PNC Financial Services Group Inc. is pledging to increase charitable giving in communities served by National City Corp. after it completes its planned $5.6 billion acquisition of the Cleveland-based bank holding company.
Pittsburgh-based PNC said Wednesday it expects to surpass National City's annual charitable contributions and community sponsorships with $28 million of support in 2009.
That betters by about $5 million National City's 2008 giving through its foundation.
"We are pleased to build upon National City's legacy of outstanding corporate citizenship," said PNC CEO James Rohr. "At PNC, we believe a business cannot succeed if its communities are not well positioned for future growth and success."
It was not clear how the announcement would impact the bank's charitable giving in the Pittsburgh area.
National City does not break down its giving in specific areas, said Kristen Baird Adams, a spokeswoman.
"We are certainly pleased with PNC's announcement, and we also are gratified that PNC is moving forward with this commitment that would build on a long-standing commitment that National City has to support the communities we serve," she said.
PNC says its charitable commitment is contingent on the acquisition's completion. It announced its intention to buy National City on Oct. 24 and hopes to close the deal by the end of this year.
Once the merger is finalized, it is expected to take 23 months to complete the integration of operations of the two companies, PNC said.
The process will include combining both companies' charitable and sponsorship budgets.
While the process is under way, PNC expects to continue to operate both PNC and National City bank brands.
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