JUSTICE DEPARTMENT REQUIRES DIVESTITURES IN ACQUISITION OF
NATIONAL CITY CORPORATION BY THE PNC FINANCIAL SERVICES GROUP
61 Branches in Western Pennsylvania to Be Divested
WASHINGTON — The Department of Justice announced today that The PNC Financial
Services Group Inc. and National City Corporation have agreed to sell 61 of National City's
branch banking offices in western Pennsylvania, with deposits that totaled approximately $4.1
billion as of June 30, 2008, in order to resolve competitive concerns about the companies'
pending merger. The Department said that, with the divestitures, the merger would not have 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.
Under the agreement with the Department's Antitrust Division, the companies will divest
50 branches with $3.35 billion of deposits in Allegheny County and four other counties in the
Pittsburgh area; six branches with $249 million in deposits in Erie County, serving the Erie area;
four branches with $186 million deposits in Crawford County, serving the Meadville and
Titusville areas; and one branch with $120 million in deposits in Warren County, serving the
Warren area. The divestitures will include the commercial loans associated with the divested
branches.
In addition, the agreement requires the companies to divest approximately half of
National City's lending and related business with middle market customers — generally, businesses
with lending needs of more than $1 million — in the Pittsburgh area, and virtually all of that
business in the Erie area, and give the acquirer of those middle market customer relationships the
opportunity to hire the National City personnel who manage those relationships.
"The divestitures in western Pennsylvania will ensure that consumers, small businesses,
and middle market businesses in that area will continue to have choices for banking services and
to enjoy the benefits of competition, while allowing PNC's acquisition of National City to
proceed," said Deborah A. Garza, Acting Assistant Attorney General in charge of the
Department's Antitrust Division.
Garza added that the Department reviews proposed bank mergers to ensure that,
consistent with the Nation's antitrust laws, they do not harm consumers by reducing competition
substantially.
The proposed merger is subject to the final approval of the Board of Governors of the
Federal Reserve System. The Department said that it will advise the Federal Reserve Board that
it will not challenge the merger provided that: the parties divest the branch offices, associated
loans and deposits, and middle market banking relationships specified in the agreement; the
parties commit to the Federal Reserve Board that they will comply with the agreement with the
Department; and the parties' commitments to the Department are included as a condition in the
event the Federal Reserve Board enters an order allowing the transaction.
The PNC Financial Services Group Inc. is a financial holding company headquartered in
Pittsburgh with approximately $128 billion in assets. It serves 2.9 million consumer and small
business customers through more than a thousand branches and 3,900 ATMs in Delaware,
Indiana, Kentucky, Maryland, New Jersey, Ohio, Pennsylvania, Virginia and the District of
Columbia.
National City Corporation is a financial holding company headquartered in Cleveland
with approximately $151 billion in assets. It operates banking centers in Florida, Illinois,
Indiana, Kentucky, Michigan, Missouri, Ohio and Pennsylvania, and also serves customers in
selected markets nationally. Its core businesses include commercial and retail banking, mortgage
financing and servicing, consumer finance and asset management.
A list of the branches to be divested is attached.
###
08-1092
Attachment A
National City Branches to Be Divested
Branch Name |
Address |
City |
State |
Zip |
County |
Deposits as
of June 30,
2008 (000s) |
South Hills Village |
1825 Washington RD |
Pittsburgh |
PA |
15241 |
Allegheny |
$216,481 |
Pleasant Hills |
10 Old Clairton Rd |
Pittsburgh |
PA |
15236 |
Allegheny |
$164,980 |
Squirrel Hill,
Murray Ave |
1730 Murray Ave. |
Pittsburgh |
PA |
15217 |
Allegheny |
$136,946 |
Monroeville Mall
1/ |
711 Monroeville Mall |
Monroeville |
PA |
15146 |
Allegheny |
$127,864 |
North Hills |
6203 Babcock
Boulevard |
Pittsburgh |
PA |
15237 |
Allegheny |
$91,479 |
Elizabeth |
810 McKeesport Rd |
Elizabeth |
PA |
15037 |
Allegheny |
$82,872 |
Bellevue |
484 Lincoln Avenue |
Pittsburgh |
PA |
15202 |
Allegheny |
$79,117 |
Natrona Heights |
1509 Freeport Road |
Natrona Heights |
PA |
15065 |
Allegheny |
$78,428 |
