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National City CEO to exit bank after PNC deal

National City CEO to exit bank after PNC deal

National City Corp. Chairman, President and Chief Executive Peter E. Raskind will not stay on after the regional bank's takeover by PNC Financial Services Group Inc. is complete, National City said Monday.
Raskind had been expected to join PNC as a vice chairman, according to an Oct. 24 filing with the Securities and Exchange Commission. National City spokeswoman Kristen Baird Adams told The Associated Press that it was a personal decision by Raskind to leave the bank, and that he plans to spend more time with his family.
"We respect Peter's decision and wish him well in his future endeavors," PNC spokesman Brian Goerke told The Associated Press.
Raskind, who joined National City in 2000 as head of its consumer finance division, was elected to his current position in July 2007. He succeeded David Daberko, who had been with National City for 39 years and served as its CEO since 1995.
National City was among those banks hit especially hard by the downturn in the mortgage market over the past 18 months. National City had tied its future largely to mortgages, many which were sought by brokers in deals that proved to be high-risk.
Amid National City's plunging share price and questions about its future, Pittsburgh-based PNC in October said it would acquire Ohio's largest bank for about $5.58 billion.
PNC will pay $5.2 billion for National City through a stock transaction that values National City at about $2.23 per share. The remaining $384 million will be a cash payment to certain warrant holders.
The acquisition makes PNC the fifth largest U.S. bank by deposits and No. 4 by number of branches. The combined bank will have about $180 billion in deposits and 2,500 branches in 13 states and the District of Columbia. The acquisition is expected to close by Dec. 31.
National City shares fell 17 cents, or 6.3 percent, to $2.53 Monday. PNC shares added $1.70 to $68.37.


Updated : 2021-10-22 17:56 GMT+08:00