S&P 500 October Winners & Losers Nov 2, 2008
Another stock buoyed by a buyout: National City (nyse: - - ), acquired by PNC Financial Services Group (nyse: - - ) for $5. 6 billion on Oct. 24. (Forbes -- Markets)
Healthy banks complain: We don't want bailout Nov 2, 2008
7 billion of preferred shares in PNC Financial Services and rejected an application from National City Bank, based in Cleveland. National City quickly agreed to a takeover by PNC.. (International Herald Tribune -- Business)
Wall Street Bonuses, Acquisitions Violate U.S. Bailout Program, Frank Says Nov 1, 2008
PNC Financial Services Group Inc. to buy Cleveland-based National City Corp. on Oct. 24 after getting $7. 7 billion from the government. (Bloomberg -- US)
Time Bombs In The Economy Oct 31, 2008
com Investor Team gathered for a two day e-mail discussion, PNC Financial Services was going to use some of its share of the government's money to buy Cleveland's National City. The markets also whipsawed, dropping 6% Monday but climbing 10% the next day on news that the commercial paper market has seemed to be responding to interventions by the Federal Reserve. (Forbes -- Markets)
PNC tax break may be worth billions Oct 31, 2008
PNC Financial Services Group could get a billion-dollar tax benefit from a recent change in how a federal tax code provision is applied, a change that applies only when a strong bank buys a weaker rival. PNC said it cannot put a dollar value on the benefit yet, only estimating it will account for about 20 percent of the return it expects to earn on its $5. (Pittsburgh Post-Gazette, PA)
Wachovia Shows Why No Bank's Books Are Trusted Oct 31, 2008
Then on Oct. 24, it said it would be sold to PNC Financial Services Group Inc. for about $5. 2 billion in stock. (Bloomberg -- Columnists)
Not a total loss Oct 31, 2008
National City is in the process of being purchased by PNC Financial Services Group Inc.. Kidd said he still believes there is a possibility that the project will move forward. (Gaylord Herald Times, MI)
PNC, National City get in tune Oct 31, 2008
6 billion merger between PNC Financial Services Group and , announced on Oct. 24, takes shape. The potential cost savings are clear Pittsburgh-based PNC already has said it will cut more than $1 billion of expenses across its system. (Cincinnati Business Courier, OH)
FOMC Cuts Key Interest Rate by 50 Basis Points to 1.0% Oct 30, 2008
The Fed is going to have to raise rates forcibly and quickly, said Stuart Hoffman, chief economist at PNC Financial Services. Market Snapshot. (Fox News)
Banks told to stop hoarding Oct 30, 2008
Indeed, the government approved PNC Financial Services Group Inc. to receive $7. 7 billion in return for company stock and, at the same time, PNC said it was acquiring National City Corp. for $5. (Albany Times Union)
Fed pondering whether to lower interest rates Oct 29, 2008
"I'm torn," Stuart Hoffman, chief economist at PNC Financial Services Group, said about the size of the cut. "Clearly, the economic outlook has weakened.". (San Francisco Chronicle -- Business)
Apria Rewards The Faithful Oct 29, 2008
Last week PNC Financial Services Group (nyse: - - ) offered to buy National City (nyse: - - ) with government-supplied cash. (See " ."). (Forbes -- Markets)
Fed weighs another rate reduction to limit fallout Oct 29, 2008
I'm torn, Stuart Hoffman, chief economist at PNC Financial Services Group, said about the size of the cut. Clearly, the economic outlook has weakened, he said. (San Diego Union-Tribune)
US bail-out of banks is under way Oct 28, 2008
On Friday PNC Financial Services Group used some of the $700bn government bail-out money to buy a rival, National City, for $5. 6bn. (BBC News -- Americas)
Pimco's Gross Calls Keycorp, Regions Debt `Slam Dunk' (Update2) Oct 28, 2008
Regional lenders SunTrust Banks Inc., Capital One Financial Corp. and PNC Financial Services Group Inc. have also taken cash by selling preferred shares to the government. Swaps, Mortgages. (Bloomberg)
Treasury begins to deploy financial rescue plan Oct 28, 2008
Another major bank, PNC Financial Services Group, announced on Friday it was acquiring National City Corp. It was the first instance of a bank using resources it has been told it will receive from the governments stock purchase program to support an acquisition of another bank. PNC said it is in line to get $7. (Durant Daily Democrat, OK)
Gains Extinguished On Wall Street Oct 28, 2008
Fifth Third Bancorp (nasdaq: - - ), SunTrust Banks (nyse: - - ) and PNC Financial Services Group (nyse: - - ) all surged early in the day after indicating they will receive $3. 0 billion or more from the Treasury, but shed some of their gains later. (Forbes)
Rescue Plan Chafes Small Banks Oct 27, 2008
The announcement Friday that PNC Financial Services Group Inc., will buy Cleveland-based National City Corp. fueled arguments on both sides. PNC will receive more than $7 billion from Treasury, bolstering its ability to complete the $5. (Wall Street Journal)
