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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FEBRUARY 28, 1995
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
COMMISSION FILE NUMBER 1-9718
PNC BANK CORP.
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 25-1435979
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
ONE PNC PLAZA
FIFTH AVENUE AND WOOD STREET
PITTSBURGH, PENNSYLVANIA 15265
(Address of principal executive offices)
(Zip Code)
(412) 762-3900
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
Acquisition of BlackRock Financial Management L.P.
Effective at the close of business on February 28, 1995, PNC
Bank Corp. ("Corporation") completed its acquisition of BlackRock
Financial Management L.P. ("BlackRock") for approximately $240 million
in cash and notes. BlackRock, is a New York-based fixed income
management firm with approximately $24.3 billion of assets under
management. The Corporation now manages approximately $80 billion of
discretionary assets and administers approximately $196 billion of
total trust and mutual fund assets. The transaction is expected to add
about 20 percent to the Corporation's investment management and trust
revenues on an annualized basis.
BlackRock will operate as a subsidiary of PNC Asset Management
Group, Inc., a newly formed subsidiary of PNC Bank, N.A. that holds
the Corporation's specialized investment management companies.
Acquisition of Brentwood Financial Corporation
Effective at the close of business on March 3, 1995, the
Corporation completed its acquisition of Brentwood Finanical
Corporation, Cincinnati, Ohio, for approximately $20.9 million in cash.
The acquisition added assets and deposits of approximately $96
million and $78 million, respectively.
Agreement to Acquire Chemical Bank New Jersey
On March 7, 1995, the Corporation entered into a definitive agreement
with Chemical Banking Corp. ("Chemical") to acquire Chemical Bank New
Jersey. The total purchase price will approximate $504 million, subject
to closing adjustments in accordance with the terms of the agreement.
As part of the purchase price, the Corporation has the option to issue
up to $300 million of perpetual preferred stock to Chemical.
The Chemical Bank New Jersey franchise being acquired consists
of a network of 84 branches located in 15 counties throughout central
and southern New Jersey, adjacent to the Corporation's existing
operations in eastern Pennsylvania and Delaware. Chemical will retain
its northern New Jersey banking operations focused in the New York
metropolitan region. The transaction includes approximately $1.8
billion of consumer loans, $500 million of middle-market commercial
loans and retail core deposits of approximately $2.9 billion. The
Corporation is not acquiring any nonperforming assets.
The Corporation expects to complete the acquisition prior to
year-end 1995, subject to regulatory approvals.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PNC BANK CORP.
(REGISTRANT)
Date: March 14, 1995 By /s/ Robert L. Haunschild
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Robert L. Haunschild
SENIOR VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER
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