Wednesday, December 24, 2008 at 7:03 AM
Shareholders in Cleveland and Pittsburgh signed-off on the end of a banking institution, yesterday. PNC Financial Services was given the green light to acquire Cleveland's National City Bank --- the first acquisition to take place using money from the $700 billion federal bailout fund.
But, the true impact of this merger won’t be known until some details are worked out, according to the Deal of University of Akron’s Business school, Raj Agarwal.
Agarwal: “The economy is really getting much weaker than it was when the deal was first announced. And the thing to look for going forward is: what are the specific plans for integrating the operations of the two banks. That will tell you what kind of job losses we are facing at National City.”
By absorbing National City, PNC becomes the fifth largest bank in the country. The sale is expected to be finalized by the end of the year.
Economy, Regional Economy/Business - Analysis and Trends, Regional Economy/Business - News, Other, Community/Human Interest
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