial Services Group in Pittsburgh. "The layoffs are getting larger, and coming faster.". (International Herald Tribune)
National City loss for 3Q balloons Nov 8, 2008
Pittsburgh-based PNC Financial Services Inc.(NYSE:PNC) last month struck a deal by acquire National City (NYSE:NCC) for about $5. 58 billion, which was less than the Ohio bank s book value at the time. (Pittsburgh Business Times, PA)
Canada's Scotiabank `Unlikely' to Buy U.S. Banks, Globe and Mail Reports Nov 8, 2008
PNC Financial Services Group Inc., Pennsylvania's biggest bank, agreed to buy National City last month for $5. 2 billion. (Bloomberg -- Canada)
Unemployment rate jumps to 6.5 percent Nov 8, 2008
"Businesses went on a hiring strike and consumers went on a shopping strike," said PNC Financial Services Group chief economist Stuart Hoffman. "The U.S. economy is slipping deeper into this recessionary sinkhole. It is now pulling in more industries and more companies and affecting more workers and more consumers.". (Pittsburgh Post-Gazette, PA)
Treasury official defends bailout mergers Nov 8, 2008
PNC Financial Services Group Inc. last month said it would buy National City Corp. for $5. 8 billion, the first use of federal bailout money for an acquisition. (San Diego Union-Tribune -- Business)
Business groups urge Obama to push stimulus Nov 7, 2008
"It's going to be 'damn the deficit and full speed ahead on the stimulus,'" said Stuart Hoffman, chief economist at PNC Financial Services. The Illinois senator has pledged to offset some expenditures by raising income taxes on families making more than $250,000. (Yahoo News -- Pharmaceutical Industry News)
Obama will inherit a feeble U.S. economy Nov 6, 2008
is likely to get worse before it gets better, said Stuart Hoffman, chief economist for PNC Financial Services. The government said Wednesday it will sell $55 billion in bonds next week as part of a massive borrowing to pay for its financial rescue programs. (MSNBC -- Politics)
Great expectations, and a plate full of trouble Nov 6, 2008
"It's going to be 'damn the deficit and full speed ahead on the stimulus,'" said Stuart Hoffman, chief economist at PNC Financial Services. Hoffman expects the package to include an extension of unemployment benefits and new spending on roads, bridges and other infrastructure. (News & Observer)
Spirits low, but election gives a lift Nov 5, 2008
"He will inherit an economy that is in recession and ... is likely to get worse before it gets better," said Stuart Hoffman, chief economist for PNC Financial Services. Still, investors seemed to draw hope Tuesday from the selection of a new presidential administration, while shrugging off the latest in a series of grim economic reports. (News & Observer)
Manufacturing activity falls to 26-year low Nov 4, 2008
"It's a report that confirms everything we learned in the last couple months the economy is falling deeper into recession," said Stuart G. Hoffman, senior vice president and economist for The PNC Financial Services Group. advertisement. (MSNBC -- Business)
New terrain for U.S. bailout panel Nov 4, 2008
7 billion into PNC Financial Services and rejected an application for cash from National City, an ailing bank in Cleveland. The two announced a merger the same day that PNC was approved. (International Herald Tribune)
S&P 500 October Winners & Losers Nov 2, 2008
Another stock buoyed by a buyout: National City (nyse: - - ), acquired by PNC Financial Services Group (nyse: - - ) for $5. 6 billion on Oct. 24. (Forbes -- Markets)
Healthy banks complain: We don't want bailout Nov 2, 2008
7 billion of preferred shares in PNC Financial Services and rejected an application from National City Bank, based in Cleveland. National City quickly agreed to a takeover by PNC.. (International Herald Tribune -- Business)
Wall Street Bonuses, Acquisitions Violate U.S. Bailout Program, Frank Says Nov 1, 2008
PNC Financial Services Group Inc. to buy Cleveland-based National City Corp. on Oct. 24 after getting $7. 7 billion from the government. (Bloomberg -- US)
Time Bombs In The Economy Oct 31, 2008
com Investor Team gathered for a two day e-mail discussion, PNC Financial Services was going to use some of its share of the government's money to buy Cleveland's National City. The markets also whipsawed, dropping 6% Monday but climbing 10% the next day on news that the commercial paper market has seemed to be responding to interventions by the Federal Reserve. (Forbes -- Markets)
Wachovia Shows Why No Bank's Books Are Trusted Oct 31, 2008
Then on Oct. 24, it said it would be sold to PNC Financial Services Group Inc. for about $5. 2 billion in stock. (Bloomberg -- Columnists)
PNC tax break may be worth billions Oct 31, 2008
PNC Financial Services Group could get a billion-dollar tax benefit from a recent change in how a federal tax code provision is applied, a change that applies only when a strong bank buys a weaker rival. PNC said it cannot put a dollar value on the benefit yet, only estimating it will account for about 20 percent of the return it expects to earn on its $5. (Pittsburgh Post-Gazette, PA)
Not a total loss Oct 31, 2008
National City is in the process of being purchased by PNC Financial Services Group Inc.. Kidd said he still believes there is a possibility that the project will move forward. (Gaylord Herald Times, MI)
PNC, National City get in tune Oct 31, 2008
