Antitrust Lawyer Blog
On December 11, 2008, the Department of Justice (“DOJ”) required The PNC Financial Services Group (“PNC”) to sell 61 of National City Corporation’s (“National City”) branches totaling approximately $4.1 billion in deposits for PNC’s acquisition of National City to proceed.
Fifty of the branches ($3.35 billion in deposits) are located in Allegheny County (PA), six ($249 million) in Erie County (PA), four ($186 million) in Crawford County (PA), and one ($120 million) in Warren County (PA). Without these divestitures, the DOJ believes that the pending transaction would create a significantly adverse effect on competition in local markets for retail banking, small business banking and middle market banking services.
As a result of the acquisition, PNC will become the fifth largest bank in the nation, with about $289 billion in assets and about $180 billion in total deposits.
Andre Barlow
(202) 589-1834
abarlow@dbmlawgroup.com