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Congressman Opposes PNC, Nat City Merger
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. ...
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