6 billion merger between PNC Financial Services Group and , announced on Oct. 24, takes shape. The potential cost savings are clear Pittsburgh-based PNC already has said it will cut more than $1 billion of expenses across its system. (Cincinnati Business Courier, OH)
FOMC Cuts Key Interest Rate by 50 Basis Points to 1.0% Oct 30, 2008
The Fed is going to have to raise rates forcibly and quickly, said Stuart Hoffman, chief economist at PNC Financial Services. Market Snapshot. (Fox News)
Banks told to stop hoarding Oct 30, 2008
Indeed, the government approved PNC Financial Services Group Inc. to receive $7. 7 billion in return for company stock and, at the same time, PNC said it was acquiring National City Corp. for $5. (Albany Times Union)
Fed pondering whether to lower interest rates Oct 29, 2008
"I'm torn," Stuart Hoffman, chief economist at PNC Financial Services Group, said about the size of the cut. "Clearly, the economic outlook has weakened.". (San Francisco Chronicle -- Business)
Fed weighs another rate reduction to limit fallout Oct 29, 2008
I'm torn, Stuart Hoffman, chief economist at PNC Financial Services Group, said about the size of the cut. Clearly, the economic outlook has weakened, he said. (San Diego Union-Tribune)
Apria Rewards The Faithful Oct 29, 2008
Last week PNC Financial Services Group (nyse: - - ) offered to buy National City (nyse: - - ) with government-supplied cash. (See " ."). (Forbes -- Markets)
Treasury begins to deploy financial rescue plan Oct 28, 2008
Another major bank, PNC Financial Services Group, announced on Friday it was acquiring National City Corp. It was the first instance of a bank using resources it has been told it will receive from the governments stock purchase program to support an acquisition of another bank. PNC said it is in line to get $7. (Durant Daily Democrat, OK)
US bail-out of banks is under way Oct 28, 2008
On Friday PNC Financial Services Group used some of the $700bn government bail-out money to buy a rival, National City, for $5. 6bn. (BBC News -- Americas)
Pimco's Gross Calls Keycorp, Regions Debt `Slam Dunk' (Update2) Oct 28, 2008
Regional lenders SunTrust Banks Inc., Capital One Financial Corp. and PNC Financial Services Group Inc. have also taken cash by selling preferred shares to the government. Swaps, Mortgages. (Bloomberg)
Gains Extinguished On Wall Street Oct 28, 2008
Fifth Third Bancorp (nasdaq: - - ), SunTrust Banks (nyse: - - ) and PNC Financial Services Group (nyse: - - ) all surged early in the day after indicating they will receive $3. 0 billion or more from the Treasury, but shed some of their gains later. (Forbes)
Rescue Plan Chafes Small Banks Oct 27, 2008
The announcement Friday that PNC Financial Services Group Inc., will buy Cleveland-based National City Corp. fueled arguments on both sides. PNC will receive more than $7 billion from Treasury, bolstering its ability to complete the $5. (Wall Street Journal)
KeyCorp, Capital One to Receive Cash Infusion: Source Oct 27, 2008
Four banks, including PNC Financial Services Group Inc , have already announced they are participating in the second round of capital injections. Under the government's $700 billion financial services rescue package, the Treasury Department will inject $250 billion of capital directly into banks in exchange for preferred shares and warrants. (ABC News -- Wire)
S Korea announces record rate cut Oct 27, 2008
Four other banks, including PNC Financial Services Group Inc, announced Friday they would participate in the second round of capital injections under the US government's bailout program. Governments have so far pledged about $4 trillion to support banks and restart money markets to try to stem the crisis and are considering tougher financial rules to guard against any repeat. (India Times)
Banks see value in a return to basics Oct 27, 2008
The latest blow to the fee-based strategy came Friday, as PNC Financial Services Group agreed to acquire National City for a deeply discounted $5. 6 billion, aided by $7. (International Herald Tribune -- Business)
Washington Federal gets $200M cash infusion, Fifth Third applies Oct 27, 2008
Four other banks, including PNC Financial Services Group, announced Friday they would participate in the second round of capital injections. Under the government's $700 billion financial services rescue package, the Treasury Department will inject $250 billion of capital directly into banks in exchange for preferred shares and warrants. (USA Today -- Money)
Tipoff with Michael K. McIntyre Oct 26, 2008
With the purchase of National City Bank by PNC Financial Services Group, will Browns fans who usually use the "National City Gate" have to enter the stadium through a gate sponsored by a Pittsburgh-based bank. Isn't that an illegal substitution. (Cleveland.com)
PNC, National City merger could be model for other banks Oct 26, 2008
PNC, National City deal a glimpse of what's ahead. " That is how the regulatory script reads for PNC's $5.6 billion acquisition of National City, announced Friday. And Mr. Melvin, a director at FNB Corp., a Hermitage, Pa. bank, expects more to follow. "What the Fed is telling us is that you can use this money for acquisitions," he said. "They'll give you extra capital if you take a bad bank. (Pittsburgh Post-Gazette, PA)
PNC Financial buying National City for $5.58B Oct 26, 2008
NEW YORK PNC Financial Services Group Inc. said Friday it is acquiring National City Corp. for $5. 58 billion, the first bank to use fresh investments from a federal bailout program to make an acquisition. (San Diego Union-Tribune -- Business)
