PNC Financial acquires National City in stock-for-stock transaction

By Lisa Kerner

Charlotte, N.C., Dec. 31 - PNC Financial Services Group, Inc. completed its acquisition of National City Corp. as planned on Dec. 31.

As previously reported, PNC agreed to acquire National City, a Cleveland-based financial holding company, in a stock-for-stock transaction valued at $5.2 billion in PNC stock.

National City shareholders will receive 0.0392 shares of PNC common stock for each share of National City held, a PNC news release said. Fractional shares of PNC common stock will be paid in cash.

PNC, a Pittsburgh-based diversified financial services company, also announced it completed the sale of $7.6 billion of preferred stock and warrants to the U.S. Treasury under the Troubled Asset Relief Program's Capital Purchase Program.

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