On December 11, 2008, the Department of Justice (“DOJ”) required The PNC Financial Services Group (“PNC”) to sell 61 of National City Corporation’s (“National City”) branches totaling approximately $4.1 billion in deposits for PNC’s acquisition of National City to proceed.
Fifty of the branches ($3.35 billion in deposits) are located in Allegheny County (PA), six ($249 million) in Erie County (PA), four ($186 million) in Crawford County (PA), and one ($120 million) in Warren County (PA). Without these divestitures, the DOJ believes that the pending transaction would create a significantly adverse effect on competition in local markets for retail banking, small business banking and middle market banking services.
As a result of the acquisition, PNC will become the fifth largest bank in the nation, with about $289 billion in assets and about $180 billion in total deposits.
Andre Barlow
(202) 589-1834
abarlow@dbmlawgroup.com