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.
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