October 9, 200817 yr Per CNBC...PNC negotiating to purchase Nat City...Looking to close the deal within the next week.
October 9, 200817 yr Author Per CNBC...PNC negotiating to purchase Nat City...Looking to close the deal within the next week. But they're "not in trouble" though, LOL.
October 22, 200817 yr ^ They just reported a huge 3rd quarter loss and they are cutting 4,000 jobs. Sheree Paolello reported last night they lost $271Million and I think that was just the 3rd qtr. Someone correct me if I am wrong. Sounds about right though. 5/3 lost $81Million 3rd qtr or .14cents per stock value.
October 22, 200817 yr PNC's stock has gone down since an announcement that they may buy National City (about 20 points). Overall PNC stock has weathered this mess pretty well. I feel bad for the 4000 employees that are losing their jobs. In my lifetime, I have never seen so many people out of a job. Makes me very glad to be a nurse!
October 22, 200817 yr Sheree Paolello reported last night they lost $271Million and I think that was just the 3rd qtr. Someone correct me if I am wrong. Sounds about right though. 5/3 lost $81Million 3rd qtr or .14cents per stock value. Nat City was like 700 Million.
October 23, 200817 yr The FDIC will insure all accounts up to $250,000. Hammertime, I think you fine :lol:
October 23, 200817 yr The FDIC will insure all accounts up to $250,000. Hammertime, I think you fine :lol: I work for a rival bank. I don't have anything at Nat City.
October 23, 200817 yr The FDIC will insure all accounts up to $250,000. Hammertime, I think you fine :lol: Non-interest bearing accounts are insured by the FDIC for an unlimited amount.
October 24, 200817 yr The whole mess can be traced back to all the jobs lost and companies that have gone out due to the so called free trade. No one in this country can compete with someone working for fifty cents or a dollar an our. Thanks Bush.
October 24, 200817 yr The whole mess can be traced back to all the jobs lost and companies that have gone out due to the so called free trade. No one in this country can compete with someone working for fifty cents or a dollar an our. Thanks Bush. Wrong. This all goes back to the people making the loans not being the ones who are going to ultimately collect the loans. The loosened lending restritions caused by Mortgaged Backed Securities made for some bad loans that are toppling many banks in this country. We are only seeing the tip of the iceberg. Don't confuse the issue. The problem with banks and loan defaults has caused the bad econonmy, not the other way around like normal. These problems have been caused by poor lending decision.....nothing else.
October 24, 200817 yr National City Is Bought For $5.58B NEW YORK -- PNC Financial Services says it is acquiring National City for about $5.58 billion and will receive $7.7 billion in capital from the federal government. PNC will pay $5.2 billion for National City through a stock transaction that values National City at about $2.23 per share, a 18.9 percent discount from Thursday's closing price of $2.75. The remaining $384 million will be a cash payment to certain warrant holders. http://www.nbc4i.com/midwest/cmh/news.apx.-content-articles-CMH-2008-10-24-0007.html
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