Mckees Rocks |
527 Chartiers Avenue |
McKees Rocks |
PA |
15136 |
Allegheny |
$78,095 |
Hillcrest |
4996 Library Road |
Bethel Park |
PA |
15102 |
Allegheny |
$77,984 |
Waterworks II |
831 Freeport Road |
Pittsburgh |
PA |
15238 |
Allegheny |
$73,040 |
Imperial |
100 W. Allegheny Rd |
Imperial |
PA |
15126 |
Allegheny |
$71,279 |
Ingomar |
9605 Harmony Dr |
Ingomar |
PA |
15127 |
Allegheny |
$70,953 |
Oliver Avenue |
300 Sixth Avenue Bldg |
Pittsburgh |
PA |
15222 |
Allegheny |
$58,583 |
Smithfield Street |
445 Smithfield Street |
Pittsburgh |
PA |
15222 |
Allegheny |
$58,002 |
Allison Park |
2412 Ferguson Road |
Allison Park |
PA |
15101 |
Allegheny |
$56,017 |
Lebanon Shops |
305 Mt. Lebanon Blvd. |
Pittsburgh |
PA |
15234 |
Allegheny |
$54,954 |
Mcknight Road |
4808 McKnight Road |
Pittsburgh |
PA |
15237 |
Allegheny |
$53,746 |
Allegheny 2/ |
1020 Western Avenue |
Pittsburgh |
PA |
15233 |
Allegheny |
$53,411 |
East Mckeesport |
1135 Fifth Avenue |
East McKeesport |
PA |
15035 |
Allegheny |
$50,514 |
Oakland, West |
3700 Fifth Avenue |
Pittsburgh |
PA |
15213 |
Allegheny |
$49,650 |
Oakmont |
583 Allegheny Avenue |
Oakmont |
PA |
15139 |
Allegheny |
$49,430 |
Coraopolis |
953 Fifth Avenue |
Coraopolis |
PA |
15108 |
Allegheny |
$49,299 |
Plum Boro |
1801 Route 286 |
Pittsburgh |
PA |
15239 |
Allegheny |
$48,592 |
East Liberty |
217 N Highland Avenue |
Pittsburgh |
PA |
15206 |
Allegheny |
$47,718 |
Mt.Washington |
122 Shiloh Street |
Pittsburgh |
PA |
15211 |
Allegheny |
$44,154 |
Penn Hills,
Saltsburg Rd |
6145 Saltsburg Road |
Verona |
PA |
15147 |
Allegheny |
$42,849 |
Sewickley |
400 Broad Street |
Sewickley |
PA |
15143 |
Allegheny |
$40,060 |
Oxford Centre |
One Oxford Centre |
Pittsburgh |
PA |
15219 |
Allegheny |
$36,356 |
Collier Township |
1593 Washington Pike |
Bridgeville |
PA |
15071 |
Allegheny |
$30,337 |
West End |
22 Wabash Avenue |
Pittsburgh |
PA |
15220 |
Allegheny |
$20,098 |
Perrysville Avenue |
4025 Perrysville
Avenue |
Pittsburgh |
PA |
15214 |
Allegheny |
$15,981 |
Hazelwood Rite
Aid |
4934 Second Avenue |
Pittsburgh |
PA |
15207 |
Allegheny |
$10,400 |
Cranberry |
20111 Route 19 |
Cranberry Twp. |
PA |
16066 |
Butler |
$73,165 |
Butler Center Ave |
364 Center Avenue |
Butler |
PA |
16001 |
Butler |
$60,076 |
Conneaut Lake |
210 Water St. |
Conneaut Lake |
PA |
16316 |
Crawford |
$55,004 |
North Street |
349 North Street |
Meadville |
PA |
16335 |
Crawford |
$26,072 |
Meadville WAL-MART |
16086 Conneaut Lake
Road |
Meadville |
PA |
16335 |
Crawford |
$12,838 |
Titusville |
127 West Spring Road |
Titusville |
PA |
16354 |
Crawford |
$92,383 |
8th And State |
801 State St. |
Erie |
PA |
16501 |
Erie |
$59,722 |
Millcreek |
2520 West 26th Street |
Erie |
PA |
16506 |
Erie |
$52,315 |
Kearsarge |
1468 West Gore Road |
Erie |
PA |
16509 |
Erie |
$44,849 |
North East |
27 East Main Street |
North East |
PA |
16428 |
Erie |
$37,140 |
Corry |
318 West Columbus
Ave. |
Corry |
PA |
16407 |
Erie |
$35,055 |
East Avenue |
718 East Avenue |
Erie |
PA |
16503 |
Erie |
$19,949 |
Uniontown |
2 West Main Street |
Uniontown |
PA |
15401 |
Fayette |
$128,646 |
Laurel Mall |
Route 119 South
University Drive |
Connellsville |
PA |
15425 |
Fayette |
$46,534 |
Warren |
315 Second Ave. |
Warren |
PA |
16365 |
Warren |
$120,477 |
Monongahela |
318 West Main Street |
Monongahela |
PA |
15063 |
Washington |
$102,909 |
West Beau Street |
200 West Beau Street |
Washington |
PA |
15301 |
Washington |
$91,242 |
Houston |
22 East Pike Street |
Houston |
PA |
15342 |
Washington |
$79,924 |
Finleyville |
3500 Extension Avenue |
Finleyville |
PA |
15332 |
Washington |
$59,720 |
California |
256 Third Street |
California |
PA |
15419 |
Washington |
$47,666 |
Mount Pleasant |
632 West Main Street |
Mount Pleasant |
PA |
15666 |
Westmoreland |
$100,488 |
Irwin |
226 Main St. |
Irwin |
PA |
15642 |
Westmoreland |
$61,206 |
Jeannette |
411 Clay Avenue |
Jeannette |
PA |
15644 |
Westmoreland |
$61,098 |
Pittsburgh Street |
800 E. Pittsburgh Street |
Greensburg |
PA |
15601 |
Westmoreland |
$56,826 |
Hempfield |
6084 Route 30 |
Greensburg |
PA |
15601 |
Westmoreland |
$51,131 |
Parnassus |
333 Freeport Street |
New Kensington |
PA |
15068 |
Westmoreland |
$45,654 |
Countryside
Shopping |
100 Country Side Plaza |
Mount Pleasant |
PA |
15666 |
Westmoreland |
$33,861 |
Smithton |
713 Peer Street |
Smithton |
PA |
15479 |
Westmoreland |
$32,531 |
1/ Includes deposits of 3474 William Penn Highway, Pittsburgh, PA 15235.
2/ Includes deposits of 118 Allegheny Center Mall, Pittsburgh, PA 15212.
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