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PNC Acquiring National City

PNC Financial Services has annnounced that it is acquiring National City Bank for about $5.6 billion.

Cleveland-based National City has been in talks with potential buyers in recent weeks.   It was hit hard by the downturn in the mortgage market and announced this week it would lay off about 4,000 workers across the country.

Indiana University Southeast business professor Dr. Uric Dufrene says despite its troubles,  National City is still a strong brand and a good buy for Pittsburgh-based PNC, which has weathered the financial crisis well.

“I think PNC is on much stronger ground, stronger footing than some of the other players, like Wachovia and so forth,” Dufrene said.

National City is Kentucky’s largest bank in terms of deposits and has about 1,300 employees in the Louisville region.

 

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Local News

IUS Panel To Discuss Financial Crisis

A panel of economic experts and local business people will take part in a discussion this evening in New Albany to help people sort out all the facts related to the nation’s financial crisis.

It’s sponsored by Indiana University Southeast. Business professor Brenda Swartz says some people are understandably bewildered by the developments of the past several weeks.

“From the time we conceptualized this, the situation has changed some. So we’re going to try to keep abreast of it, and I imagine it’s going to be a contiuing situation to follow. certainly I’m sure my next version of my economics book will have some of this mentioned,” Swartz said.

The free event begins at 4:00pm at IUS.