S Korea announces record rate cut Oct 27, 2008
Four other banks, including PNC Financial Services Group Inc, announced Friday they would participate in the second round of capital injections under the US government's bailout program. Governments have so far pledged about $4 trillion to support banks and restart money markets to try to stem the crisis and are considering tougher financial rules to guard against any repeat. (India Times)
KeyCorp, Capital One to Receive Cash Infusion: Source Oct 27, 2008
Four banks, including PNC Financial Services Group Inc , have already announced they are participating in the second round of capital injections. Under the government's $700 billion financial services rescue package, the Treasury Department will inject $250 billion of capital directly into banks in exchange for preferred shares and warrants. (ABC News -- Wire)
Banks see value in a return to basics Oct 27, 2008
The latest blow to the fee-based strategy came Friday, as PNC Financial Services Group agreed to acquire National City for a deeply discounted $5. 6 billion, aided by $7. (International Herald Tribune -- Business)
Washington Federal gets $200M cash infusion, Fifth Third applies Oct 27, 2008
Four other banks, including PNC Financial Services Group, announced Friday they would participate in the second round of capital injections. Under the government's $700 billion financial services rescue package, the Treasury Department will inject $250 billion of capital directly into banks in exchange for preferred shares and warrants. (USA Today -- Money)
Tipoff with Michael K. McIntyre Oct 26, 2008
With the purchase of National City Bank by PNC Financial Services Group, will Browns fans who usually use the "National City Gate" have to enter the stadium through a gate sponsored by a Pittsburgh-based bank. Isn't that an illegal substitution. (Cleveland.com)
PNC, National City merger could be model for other banks Oct 26, 2008
PNC, National City deal a glimpse of what's ahead. " That is how the regulatory script reads for PNC's $5.6 billion acquisition of National City, announced Friday. And Mr. Melvin, a director at FNB Corp., a Hermitage, Pa. bank, expects more to follow. "What the Fed is telling us is that you can use this money for acquisitions," he said. "They'll give you extra capital if you take a bad bank. (Pittsburgh Post-Gazette, PA)
PNC Financial buying National City for $5.58B Oct 26, 2008
NEW YORK PNC Financial Services Group Inc. said Friday it is acquiring National City Corp. for $5. 58 billion, the first bank to use fresh investments from a federal bailout program to make an acquisition. (San Diego Union-Tribune -- Business)
Banking Faces New Wave Of Consolidation Oct 26, 2008
Friday, on a day when U.S. markets braced for sharp panic-driven losses, Pittsburgh's PNC Financial Services Group (nyse: - - ) unveiled a $5. 6 billion plan to buy its ailing Cleveland rival, National City (nyse: - - ). (Forbes -- Business)
PNC to buy Ohio bank in $5.2b stock deal Oct 25, 2008
PNC Financial Services Group is receiving some of the first US Treasury funds earmarked to help regional lenders. (Jeff Swensen/Getty Images) Bloomberg News / October 25, 2008. (Boston Globe)
US bail-out cash buys rival bank Oct 25, 2008
PNC Financial Services Group is buying National City for $5. 6bn - making PNC the US's fifth largest bank by deposits with the fourth most branches. (BBC News -- Americas)
Bailout expanding to insurers Oct 25, 2008
7 billion to PNC Financial Services Group to help buy National City. It did not require that the money be used for new lending, the stated purpose of the government plan. (MSNBC -- Race)
Nat'l City buy adds PNC to top local bank ranks Oct 25, 2008
The latest newcomer is Pittsburgh-based bank holding company PNC Financial Services Group Inc., which will become the fifth-largest bank by deposits in the Chicago area after completing its $5. 6-billion purchase of National City Corp., it announced Friday. (Crain's Chicago Business)
By The Numbers: Oct. 20-24 Oct 25, 2008
PNC Financial Services acquires National City for. Existing home sales jumped in September -- highest level in 5 years. (Fox News)
PNC Does Good And Does Well Oct 25, 2008
In a deal that furthers the U.S. government's plan to inject life into credit markets, PNC Financial Services Group's offer to buy National City with government-supplied cash would also make the Pittsburgh-based financial services company a significant player in retail banking. Shortly after PNC Financial Services Group (nyse: - - ) qualified for $7 ... According to , regulators pressured PNC Financial Services Group to purchase the beleaguered regional bank. (Forbes -- Markets)
PNC to buy ailing National City in bank deal Oct 25, 2008
