LaTourette: NCB/PNC deal going forward; shareholders meet Dec. 23

WASHINGTON -- U.S. Rep. Steve LaTourette (R-Bainbridge Township) thinks the deal for PNC Financial Services to buy National City Bank will likely go ahead on schedule.

LaTourette and U.S. Rep Dennis Kucinich (D-Ohio) met with U.S. Treasury officials on Tuesday to find out why NCB didn't get a chance to be bailed out with federal dollars. But nothing that came from that meeting can seemingly stop the sale.

For now, the next date of note in the sale of National City Bank to Pittsburgh-based PNC is Dec. 23. Both banks have set that date for their shareholders to vote on the proposed $5.6 billion deal.

National City shareholders will meet at the bank's headquarters at 1900 E. 9th Street at 10 a.m. PNC shareholders will meet that morning in Pittsburgh.

Each National City shareholder would get 0.0392 share of PNC common stock for each National City share. Both banks' boards have already approved the deal, which is expected to close by December 31.

National City shareholders with questions can call 1-800-622-4204.