Monday, November 17, 2008

PNC Purchase of National City Questioned

The sale of National City Bank to Pittsburgh based PNC Financial Services Group is getting closer scrutiny from several Ohio lawmakers. They want to know why National City's application for federal bailout funds was rejected and why PNC used part of its bailout dollars to purchase the ailing Cleveland-based bank. The $5.6 billion deal is scheduled for completion by year's end. Congressman Steve LaTourette plans to use a House Financial Services Committee hearing Tuesday to ask the Treasury Department to give $3.5 billion to $4 billion to National City. LaTourette, Congressman Dennis Kucinich and Senator Sherrod Brown also want to know if the Treasury Department could have bolstered confidence in the bank by providing bailout money.

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