Condiitional Approval
O Comptroller of the Currency Administrator of National Banks Washington, D.C. Conditional Approval #687 May 2005 DECISION OF THE OFFICE OF THE COMPTROLLER OF THE CURRENCY ON THE APPLICATIONS TO COMBINE RIGGS BANK NATIONAL ASSOCIATION, MCLEAN, VIRGINIA, WITH PNC BANK, NATIONAL ASSOCIATION, PITTSBURGH, PENNSYLVANIA April 25, 2005 ______________________________________________________________________________ I. INTRODUCTION Applications were filed with the Office of the Comptroller of the Currency (“OCC”) for approval of several transactions under which PNC Bank, National Association, Pittsburgh, Pennsylvania, (“PNC Bank”) will acquire substantially all of the assets and liabilities of Riggs Bank National Association, McLean, Virginia, (“Riggs Bank”) including the main office and branches of Riggs Bank, and thereafter operate the main office and branches of Riggs Bank in the District of Columbia, Virginia, and Maryland, as branches of PNC Bank. Both banks are insured by the Federal Deposit Insurance Corporation (“FDIC”). PNC Bank is a wholly-owned subsidiary of PNC Bancorp, Inc., which is in turn wholly-owned by The PNC Financial Services Group, Inc. (“PNC Group”). Riggs Bank is wholly-owned by Riggs National Corporation (“Riggs Corp”). PNC Group applied to the Board of Governors of the Federal Reserve System for approval to acquire Riggs Corp. In the holding company level transaction, Riggs Corp will be merged into PNC Group, with PNC Group as the surviving entity. Immediately after the holding company merger, PNC Group will contribute the stock of Riggs Bank down to PNC Bancorp, Inc., so that at the time of the bank-level transactions, the two banks will be owned by the same immediate holding company.
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