PNC Completes Acquisition of National City
December 31 2008 - 1:46PM
PR Newswire (US)
PNC to report fourth quarter and full year 2008 earnings on Feb. 3
PITTSBURGH, Dec. 31 /PRNewswire-FirstCall/ -- The PNC Financial
Services Group, Inc. (NYSE:PNC) announced today that it completed
its acquisition of National City Corporation (NYSE:NCC). National
City stockholders will receive 0.0392 of a share of PNC common
stock for each share of National City common stock based on the
terms of the merger agreement, with any fractional share of PNC
common stock paid in cash. Shares of National City will no longer
be listed on the New York Stock Exchange. National City branches
will continue normal operations, and customers should continue to
use National City's services as usual. PNC will provide
comprehensive customer information prior to the conversion of
National City branches, which will begin in the second half of
2009. PNC also concluded its sale of $7.6 billion of preferred
stock and warrants to the U.S. Treasury under the TARP Capital
Purchase Program. Additionally, PNC announced that it expects to
issue financial results for the fourth quarter and full year 2008
on Tuesday, Feb. 3, 2009. PNC Chairman and Chief Executive Officer
James E. Rohr and Chief Financial Officer Richard J. Johnson will
hold a conference call for investors the same day at 9 a.m. (EST).
Live webcast and telephone conference options will be available.
Dial-in Numbers: (800) 990-2718 or (706) 643-0187 (international)
Internet: Live audio-only webcast accessible at
http://www.pnc.com/investorevents Replay Information: Available on
PNC's Web site for 30 days, and via telephone for one week at (800)
642-1687 or (706) 645-9291, Conference ID 79677068. Presentation
Materials: Presentation slides, earnings release and supplementary
financial information will be available on PNC's Web site
http://www.pnc.com/investorevents prior to the beginning of the
conference call 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. DATASOURCE: The PNC Financial Services Group, Inc.
CONTACT: MEDIA, Brian Goerke, +1-412-762-4550, , or INVESTORS,
William H. Callihan, +1-412-762-8257, Web site: http://www.pnc.com/
Company News On-Call: http://www.prnewswire.com/comp/701257.html
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