PNC Sets Closing of National City Warehouse Business

Register now

By late June PNC Financial Services Group Inc. will officially pull the plug on the warehouse lending business it acquired with National City Corp., laying off 55 employees of the division in Kentucky and sending its nonbank borrowers into the arms of other banks.

"At this point I would say the chance of PNC selling this thing … is pretty nil," said a source close to the situation.

PNC officials had said little about the Nat City warehouse business but stayed firm regarding a recent forecast of closing it by mid-2010.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER