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• The holding company National City Corporation, which provides personal banking, finance planning and commercial banking, was taken over by PNC in December 2008. PNC announced it would buy the corporation in October 2008, after National City suffered a dramatic decline in stock value due to the Subprime Mortgage Crisis of 2008.Bloomberg: PNC Financial to Buy National City for $5.2 Billion (October 24, 2008) The integration of National City into PNC will take about two years, according to company newsletters.Cleveland.com: National City owner PNC to cut 5,800 jobs February 3, 2009)

• Fast Facts

  1. PNC took over National City in December 2008 after buying it for $5.6 billion in stocks and cashCleveland.com: National City owner PNC to cut 5,800 jobs February 3, 2009)
  2. Revenue in 2007: $11,829,609,000 Yahoo! Finance: National City Corporation (NCC) Income Statement
  3. Founders: Reuben Sheldon and Theodoric C. Severance
  4. Founded: 1845The New York Times: National City Corp
  5. Industry: Banking
  6. 226 on the 2008 Fortune 500 listCNNMoney: Fortune 500
  7. HQ of PNC: Pittsburgh, Pennsylvania
  8. CEO of PNC: James E. Rohr
  9. Phone: (888) 622-4932
  10. PNC announced it would buy the company in October 2008Bloomberg: PNC Financial to Buy National City for $5.2 Billion (October 24, 2008)
  11. The company's stock value had declined 88% that yearBloomberg: PNC Financial to Buy National City for $5.2 Billion (October 24, 2008)

• Key Dates

  1. 1845: Granted charter as City Bank of Cleveland on May 17
  2. 1865: City Bank of Cleveland reorganizes as National City Bank
  3. 1973: National City Corp established as holding company
  4. 1980s-2000s: Expands into Kentucky, Indiana, Michigan, Pennsylvania, Illinois, Florida, Missouri, and Wisconsin
  5. 2007-2008: Suffers billions of dollars in losses in fallout of Subprime Mortgage CrisisCleveland Plain Dealer: After Billion-Dollar Losses...(July 27, 2008)
  6. 2008: PNC buys the National City Corporation in a $5.6 billion deal

• PNC Layoffs

  In February 2009, PNC Financial Corporation announced it will cut about 10 percent of its workforce, or about 5,800 employees by 2011. They include about 4,000 job cuts that National City Corporation announced in October 2008 before the acquisition. The announcement came as PNC reported its first loss since 2001, in the forth quarter of 2008, a loss partly due to costs of integrating of National City Corporation into the company.WKRC-TV: PNC, Fidelity Announcing Layoffs (February 3, 2009) Bloomberg: PNC Shares Fall as Bank Reports First Loss Since ’01, Job Cuts(February 3, 2009)

• Related Mahalo Pages

  Subprime Mortgage Crisis | Citigroup | JP Morgan Chase | Bank of America | Wachovia | Washington Mutual | Wells Fargo | Banking | PNC Bank | PNC National City

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