Posted on 10/24/2008 7:08:01 AM PDT by TSgt
Merger will create fifth largest U.S. banking deposit franchise PNC to further strengthen capital position
The PNC Financial Services Group and National City Corporation today announced that they have signed a definitive agreement for PNC to acquire National City for $2.23 per share, or an aggregate fixed amount of approximately $5.2 billion in PNC stock. Additionally $384 million of cash is payable to certain warrant holders. Total consideration approximates National City's market capitalization as of the close of business on October 23, 2008. National City shareholders will be entitled to 0.0392 share of PNC common stock for each share of National City.
(Excerpt) Read more at marketwatch.com ...
Zombie banks. They are really flailing and thrashing around in their death throes. I am steering clear.
I bank at National City too. What the heck is PNC?
Regional bank out of Pittsburgh. It’s been on a buying spree lately and is tyring to ecome one of the big boys like BoA. All the local banks in South central PA have been gobbled up by PNC.
PNC = People who Need a Clue bank.
History Here:
http://en.wikipedia.org/wiki/PNC_Financial_Services
My past experience with them includes horrific customer service and the holding of deposited checks, any kind including payroll, for weeks before making the funds available in your account.
I also bank at National City. I’m heading to the Credit Union Today.
PNC was Pittsburgh National Bank.
PNC = Pittsburgh National Corporation (Pittsburgh National Bank) Its the largest regional bank in the area.
They have been down played by the street even though they have picked up deposits and recapitalized to the tune of $7 billion. PNC is literally stealing this bank with the help of the federal government. It is a travesty!
We can only hope that they don’t change much however bank acquisitions usually end up being a total assimilation. If this happens be ready for the “we hold your deposit for several weeks before making the funds available” policy to kick in. And Fifth Turd isn’t much of an alternative...
Pittsburgh-based bank.
Not all banks are dying.
PNC is pretty strong. Hence them buying National City.
No bank holds payroll checks for “weeks” unless there was a good reason (like lots of overdrafts on your account.)
Deregulation of banking has had a bad effect.
We need to spread the risk, not put a larger percentage of deposits in fewer and fewer banks.
“Too big to fail” = Do whatever we want, b/c the Gov’t will bail us out.
Can’t disagree with your last point.
Our experience was different.
We had ZERO overdrafts and excellent credit. PNC’s response was that they held our payroll checks to ensure funds were available from the issuing bank before making them available to us. These were reputable corporations that issued the checks from reputable banks. This delay caused us to have a handful of checks bounce long after our payroll checks were actually deposited. We promptly removed every red cent from PNC and opened an account with National City who made the funds available the same day as the deposit.
Well, perhaps that’s why my bank gets a lot of former PNC clients!
As we wistle past the graveyard. The banks died along with journalism and capitalism. Soon followed by all pretense of liberty. At every point the people could not bear to admit the truth. In the end they ware defeated without a wimper until it was too late.
You can lend to American Express today, 5 or 10 year term at your option, for 10.5%. Goldman for 30 years, 11%, or for just 5-10, 10%. Plenty of similar credits are going begging. So, get out of trashy cash and buy them already. Not hard. They are a perfect asset for the present deflation. High bracket people can buy munis instead, to yield 6-7% tax free.
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