PNC is a Pittsburgh-based bank that is among the largest of U.S. banks. It received $7.7 billion under the Treasury Department’s Capital Purchase Program (CPP). PNC recently acquired National City Corp., a bank that was denied funding under the CPP. The acquisition has not been without controversy. However, National City was reportedly considering filing for bankruptcy prior to the takeover.

According to the annul Fortune 500 rankings, PNC, is the country’s 14^th largest commercial bank while National City was the country’s 11^th largest.

A controversial change to federal tax law made in the wake of the financial crisis will benefit PNC in its acquisition on National City. One analyst estimates the benefit will bring $5.1 billion in tax breaks to PNC. Through the acquisition, PNC will become the nation’s 5^th largest bank and will expand its operations into the Midwest.

11-06-2008 PNC Financial Services Group 10-Q

10-24-2008 Overview of PNC and National City merger

10-24-2008 PNC and National City Merrger Form 8-K

3-28-2008 PNC Financial Services Group Proxy Statement

12-31-2007 PNC Financial Services Group 10-K

12-31-2007 PNC Financia lService Group Annual Report

USAspending.gov (last accessed 03/26/2009)

►Lobbying reports (if any)

►Political Contributions

Center for Responsive Politics  (Last Accessed 11/17/08).

►Related Articles

December 6, 2008 National City shareholders sue over PNC sale (CNNMoney)

2008: PNC to Acquire National City, Doubles in Size (Press Release)

November 17, 2008 Kentucky’s banks fending off frenzy Even with PNC merger, many firms avoid upheaval (Lexington Herald-Leader)

November 16, 2008 Bank’s demise one for textbooks (Columbus Dispatch)

November 16, 2008 PNC-National City bank deal draws criticism (Cleveland Plain Dealer)

November 16, 2008 PNC’s sweet takeover deal (Pittsburgh Post-Gazette)

November 16, 2008 Ohio lawmakers demand info on National City sale (Ohio.com)

November 14, 2008 PNC, U.S. Bank Lead Infusions as TARP Deadline Nears (Bloomberg)

November 11, 2008 National City sale staved off shutdown by regulators, PNC filing shows (Cleveland Plain Dealer)

November 10, 2008 National City mulled bankruptcy before PNC deal (Reuters)

November 7, 2008 PNC Outlines Risks to National City Deal (U.S. News & World Report)

October 30, 2008 PNC Stands to Gain From Tax Ruling (Wall Street Journal)

October 25, 2008 PNC’s $5.2 Billion National City Purchase Is Takeover Template (Bloomberg)

Bailout Bank Bio: PNC Financial Services Group

 Last Updated March 26, 2009