PNC Financial Services Group Inc. disclosed Friday that the troubled loans it inherited through its purchase of rival National City Corp. of Cleveland eroded more than expected during the first quarter.
PNC, which has emerged stronger from the financial crisis, set aside an additional $100 million to offset future losses from the loans, it said in a regulatory filing. The Pittsburgh company now has $604 million in reserves to account for future losses it expects to be generated by the $9.8 billion portfolio of loans.
