Shares of PNC Financial Inc. and Ohio Bancorp fell last week after Phar-Mor Inc., a major corporate customer of both banks, filed for bankruptcy.

Analysts said other factors, in particular a possible bid for the Boston Co., were also responsible for the slippage at PNC, which declined about 4% in value during the week.

Shares of Pittsburgh-based PNC closed at $49 Friday, down 12.5 cents from Thursday's close. Ohio Bancorp, based in Youngstown, plummeted about 13% last week. It closed Friday at $22.50.

PNC is the agent bank for a $600 million line of credit for Phar-Mor, a, Youngstown firm that operates a discount drugstore chain. Phar-Mor was among the fastest-growing firms of the past decade.

Use of Collateral Approved

The company sought protection on Aug. 17 under Chapter 11 of the federal Bankruptcy Code.

Last week, Phar-Mor obtained bankruptcy court approval to use $50 million of its banks' collateral to cover costs in the near future.

The firm revealed on Aug. 4 that it was taking a $350 million charge against earnings. Phar-Mor alleged that its co-founder, Michael I. Monus, altered records to overstate financial results and converted at least $10 million to personal use.

PNC has said its secured exposure to Phar-Mor is "less than $30 million." Bank analysts said this is not a large amount for an institution of PNC's size. PNC has $45.5 billion in assets.

Ohio Bancorp, with assets of $2 billion, said its direct exposure is $$11.6 million and is substantially collateralized.

|Adverse Effect' Through '92

It said it also has loans totaling $21 million to others having relationships with Phar-Mor.

In a statement, the bank said it anticipates "an adverse effect for the rest of 1992" from Phar-Mor. It declined to elaborate.

Phar-Mor's credit facility involves 23 banks. Other Ohio banks that are exposed to Phar-Mor are National City Corp., Cleveland, which said its exposure is "under $20 million" and secured, and Society Corp., Cleveland, which declined to enumerate its exposure, saying it was not a material amount.

Analysts were less concerned about the amount of exposure listed by banks involved than the unknown factors in the bankruptcy and criminal investigation of Mr. Monus.

"The audit is going to take a long time," said Anthony Davis of Wheat First Securities, Richmond.

Sympathy for Workers

Some observers said the federal bankruptcy court in Youngstown might provide an especially sympathetic hearing for Phar-Mor because of the job losses involved in the company's travail.

They noted that the court moved with unusual dispatch in clearing the $50 million of collateral.

PNC's stock has been affected by its interest in the Boston Co., an affiliate of American Express Co. that is a major securities custodian and money manager. American Express is considering selling the unit.

The talking price of $1.2 billion to $1.3 billion is richer by several hundred million dollars than was expected, and PNC is considered a serious bidder, said Nancy A. Bush of Brown Brothers Harriman & Co.

The stock market sold off sharply Friday but, in a break from the recent pattern, bank stocks were not hit as hard as equities in general. The Dow Jones industrial average fell 50.79 points to 3,25410.

The deepest declines among the major banks were at Bank of New York Co., down $1.125, to $40.875; Fifth Third Bancorp down 87.5 cents, to $51.125; Co-merica Inc., down 87.5 cents, to $59; and Bancorp Hawaii, down $1.125, to $44.75.

But, unlike last Wednesday's rout, a number of banks posted gains or only modest declines.

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