PNC Financial Services Group has announced plans to acquire Cleveland-based National City Corp. in a deal valued at $5.2 billion. The acquisition of National City will increase Pittsburg-based PNC’s core deposit base to $180 billion, making it the fifth-largest U.S. bank by deposits. The merged entity will have its headquarters in Pittsburgh.
Upon closing the transaction, National City President and CEO Peter Raskind will be appointed a PNC vice chairman and one National City director will join the board of the combined company.
In addition to ranking fifth nationally in deposits, the combination with National City is expected to place PNC fourth among U.S. banks in number of branches. It will give PNC the No. 1 deposit share position in Pennsylvania, Ohio and Kentucky and will rank the company No. 2 in Indiana and Maryland.