The PNC Financial Services Group Receives Approval for Riggs National Corporation Acquisition
biz.yahoo.com
Tuesday April 26, 6:09 pm ET
PITTSBURGH, April 26 /PRNewswire-FirstCall/ -- The PNC Financial Services Group, Inc. (NYSE: PNC - News) announced today that it 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 (Nasdaq: RIGS - News). 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.
The PNC Financial Services Group, Inc. is one of the nation's largest diversified financial services organizations providing consumer and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund |
