PNC Financial, National City set Dec. 23 as meeting date for merger vote

By Lisa Kerner

Charlotte, N.C., Nov. 24 - Shareholders of PNC Financial Services Group, Inc. and National City Corp. will vote on proposals to complete a merger of the two companies at separate special meetings on Dec. 23.

PNC shareholders will meet at 9:30 a.m. ET to vote on the issuance of PNC common stock.

Shareholders of National City will meet at 10 a.m. ET to vote on the Oct. 14 merger agreement.

Record date for both meetings is Nov. 14, according to a form 424B3 filed with the Securities and Exchange Commission.

PNC agreed to acquire National City, a Cleveland-based financial holding company, in a stock-for-stock transaction to create the fifth-largest U.S. bank by deposits.

National City shareholders will receive 0.0392 shares of PNC common stock for each share of National City held, it was previously reported.

The deal is valued at approximately $5.2 billion in PNC stock.

PNC is a Pittsburgh-based diversified financial services company.

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