National City Corporations Chairman, President and CEO Peter E. Raskind will leave the company upon the closing of the previously announced acquisition of National City by The PNC Financial Services Group, Inc. The transaction is expected to close by 31 December 2008, subject to customary closing conditions, including both PNC and National City shareholder and regulatory approvals.
“It has been an honor and a privilege to lead the 30,000 men and women of National City,” says Raskind, who was elected to his current role in July 2007. “As National City looks to the future with PNC, I am confident that our employees will continue to meet and exceed the needs of our customers as part of a financial services powerhouse.”
Following its acquisition of National City, PNC will rank fifth nationally in deposits, positioning it as No. 1 in deposit share in Pennsylvania, Ohio and Kentucky, with more than $180 billion in deposits and 2,500 branches across 13 states and the District of Columbia.
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