National City bought out by PNC

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WHAS11.com

Posted on August 15, 2009 at 6:40 PM

Updated Tuesday, Oct 13 at 6:23 PM

(WHAS11) - PNC Bank will take over National City Bank in a deal that includes cash and stocks.

National City is the latest bank to be crippled by the credit crisis.

The more than $5.5 billion dollar deal is already showing on the stock market.

National City stock was down 21% while PNC stock price is up almost 5%.

So what does this mean for us locally? There are several branches of both banks in town and

a spokesperson for National City Bank says on the local level customers won't see any difference with their accounts.

PNC stocks jumped after news of the acquisition was announced.

Some National City customers say they are glad to see their bank being bought out - saying its better than the bank closing.

This deal makes PNC the fifth largest u-s bank by deposits and fourth biggest by branches.

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