Federal Reserve Approves PNC's National City Acquisition
December 15 2008 - 5:27PM
PR Newswire (US)
PITTSBURGH, Dec. 15 /PRNewswire-FirstCall/ -- The PNC Financial
Services Group, Inc. (NYSE:PNC) today announced it has received
approval from the Federal Reserve Board to complete its acquisition
of National City Corporation (NYSE:NCC). The Department of Justice
has indicated that it will not object to the transaction provided
that PNC divests 61 National City branches after close of the
transaction. PNC and National City shareholder meetings are
scheduled for December 23. If approved by both sets of
shareholders, PNC expects to complete the transaction by the end of
2008. The PNC Financial Services Group, Inc. (http://www.pnc.com/)
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 The proposed merger
will be submitted to National City's and PNC's shareholders for
their consideration. PNC has filed a Registration Statement on Form
S-4 with the Securities and Exchange Commission (the "SEC"), which
includes a joint proxy statement/prospectus of PNC and National
City that also constitutes a prospectus of PNC. PNC and National
City have mailed the joint proxy statement/prospectus to their
respective shareholders, and each of the companies plans to file
with the SEC other relevant documents concerning the proposed
merger. Shareholders and other investors are urged to read the
joint proxy statement/prospectus (which was first mailed to PNC and
National City shareholders on or about November 24, 2008) as well
as any other relevant documents to be filed with the SEC in
connection with the proposed merger or incorporated by reference
into the joint proxy statement/prospectus (and any amendments or
supplements to those documents), because they will contain
important information. You may obtain a free copy of these
documents, as well as other filings containing information about
National City and PNC, at the SEC's website (http://www.sec.gov/)
and at the companies' respective websites,
http://www.nationalcity.com/investorrelations and
http://www.pnc.com/secfilings. Copies of these documents and the
SEC filings incorporated by reference in the joint proxy
statement/prospectus can also be obtained, free of charge, by
directing a request to Jill Hennessey, National City Corporation,
Senior Vice President, Investor Relations, Department 2229, P.O.
Box 5756, Cleveland, OH 44101-0756, (800) 622-4204; or to PNC
Financial Services Group, Inc, Shareholder Relations at (800)
843-2206 or via e-mail at . National City and PNC and their
respective directors and executive officers may be deemed to be
participants in the solicitation of proxies from the shareholders
of PNC or National City in connection with the proposed merger.
Information about the directors and executive officers of National
City is set forth in the proxy statement for National City's 2008
annual meeting of shareholders, as filed with the SEC on a Schedule
14A on March 7, 2008. Information about the directors and executive
officers of PNC is set forth in the proxy statement for PNC's 2008
annual meeting of shareholders, as filed with the SEC on a Schedule
14A on March 28, 2008. Additional information regarding the
interests of those participants and other persons who may be deemed
participants in the merger may be obtained by reading the joint
proxy statement/prospectus. You may obtain free copies of these
documents as described in the preceding paragraph. DATASOURCE: The
PNC Financial Services Group, Inc. CONTACT: MEDIA: Fred Solomon,
+1-412-762-7544, , or INVESTORS: William H. Callihan,
+1-412-762-8257, , both of The PNC Financial Services Group, Inc.
Web Site: http://www.pnc.com/
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