Friday, October 24, 2008

Another One Bites the Dust

National City is no more.

PNC Financial Services Group will buy National City Corp. of Cleveland in a $5.6 billion deal that will bring PNC Bank to Milwaukee.

PNC is the old Pittsburgh National, which is a potentate in Pennsylvania, Ohio, and Ky.

National City is based in Cleveland and was "in trouble" about one day after their acquisition of St. Francis Bank/Milwaukee--not due to the St Francis buy, but because NatCit was heavily into subprimes. Nuclear Waste.

Those St Francis folks are going to have so damn many year-end payroll slips they'll need a new vault to keep them...

No comments: