PNC/Nat. City Deal Approved, Corsair Exits

The shareholders of The PNC Financial Services Group and National City Corporation voted to approved the firms’ deal to merge. New York investment firm Corsair Capital Partners had invested $785 million in publicly traded, Cleveland, Ohio-based National City.

Press release:
The PNC Financial Services Group, Inc. (NYSE: PNC) announced at a special meeting today that its shareholders approved the issuance of shares of PNC common stock in connection with the acquisition of National City Corporation (NYSE: NCC) . In a separate meeting today, National City stockholders approved the acquisition, which is expected to close on Dec. 31, 2008. Both shareholder groups approved the transaction by a substantial margin.
The PNC Financial Services Group, Inc. ( is one of the nation’s largest diversified financial services organizations providing retail and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.