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
Date of Report (Date of earliest event reported) December 23, 1998
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MBNA Corporation
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(Exact name of registrant as specified in its charter)
Maryland 1-10683 52-1713008
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
Wilmington, Delaware 19884
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (800) 362-6255
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(Former name or former address, if changed since last report.)
Item 5. Other Events
On December 23, 1998, MBNA Corporation executed a definitive agreement
with PNC Bank, National Association, to acquire PNC National Bank, located in
Wilmington, Delaware, a specialized credit card issuing bank. PNC National
Bank has credit card receivables of approximately $2.9 billion. The purchase
price represents a 15 percent premium on the credit card receivables. The
sale includes PNC-branded and AAA-branded affinity credit card accounts. The
transaction is expected to close in the first quarter of 1999, subject to
regulatory approvals. MBNA Corporation has also entered into long-term
agreements with both PNC Bank, National Association, and AAA Financial
Services Corp., the financial service arm of AAA.
SIGNATURE
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.
MBNA CORPORATION
Date: December 28, 1998 By: /s/ M. Scot Kaufman
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M. Scot Kaufman
Executive Vice President
and Chief Financial Officer
