PNC Receives Approval For Riggs National Corporation Acquisition

The PNC Financial Services Group has received regulatory approval from the Office of the Comptroller of the Currency and the Federal Reserve Board for its previously announced acquisition of Riggs National Corporation. Riggs shareholders are scheduled to vote on the

By None

The PNC Financial Services Group has received regulatory approval from the Office of the Comptroller of the Currency and the Federal Reserve Board for its previously announced acquisition of Riggs National Corporation. Riggs shareholders are scheduled to vote on the transaction on May 6, 2005. Pending shareholder approval and other conditions, the transaction is expected to close on May 13, 2005.

Riggs National Corporation, the largest bank holding company headquartered in the nation’s capital, has 51 branches in the Washington, D.C. metropolitan area. Riggs commands the largest market share in the District of Columbia and specializes in banking and financial management products and services for individuals, nonprofit organizations, and businesses.

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