PNC » Topics » National City Corporation Acquisition

This excerpt taken from the PNC 8-K filed Oct 22, 2009.

National City Corporation Acquisition

On December 31, 2008, we acquired National City Corporation (“National City”). The accompanying period-end balance sheet includes National City’s assets and liabilities beginning December 31, 2008. Our average balance sheet and income statement includes National City’s balances beginning January 1, 2009. Other financial information reported follows this same convention except that period-end disclosures in the business segment portions of this Financial Supplement do not include National City at December 31, 2008 unless otherwise noted.

During the first nine months of 2009, additional information was obtained about the fair value of assets acquired and liabilities assumed as of December 31, 2008 which resulted in adjustments to the initial purchase price allocation. Most significantly, additional information was obtained on the credit quality of certain loans as of the acquisition date which resulted in additional fair value writedowns on acquired impaired loans. Adjustments to the purchase price allocation are summarized in the table below. Further modifications to the purchase price allocation may occur, resulting in the recognition of goodwill and liabilities during the fourth quarter.

This excerpt taken from the PNC 8-K filed Jul 23, 2009.

National City Corporation Acquisition

On December 31, 2008, we acquired National City Corporation (“National City”). The accompanying period-end balance sheet includes National City’s assets and liabilities beginning December 31, 2008. Our average balance sheet and income statement includes National City’s balances beginning January 1, 2009. Other financial information reported follows this same convention except that period-end disclosures in the business segment portions of this financial supplement do not include National City at December 31, 2008 unless otherwise noted.

During the first six months of 2009, more information, such as appraisals, contracts, legal documentation, and additional borrower data, was obtained which impacted the estimated fair value of assets acquired and liabilities assumed as of December 31, 2008. This information resulted in adjustments to the purchase price allocation as presented in the table below.

This excerpt taken from the PNC 8-K filed Apr 23, 2009.

National City Corporation Acquisition

On December 31, 2008, we acquired National City Corporation (“National City”). The accompanying period-end balance sheet includes National City’s assets and liabilities as of December 31, 2008. Our average balance sheet and income statement includes National City’s balances beginning with the three months ended March 31, 2009. Other financial information reported follows this same convention except that period-end disclosures in the business segment portions of this financial supplement do not include National City at December 31, 2008 unless otherwise noted.

During the first quarter of 2009, more information, such as appraisals, contracts, reviews of legal documentation, and selected key borrower data, was obtained which impacted the fair value of assets acquired and liabilities assumed as of December 31, 2008. This information resulted in adjustments to the purchase price allocation as presented in the table below.

This excerpt taken from the PNC 8-K filed Feb 3, 2009.

National City Corporation Acquisition

On December 31, 2008, we acquired National City Corporation (“National City”) for approximately $6.1 billion. The total consideration included approximately $5.6 billion of PNC common stock, representing approximately 95 million shares, $150 million of preferred stock and $381 million of cash. Our Consolidated Balance Sheet as of December 31, 2008 and other consolidated PNC information presented as of that date in this Financial Supplement includes the impact of National City. All other disclosures, including the business segment tables on pages 15-20 (other than Period-end Employees on page 15), exclude any impact of National City. The assets and liabilities of National City were recorded at estimated fair value at December 31, 2008 and are subject to refinement as additional information as of that date becomes available.

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