Special offer

PNC Bank to buy National City

By
Commercial Real Estate Agent with NAI Tampa Bay

I spoke with 2 employees of National City Bank today and they both were confident that the future looks solid and stable now and also said they were spending most of the day reassuring clients that were a little paranoid.

I certainly wish them the best and hope they continue with their employment in light of the anouncement that NCC is laying off 4,000 workers.  I would assume some cutback in addition to the employee layoff such as renegotiation of office space and reduction of branches.

The silver lining on this purchase for PNC is that they are the perfect suitor with little to no overlap in the Pennsylvania to Ohio markets.

 

The details of the transaction are approx. 5.6 Billion in a cash and stock deal.  The value of NCC's stock in this purchase is $2.23 and shareholders will receive approx. .0392 shares for each NCC share.

Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Sean,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to you!

-Keith

Oct 24, 2008 12:58 PM
Ron Brown NMLS #270845
NMLS ID: 40831 - Federal Way, WA

Sean,

Welcome to Active Rain! Congratulations on your first blog. I think PNC will do well from this, and National City should be happy it wasn't their turn to be the target of FDIC Friday.  Check out my daily update for a quick summary of what's moving Markets, and Interest Rates.  You'll find this is a great site for sharing ideas, networking, and growing your business.  If you ever have a question about VA loans, or FHA loans I'd be happy to help!

Ron Brown

VA Loan & FHA Loan Specialist

First Mortgage Company of Washington

Oct 24, 2008 01:03 PM
Sean Dreznin
NAI Tampa Bay - Sarasota, FL
Commercial Investment Real Estate Agent

Thank you Keith and Ron!

I look forward to future discussions and hopefully a brighter economy.

Thank you both for your warm wishes and support.

Sincerely,

Sean

Oct 25, 2008 12:03 AM
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha - Omaha, NE

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain.  It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm

Oct 25, 2008 01:47 AM
Greg Steffens
Mountain Country Realty - Lake Arrowhead, CA

Hi Sean - Welcome to Active Rain and congrats on your first post.  Be sure to spend some time looking around at what and how others are blogging here - it is a great education and lots of fun.  Looks like you're off to a great start...keep it up!

Oct 25, 2008 04:17 AM
Vicente A. Martinez
Prudential Douglas Elliman Licensed Real Estate Salesperson - Woodhaven, NY
Realtor, Brooklyn - Long Island - Queens Homes

Hi and welcome to active|rain. There are thousands of tips, tools, and tricks of the trade here. Be sure to check them out. Best of luck and see you around.

Oct 25, 2008 02:59 PM