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Congressman Opposes PNC, Nat City Merger

The Associated Press

CLEVELAND -- Rep. Dennis Kucinich says he sent a letter to the vice president of the Federal Reserve Bank of Cleveland opposing the acquisition of National City (NCC Quote) by Pittsburgh-based PNC Bank.

The Cleveland Democrat on Tuesday asked the Federal Reserve Bank to reject the deal, or to extend a public comment period and hold a public meeting or hearing.

National City is a Cleveland-based regional bank weighed down by high-risk mortgage loans. PNC Financial (PNC Quote) said in October it was acquiring National City for $5.58 billion.

PNC CEO James Rohr says combining the banks would create the nation's fifth largest bank by deposits and the fourth largest by branches.

Kucinich says rejection of the merger is necessary to protect the jobs and interests of Cleveland-area residents.