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PNC to acquire National City Corp.

By - Last modified: February 14, 2011 at 1:00 PM

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Pittsburgh-based The PNC Financial Services Group Inc. today
announced it has agreed to acquire Ohio-based National City Corp. PNC acquired
Lancaster County-based Sterling Financial Corp. earlier this year.

Pittsburgh-based The PNC Financial Services Group Inc. today announced it has agreed to acquire Ohio-based National City Corp. PNC acquired Lancaster County-based Sterling Financial Corp. earlier this year.

The transaction, under which PNC would acquire all outstanding shares of National City's common stock, is valued at $5.58 billion in stock and cash. The deal is expected to close by the end of the year and is subject to customary closing conditions, including shareholder and regulatory approvals.

National City shareholders will receive nearly 0.04 shares of PNC common stock for each share they own of National City.

The deal would rank PNC fourth among U.S. banks in number of branches, according to the company. It also would rank the bank first in deposit shares in Pennsylvania, Ohio and Kentucky - and fifth nationally.

Sterling's local banks were previously known as Bank of Lancaster County, Bank of Lebanon County, Pennsylvania State Bank and Bank of Hanover and Trust Co. PNC converted 57 branches to its brand in mid-August. More than 87,000 customer accounts were moved to PNC, according to the bank.

PNC shares trade on the New York Stock Exchange under the ticker PNC.

Write to the Editorial Department at editorial@cpbj.com

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