Cleveland, OH - There was no way Northeastern Ohio was ever going to escape the residual effects of the current economic crisis anymore than other regions in the country, but little did we know when this turmoil began that it would cost us an economic icon in the city of Cleveland. But that's exactly what has happened with the sale of National City Bank.
An institution here since the middle of the eighteenth century and with almost 18,000 employees in Northeastern Ohio, the bank has been sold to Pittsburgh-based PNC Financial Services for the bargain basement price of about $5.6B dollars. The National City name will disappear along with lots of local jobs and the new company will be based in Pittsburgh. Cleveland will suffer as a result.