PITTSBURGH - PNC Bank Corp., Pittsburgh, has completed its acquisition of Sears Mortgage Banking Group, Vernon Hills, Mich.
PNC said the Sears group and its own mortgage banking business would be combined and would operate under the name PNC Mortgage.
Walter C. Klein Jr. will be chairman and chief executive and Saiyid Naqvi will be president.
Both had held those posts at Sears Mortgage.
The new unit will have 117 locations in 33 states.
PNC Bank Corp. has assets of $52.3 billion and 550 banking offices in five states.
James E. Rohr, president of the parent company, said that the combined mortgage companies would be able to provide a wider variety of mortgage products to customers than either could separately.
