Work crews scaled the downtown National City Bank building Tuesday to help mark its changeover to PNC by replacing signage.
Pittsburgh-based PNC acquired National City in late 2008 for $5.6 billion using money it obtained through the government's $700 billion bailout program.
Branch locations throughout Lexington are having signs changed, but National City banners will cover them until an official ceremony Feb. 19. On that day, five locations of the two banks will close as the companies consolidate.
Three of those are PNC branches — at 2515 Harrodsburg Road, 3090 Richmond Road and 4090 Tates Creek Centre Drive. The two National City branches are at 123 Cheapside and 2352 Sir Barton Way. Upon their closing, all customer account records will be transferred automatically to another location, according to letters sent to customers. Customers won't need to do anything.
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The company will have 27 locations in an eight-county area in Central Kentucky. PNC said it expects to retain all tellers and branch managers at the locations that will close.
The merger meant PNC replaces National City as the largest bank by deposits in Kentucky. As of June 30, the two held 12.1 percent of all deposits, with National City leading with 8.53 percent market share and PNC at sixth with 3.57 percent, according to the FDIC.
Also Tuesday, the global investment servicing business of PNC Financial Services Group Inc. was acquired by Bank of New York Mellon Corp. for $2.31 billion in cash. And PNC announced it reached an agreement with its banking regulators and the U.S. Treasury to redeem the $7.6 billion of preferred shares held by the U.S. Treasury under the Troubled Asset Relief Program Capital Purchase Program.