National City will still move downtown, open new branches, despite PNC purchase

National City Corp. still plans to move its Wisconsin headquarters into 22,500 square feet of space in the 411 East Wisconsin Center building in downtown Milwaukee, despite the recent announcement that the bank holding company will be acquired by Pittsburg-based PNC Financial Services Group Inc.

PNC has agreed to pay $2.23 per share, or an aggregate fixed amount of $5.2 billion in PNC stock for National City. The transaction is expected to close before the end of the year.

"We are still going forward with our expansion plans," said Beth Wnuk, president of National City-Wisconsin Banking. "PNC’s (purchase of National City) has little or no impact on our plans."

National City entered the Milwaukee-area market in 2007 when it acquired MAF Bancorp Inc., which had previously acquired St. Francis Capital Corp. in 2003. National City currently has 24 bank branches. Wnuk previously said that the company expects to open 11 new branches in the metro area over the next three years.

In related news, Peter Raskind, chairman, president and CEO of National City Corp. announced that he will leave the company when the transaction closes.

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