October 25, 2008

KALAMAZOO -- A Pittsburgh-based regional bank plans to buy National City Corp. for $5.58 billion, but little was known Friday about how the acquisition may affect more than 1,700 Kalamazoo County workers. PNC Financial Services Group Inc. said Friday morning it plans to be the first bank to use fresh investments from a federal bailout program to buy another bank. The deal was announced within hours of PNC Financial receiving approval for $7.7 billion in cash from the government under the $700 billion government program aimed at relieving the ongoing credit crisis.

George Erickcek, senior regional analyst with the W.E. Upjohn Institute for Employment Research, said it was too early to tell what PNC Financial might do with National City's 500-worker call center in Texas Township.” When PNC looks at what they purchased and what they hope to get rid of, I think the performance of the call center will determine whether it fits," Erickcek said. "I think it's too early to tell."