PNC Financial Services Group Inc. (PNC) announced that it is buying Maryland's largest independent bank, Mercantile Bankshares Corp. (MRBK) in a $6 billion deal making PNC the second-largest banking institution in the state.
This purchase is the second for the Pittsburgh-based PNC. The first was Riggs Bank for $652 million in May of 2005. Riggs Bank was riddled with scandal from $1.9 million in suspicious withdrawals from Chilean dictator Augusto Pinochet to transfers of millions of dollars in Saudi money laundering.
Mercantile's banks operate under 11 different names in the state and is the last independent commercial bank of its size in either Washington or Baltimore.
Know More about bank mergers and acquisitions at LegalMandA.com.
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