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PNC Boosts Commercial Presence
PNC Financial Services Group Inc. has agreed to buy a California-based commercial mortgage originator that funded more than $2 billion last year.


PRESS RELEASE


PNC to Acquire ARCS Commercial Mortgage

Acquisition will expand PNC's multifamily lending and servicing capability


PITTSBURG -- (May 9, 2007) The PNC Financial Services Group Inc. (NYSE: PNC) announced today that it has signed a definitive agreement to acquire ARCS Commercial Mortgage. Calabasas Hills, California-based ARCS has 10 origination offices in the United States and has been a leading agency lender for the past decade. It originated more than $2.1 billion of loans in 2006 and services approximately $13 billion of loans.

"ARCS will provide PNC with expertise and a customer base that complement our own. Together we will offer the full spectrum of financing and servicing options to multifamily owners and investors nationally," said William S. Demchak, PNC vice chairman and head of Corporate & Institutional Banking. "Multifamily housing is one of the largest lending sectors in commercial real estate, and agencies are leading providers of permanent financing products for market rate and affordable multifamily projects."

Financial terms of the agreement were not disclosed. The acquisition is expected to close in the third quarter of 2007, pending regulatory and agency approvals. It is expected to be accretive to earnings within the first year.

"We at ARCS are excited by this opportunity to provide our clients with the broadest possible line of lending products," said Howard J. Levine, founder and chief executive officer of ARCS Commercial Mortgage. "PNC's leadership in commercial real estate finance and its commitment to superior customer service dovetails well with our own. PNC values our vision and our continuing quest for innovative lending solutions to meet our customers' needs. Together, ARCS and PNC can now do even more."

Beekman Advisors acted as financial adviser to ARCS on the transaction.


SOURCE:

The PNC Financial Services Group Inc.

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.



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