Friday, October 24, 2008

Bank Collapse Watch: National City Falls

PNC to buy ailing National City for $5.6 billion
NEW YORK (Reuters) - PNC Financial Services Group Inc said Friday it agreed to buy Ohio's National City Corp in a $5.6 billion transaction, in a deal that would save the ailing Cleveland-based bank.

National City posted a $729 million quarterly loss earlier this week. In an interview on Tuesday, Chief Executive Peter Raskind Told Reuters the economic environment remains tough. "It probably gets worse before it gets better," he said.

Since July this bank has been on the radar screen. Even CNBC's Cramer stated about a month ago that he expected the Feds to imminently seize it.

Well, now it's been acquired.

Previously here:

Bank Collapse Watch: National City
Chronicles Of Depression 2.0: #168
Bank Collapse Watch: Contestant List #2
Chronicles Of Depression 2.0: #152

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