NEW YORK - PNC Financial Services Group Inc. said Friday it is acquiring National City Corp. for $5. 58 billion, the first bank to use fresh investments from a federal bailout program to make an acquisition. (MSNBC -- Politics)
Dow closes down 200 Friday; PNC's stock up Oct 25, 2008
PNC Financial Services Group Inc. (NYSE:PNC). (NYSE:PPG), down 1. (Pittsburgh Business Times, PA)
Analysts surprised PNC acquires National City Oct 25, 2008
Rumored for weeks and debated by many in the financial sector, on Friday, PNC Financial Services Group Inc. But the consensus is that the deal is a good one for Pittsburgh-based PNC (NYSE:PNC). The deal, expected to close by year-end pending shareholder and regulatory approvals, will create the fifth largest bank in the country with deposits of $180 billion. (Pittsburgh Business Times, PA)
What will PNC do with NatCity branches? Oct 25, 2008
PNC Financial Services Group Inc. s pending. means considerable branch overlap in Cincinnati, Louisville and, largest of all, Pittsburgh. (Pittsburgh Business Times, PA)
PNC Financial Buying National City for $5.58B Oct 25, 2008
PNC Financial Services on Friday, Oct. 24, 2008 said it is acquiring National City for about $5 ... PNC Financial Services Group Inc. said Friday it is acquiring National City Corp. for $5. (ABC News -- Wire)
Banks Getting Capital, National City Sold Oct 25, 2008
2 billion takeover of National City Corp by PNC Financial Services Group Inc. Friday's moves came as U.S. bank shares suffered a rocky ride, closing mostly lower amid fears that losses from bad loans will soar because of a deep global recession. (ABC News -- Wire)
Bank Shares Tumble on Recession Worry Oct 25, 2008
The sector was also rocked by the latest merger to save an ailing lender: PNC Financial Services Group Inc agreed to buy Cleveland's National City Corp for $5. 2 billion in stock. (ABC News -- Wire)
Global Recession Fears Intensify, Markets Dive Oct 25, 2008
PNC Financial Services Group Inc's, the first regional bank to participate in the Treasury's $250 billion capital infusion program for banks, agreed to purchase ailing Ohio-based National City Corp in a government-supported $6 billion deal. The purchase of National City, which been crippled by its soured mortgage loans, will create the No. 5 U.S. bank by deposits. (ABC News -- Wire)
U.S. Bank Shares Sink on Recession Worries Oct 25, 2008
2 billion bid from Pittsburgh's PNC Financial Services Group Inc. DIFFICULT ENVIRONMENT. (ABC News -- Wire)
Wall Street Makes Concessions To Recession Oct 25, 2008
Meanwhile, PNC Financial Services Group (nyse: - - ) said it would buy National City (nyse: - - ) in a $5. 6 billion deal supported by the federal government. (Forbes -- Technology)
Asia, Europe pull together to ease financial crisis Oct 25, 2008
In the United States, PNC Financial Services Group Inc agreed to purchase ailing Ohio-based National City Corp in a government-supported 5. 6 billion deal that will create the No. 5 U.S. bank by deposits. (Yahoo News -- Top Stories)
Wall Street drops on worries about deep slowdown Oct 25, 2008
07 after PNC Financial Services Group Inc said it would buy the Cleveland-based bank for 5. 6 billion. (Yahoo News -- Top Stories)
National City scooped up Oct 25, 2008
PNC Financial Services Group Inc.'s deal to scoop up National City, a troubled Cleveland-based lender that Bank of Nova Scotia had its eye on earlier this year, came about after the U.S. Treasury gave PNC a capital infusion ... PNC Financial Services. (Globe and Mail)
Deal a relief to customers, but brings new questions Oct 25, 2008
The uncertainty ended yesterday with the announcement that Pittsburgh's PNC Financial Services plans to acquire the bank by the end of the year, if the right people sign off on the deal. That should help many customers feel better. (Pittsburgh Post-Gazette, PA)
PNC will buy troubled National City Corp. for $5.58 billion Oct 25, 2008
By Pallavi Gogoi, USA TODAY NEW YORK PNC Financial Services , a large, Pittsburgh-based regional bank said Friday that it is buying National City , a struggling Cleveland-based bank, for $5. 58 billion. (USA Today -- Money)
Georgia's Alpha Bank & Trust Becomes the 16th U.S. Bank Seized This Year Oct 25, 2008
PNC Financial Services Group Inc., the biggest bank in Pennsylvania, bought National City Corp. of Cleveland yesteday for $5. 2 billion, with $7. (Bloomberg -- US)
PNC to buy National City Oct 25, 2008
PNC Financial Services Group buys National City - Silicon Valley / San Jose Business Journal ... PNC Financial Services Group buys National City. (San Jose Business Journal, CA)
Feds Weigh Stakes In Insurers Oct 25, 2008
Earlier yesterday, PNC Financial Services Group Inc. said it is acquiring National City Corp. for about 5. 2 billion in stock after getting a 7. (New York Post -- Business)
US govt to buy stake in insurance companies: report Oct 25, 2008
On Friday, PNC Financial Services Group Inc., said The Treasury Department would buy 7. 7 billion dollars worth of preferred stock and warrants. (Yahoo! Asia News)
