The U.S. Department of Justice’s antitrust division looked at the PNC Financial/National City deal and saw a competition problem in western Pennsylvania; now 61 branches are up for sale with deposits totaling more than $3.89 billion. Under the DOJ agreement the banks will also divest about 50 percent of National City’s middle-market lending business in the Pittsburgh area, and almost all of that business in Erie County—and allow the buyer to hire the related National City staff.
“The divestures were expected,” says PNC spokesman Fred Solomon. “We expect to reach a sales agreement shortly before or after the closing of the PNC/National City deal. Buyers typically expect a 180-day window to complete such a transaction.”