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PNC reportedly in talks to buy National City
CLEVELAND - National City Corp. isn't talking about a report that it's looking to be bought, possibly by PNC.
The Wall Street Journal cited unnamed sources in reporting yesterday that National City is in talks with several banks.
The newspaper said PNC Financial Services Group, of Pittsburgh, and the Bank of Nova Scotia, of Toronto, are among the potential buyers.
PNC is a big player in the Philadelphia banking market, where it holds about 8.7 percent of deposits, according to 2007 figures.
National City spokeswoman Kristen Baird Adams did not deny that the bank is looking for a buyer. She said the bank did not comment on rumors and speculation.
National City has been hit hard by high-risk mortgage loans and arranged a $7 billion capital infusion in April.
Shares of National City closed down 8 cents, or 3.59 percent, at $2.15, down from a 52-week high of $25.93. PNC shares closed down $7.90, or 11.66 percent, at $59.85.
