Filed by The PNC Financial Services Group, Inc.
Pursuant to Rule 425 under the Securities Act of 1933 and
deemed filed pursuant to Rule 14a-12 of the Securities Exchange Act of 1934
Subject Company:
National City Corporation
Commission File No. 001-10074
On November 12, 2008, The PNC Financial Services Group, Inc. issued the following press release:
CONTACT:
Brian E. Goerke
(412) 762-4550
corporate.communications@pnc.com
PNC COMMITS $28 MILLION TO NATIONAL CITY COMMUNITIES FOR 2009
Total $5 million greater than 2008
PITTSBURGH, Nov. 12, 2008 The PNC Financial Services Group, Inc. (NYSE: PNC) and The PNC Foundation today announced that they expect to surpass National City Corp.s current annual charitable contributions and community
sponsorships with $28 million in support for 2009.
PNCs 2009 commitment adds approximately $5 million to National Citys 2008
foundation giving, sponsorships and other support. Support for most charitable and community organizations that received contributions from National City in 2008 is expected to be set at similar levels in 2009, with the additional $5 million funding
new or expanded initiatives. In regions where PNC and National City both contribute to a particular non-profit, the combined organization will work to support the non-profits mission during the transition.
We are pleased to build upon National Citys legacy of outstanding corporate citizenship, said PNC Chairman and Chief Executive Officer
James E. Rohr. At PNC, we believe a business cannot succeed if its communities are not well positioned for future growth and success. We devote resources and human capital to seed ideas, foster development initiatives and support nonprofit
organizations that add to the vitality and sustainability of our communities.
On October 24, PNC entered into a definitive
agreement to acquire National City, with the transaction expected to close by December 31, 2008, pending regulatory and shareholder approval. The commitments by PNC and The PNC Foundation to National Citys charitable contributions are
subject to the closing of the transaction. Post-closing integration of PNC and National City operations is expected to take 23 months.
Until the integrations completion, PNC expects to operate with both the PNC Bank and National City
Bank brands. The integration will include combining PNC and National Citys charitable and sponsorship budgets, creating one system to strategically align giving with PNCs key themes and priorities. Among PNCs priorities for 2009:
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Generally maintain existing National City community development banking investments and contributions after closing. PNC and National City have worked closely on a
number of projects in low- and moderate-income communities, and both received outstanding ratings for exceeding Community Reinvestment Act standards.
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Further benefit eligible nonprofit organizations in National City markets with the introduction of PNCs employee matching gift program. The change will
increase the maximum match for a National City employees contribution from $1,000 to $2,500 and expands eligibility to a broader array of charitable organizations.
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Begin to identify potential community partners for the introduction of PNC Grow Up Great. In collaboration with PNC, community partners will learn how to align
their strategies to meet the objectives of and receive support from PNC Grow Up Great.
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In 2007 PNC was honored with the
Committee Encouraging Corporate Philanthropy Large Company Excellence Award. And in 2007 PNC was the Sesame Workshop Corporate Honoree for PNC Grow Up Great. PNCs signature cause, Grow Up Great is a 10-year, $100 million investment to prepare
children from birth to age five for success in school and life. Research suggests that every $1 invested in early childhood education results in up to $16 savings to society. PNC employees have donated more than 74,000 volunteer hours to Grow Up
Great since 2004.
The PNC Foundation receives its principal funding from The PNC Financial Services Group, Inc., which is one of the
nations largest diversified financial services organizations providing retail and business banking; specialized services for corporations and government, including corporate banking, real estate finance and asset-based lending; wealth
management; asset management and global fund services.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release contains forward-looking statements regarding our outlook or expectations with respect to the planned acquisition of National City Corporation
(National City), the expected costs to be incurred in connection with the acquisition, National Citys future performance and consequences of its integration into PNC, and the impact of the transaction on PNCs future performance.
Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. The forward-looking statements in this
press release speak only as of the date of the press release, and each of PNC and National City assumes no duty, and does not undertake, to update them. Actual results or future events could differ, possibly materially, from those that we
anticipated in these forward-looking statements.
