OCTOBER 24 2008 – PNC FINANCIAL SERVICES CORPORATION PURCHASES NATIONAL CITY CORPORATION

2008 – PNC FINANCIAL SERVICES CORPORATION PURCHASES NATIONAL CITY CORPORATION
Using bank bailout funds under the federal TARP program, PNC, headquartered in Pittsburgh, purchases National City Corporation, a major Cleveland based bank. The transaction created the 5th largest U.S. banking corporation. TARP funds were intended to assist struggling banks. The funds ended up in many cases, like PNC, enlarging “too-big-to-fail” banking corporations.