PNC Bank Corp. said Thursday that it has a definitive agreement to acquire Hilliard-Lyons Inc., a securities brokerage in Louisville, Ky, for $275 million in cash and stock.

Hilliard-Lyons, established in 1854, is a privately owned, full-service firm geared to affluent clients. It has 84 offices in 12 midwestern and southeastern states.

The firm's 550 financial consultants and investment management professionals serve more than 200,000 clients. Customer assets at Hilliard- Lyons exceed $22.5 billion.

"This transaction builds on our commitment to the affluent customer segment," said Tom Whitford, chief executive officer of PNC Private Bank, which includes PNC's full-service and branch-based securities businesses.

The transaction is expected to close by yearend and to be neutral to earnings in the first year and would add to earnings thereafter, PNC said.

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