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.