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PNC Bank Buying Mercantile for $6B

PITTSBURGH-PNC will add 240 branches, pushing its Mid-Atlantic footprint to 812 locations in six states and nearly 1,100 overall.

By Marita Thomas | Updated on October 09, 2006

(To read more on the debt and equity markets, click here.)

PITTSBURGH-PNC Financial Services Group Inc. has signed a definitive agreement to acquire Baltimore-based Mercantile Bankshares Corp. for $47.24 per share or about $6 billion. The payment will consist of slightly more than $2.1 billion in cash and about 52.5 million shares of PNC stock.

Mercantile will merge into locally based PNC and its 240 branches re-flagged. The acquisition will take PNC’s total number of locations to nearly 1,100 and significantly increase its presence in the Mid-Atlantic states, where it currently has 572 branches.

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