Analysts reacted favorably to PNC Bank Corp.'s decision this week to assimilate Midlantic Corp. and clean up its balance sheet in one fell swoop.

The result will be fourth-quarter charges totaling $388 million to cover merger expenses and after-tax losses on the sale of fixed-rate securities. PNC said the move will result in a nearly 33% drop in net income, to $410 million, for all of 1995.

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