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PNC Acquisition of National City Done

Fresh with government funds, The PNC Financial Services Group Inc. completed its acquisition of National City Corp.

An announcement said the deal closed today. Shareholders of Cleveland-based National City will receive 0.0392 shares of PNC common stock.

Branches of National City will operate without interruption until a planned conversion in the second-half 2009. PNC agreed to divest 61 National City branches to win Justice Department approval for the acquisition.

Pittsburgh-based PNC also reported that the U.S. Department of the Treasury completed the purchase of preferred shares and warrants for $7.6 billion through the Troubled Asset Relief Program’s capital purchase program. PNC’s expected purchase price for National City to end up around $5.2 billion.

The acquisition, originally announced on Oct. 24, will make PNC the fifth largest U.S. bank with $180 billion in core deposits. National City reported $3.6 billion third-quarter mortgage production.

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