just as i was about to close my National City Checking and Credit accounts, i got word that PNC was buying national city. does anyone know:
-if National City Branches with be converted to PNC?
-if National City products with be converted to PNC? (new debit and credit cards, etc)
-how National City's reputation compares to PNC? is PNC considered prime and/or conservative?
I would like to know the answeres to these questions. National City is terrible and will be going bye bye, unless I am sure PNC Bank is re-issuing products with their name and have a better reputation than National City
National City was bought by PNC but it hasn't really gone down yet. The shareholders are in an uproar because the stock was bought out cheap.
The Fed supposedly refused to let Nat City participate in the bailout plan and then with the money PNC GOT from the bailout plan they pursued a Nat City takeover.
Behind all this is another subplot. It seems that the guy in charge of the Fed's bailout money distribution has past ties to PNC bank. A possible huge conflict of interest.
Many are screaming inside job. Among them are several members of the Senate and Congress from Ohio. They are calling for am investigation. The shareholders are calling for an investigation.
And maybe I'm wrong but I'm under the understanding that the shareholders still have to vote on this.
With Federal bailout money involved on both sides, one getting denied and the other using the money to take over that bank, it's a good chance this might not happen for a long time if at all.
BTW, PNC is known as a very conservative lender, Nat City on the other hand was relatively easy. They might convert your CC's and accounts over but after that don't expect the same type of lending. They are on two strategies as far as extending credit. It could be a very different atmosphere as far as dealing with PNC in the future.
PNC's takeover of NatCity is almost as big a disaster as Wells Fargo's takeover of Wachovia.
This whole bailout thing is a disaster.
The transfer can be done without a shareholder vote if the government wants to be real maniacs about it. That is what happened with Washington Mutual. The accounts were just seized by the government and transfered to Chase. The whole thing is a joke. If only it were funny.
In this case I think there is going to be major trouble. NatCity account holders should consider themselves lucky if this deal is undone.