These forward-looking statements are subject to the principal risks and uncertainties applicable to the
respective businesses of PNC and National City generally that are disclosed in the 2007 Form 10-K and in current year Form 10-Qs and 8-Ks of PNC and National City (accessible on the SECs Web site at www.sec.gov and on PNCs Web site at
www.pnc.com and on National Citys Web site at www.nationalcity.com, respectively). In addition, forward-looking statements in this press release are subject to the following risks and uncertainties related both to the acquisition transaction
itself and to the integration of the acquired business into PNC after closing:
Completion of the transaction is dependent on, among other things, receipt
of regulatory and shareholder approvals, the timing of which cannot be predicted with precision at this point and which may not be received at all. The impact of the completion of the transaction on PNCs financial statements will be affected
by the timing of the transaction, including in particular the ability to complete the acquisition in the fourth quarter of 2008.
The transaction may be
substantially more expensive to complete (including the integration of National Citys businesses) and the anticipated benefits, including anticipated cost savings and strategic gains, may be significantly harder or take longer to achieve than
expected or may not be achieved in their entirety as a result of unexpected factors or events.
Our ability to achieve anticipated results from this
transaction is dependent on the state of the economic and financial markets going forward, which have been under significant stress recently. Specifically, we may incur more credit losses from National Citys loan portfolio than expected. Other
issues related to achieving anticipated financial results include the possibility that deposit attrition may be greater than expected. Litigation and governmental investigations currently pending against National City, as well as others that may be
filed as a result of this transaction or otherwise, could impact the timing or realization of anticipated benefits to PNC.
The integration of National
Citys business and operations into PNC, which will include conversion of National Citys different systems and procedures, may take longer than anticipated or be more costly than anticipated or have unanticipated adverse results relating
to National Citys or PNCs existing businesses. PNCs ability to integrate National City successfully may be adversely affected by the fact that this transaction will result in PNC entering several markets where PNC does not
currently have any meaningful retail presence.
Additional Information and Where to Find It
The proposed Merger will be submitted to National Citys and PNCs shareholders for their consideration. PNC has filed a Registration Statement on Form S-4 with
the SEC, which includes a preliminary joint proxy statement/prospectus. The S-4 has not yet become effective. The parties will file other relevant documents concerning the proposed Merger with the SEC. Following the S-4 being declared effective by
the SEC, National City and PNC will mail the definitive joint proxy statement/prospectus to their respective shareholders. Shareholders and other investors are urged to read the definitive joint proxy statement/prospectus when it becomes available,
as well as any other relevant documents concerning the proposed Merger filed with the SEC (and any amendments or supplements to those documents), because they will contain important information. You may obtain a free copy of these
documents, as well as other filings containing information about National City and PNC, at the SECs website (http://www.sec.gov) and at the
companies respective websites,
www.nationalcity.com/investorrelations
and
www.pnc.com/secfilings
. Copies of these documents and the SEC filings that will be incorporated by reference in the definitive joint proxy
statement/prospectus can also be obtained, free of charge, by directing a request to Jill Hennessey, National City Corporation, Senior Vice President, Investor Relations, Department 2229, P.O. Box 5756, Cleveland, OH 44101-0756, (800) 622-4204;
or to PNC Financial Services Group, Inc, Shareholder Relations at (800) 843-2206 or via e-mail at
investor.relations@pnc.com
.
National City
and PNC and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of National City in connection with the proposed Merger. Information about the directors and
executive officers of National City is set forth in the proxy statement for National Citys 2008 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on March 7, 2008. Information about the directors and executive
officers of PNC is set forth in the proxy statement for PNCs 2008 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on March 28, 2008. Additional information regarding the interests of those participants and other
persons who may be deemed participants in the Merger may be obtained by reading the definitive joint proxy statement/prospectus regarding the proposed Merger when it becomes available. You may obtain free copies of these documents as described in
the preceding paragraph.
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