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Monday, October 27, 2008

PNC to acquire struggling bank

Oct 27, 2008
In a deal worth about $5.6 billion, Pittsburgh-based PNC will acquire ailing bank National City. The sale, which values National City at $2.23 per share, would create the nation's fifth-largest US bank with $180 billion in deposits. PNC is exchanging $5.2 billion in stock and paying an additional $384 million in cash for National City.

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