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PNC Financial Services Group Inc.'s signing Friday of a definitive agreement to purchase National City Corp. continues the consolidation of banks facing economic hardships and their ATM networks. Once the deal between Pittsburgh-based PNC Financial and Cleveland-based National City closes, PNC will own 6,204 ATMs, making it the nation's fourth-largest bank owner of ATMs, ahead of Minneapolis-based U.S. Bancorp, which owned 4,895 ATMs at the end of June, according to PaymentsSource.com, CardLine's sister Web site. The companies expect to close the deal Dec. 31. PNC's agreement to buy National City gives PNC access to new markets where it does not have an ATM presence, says Kate Monahan, an analyst with Boston-based Aite Group. "PNC is primarily on the East Coast," Monahan tells CardLine sister publication ATM&Debit News. With its purchase of National City, PNC will acquire bank branches and ATMs in Florida, Kentucky, Michigan, Illinois, Wisconsin and Ohio, Monahan says. The largest prize is Ohio, where PNC will purchase 464 National City bank branches, she says. As part of the agreement, PNC also will acquire National City's much larger credit card business. At the end of June, National City held credit card loans valued at $1.2 billion compared with PNC's $201 million, according to PaymentsSource.com.