St. Clair Hospital bond rating upgraded Oct 24, 2008
The project, which will be done at the end of the year, is being paid for by government grants totaling $1 million, charitable contributions and a $10 million loan from PNC Financial Services Group, Chesnos said. Instead of a bond issue, the hospital chose tax exempt financing through PNC, which saved issuing and related costs, Chesnos said. (Pittsburgh Business Times, PA)
U.S. mortgage applications sink to 8-year low Oct 23, 2008
A lot of individuals are just not thinking about buying a house now, said Stuart Hoffman, chief economist at PNC Financial Services Group in Pittsburgh. They're uncertain, their confidence isn't high, they're feeling that they might not qualify for a loan anyway so why even bother to apply. (San Diego Union-Tribune)
LA investor group buys Reed Smith building Oct 18, 2008
The Reed Smith headquarters property will soon be vacant as the law firm plans to begin consolidation next summer of its local operations at PNC Financial Services Group s Three PNC Plaza, now under construction Downtown at Fifth Avenue and Market Street. Reader Comments. (Pittsburgh Business Times, PA)
Banks try to assure customers of stability Oct 17, 2008
Pittsburgh-based PNC Financial Services took advantage of its new in-branch digital network to produce targeted daily messages that discuss how the institution's services are well-suited to the latest events. Meanwhile, its executives have been seen, heard and read in the media discussing the economic upheaval. (Pittsburgh Post-Gazette, PA)
Credit woes plaguing regional banks Oct 17, 2008
NEW YORK Regional banks BB&T Corp., Huntington Bancshares Inc. and PNC Financial Services Group Inc. all reported double-digit declines in third-quarter profit Thursday, a clear sign of the downtrodden economy's deteriorating credit trends. The third quarter proved to be one of the most tumultuous times in America's economy since the stock market crash of 1929 and the results thus far illustrate the effects of that turmoil on the nation's banks. (San Diego Union-Tribune -- Business)
Profits drop 39% at PNC Oct 16, 2008
Profits drop at PNC Financial Services - Washington Business Journal ... Profits drop at PNC Financial Services. (Washington Business Journal, DC)
WALL ST. SLIPS FOLLOWING DOW WOW... Oct 15, 2008
Robert Dye, senior economist at PNC Financial Services Group, said the government's actions likely will help revive the credit markets, but now that the plan is place, investors are shifting back to concerns about the economy. "These steps are not going to turn the real economy on a dime," he said of the government intervention. (The Drudge Report)
U.S. hires Mellon to manage bailout Oct 15, 2008
PNC Financial Services Group fell nearly 8 percent, closing at $63. 04, down $5. (Pittsburgh Post-Gazette, PA)
Stocks turn lower Oct 15, 2008
Robert Dye, senior economist at PNC Financial Services Group, said the government's actions likely will help revive the credit markets, where many businesses turn to fund day-to-day operations, but that investors' focus in the past month about the soundness of the financial system had left little time to address other concerns about trouble in the economy. These steps are not going to turn the real economy on a dime, he said of the government intervention. (San Diego Union-Tribune)
Keycorp Clobbered Oct 10, 2008
5 billion in capital after an adverse ruling related to a tax dispute resulting from a partnership between KeyCorp (nyse: - - ) and regional bank PNC Financial Services Group (nyse: - - ). The ruling slapped KeyCorp with an after-tax accounting charge to earnings and capital in the range of $1. (Forbes -- Markets)
National City mum on talk of sale Oct 10, 2008
The newspaper says Pittsburgh-based PNC Financial Services Group Inc. and Toronto-based Bank of Nova Scotia are among the potential buyers. National City spokeswoman Kristen Baird Adams doesn't deny that the bank is looking for a buyer. (WKRC.com, OH)
National City to trim Downtown Pittsburgh office space Oct 10, 2008
The published a story Oct. 9 reporting that National City was in talks with PNC Financial Services Group Inc. and in Canada, among others. Financial professionals are mixed as to whether an acquisition is likely. (Pittsburgh Business Times, PA)
Hints credit may be easing Oct 10, 2008
"These credit market conditions did not happen overnight, and it's not going to be resolved in one night, either," said Robert Dye, senior economist for PNC Financial Services Group. But market participants are nervous. (Albany Times Union)
National City: On The Block, Cheap Oct 10, 2008
Pittsburgh-based PNC Financial Services Group (nyse: - - ) and Bank of Nova Scotia (nyse: - - ), based in Toronto, are likely buyers. PNC declined to comment and the Bank of Nova Scotia did not return calls for comment. (Forbes)
