PNC Bank Corp. agreed Monday to buy Midlantic Corp. for $3 billion, in a deal that would catapult the Pittsburgh-based bank into the No. 2 market position in both New Jersey and the Philadelphia-Trenton marketplace.

The deal would create the 11th-largest bank in the country, with $76 billion of assets. And PNC, which has been hounded by concerns over its exposure to interest rates, declared that the purchase would insulate it from big swings in rates.

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