Did you hear the news?
“We’re #1! We’re #1!”
That’s the cry coming from PNC as they essentially doubled in size after the purchase of failing National City become final.
National City was one of many middle tier institutions who hurt their financial viability by going after risky loans. Now they’re paying the ultimate price. Here are the numbers.
The National City deal would make PNC the fifth-largest U.S. bank by deposits, $180 billion, and fourth-biggest by branches, roughly 2,700.
National City, which entered Kentucky about 20 years ago through acquisitions, has been the state’s largest bank by deposits. The bulk of its presence in the state has been in the Louisville area; it’s headquartered in a mirrored tower at Fifth and Main streets downtown.
The bank this week reported a larger-than-expected $5.15 billion third-quarter loss. Excluding a special dividend, the bank lost $729 million, or 85 cents a share.