June 8, 2007
On June 7, it was announced that The PNC Financial Services Group, Inc. has signed a definitive agreement to acquire Hamilton, N.J.-based Yardville National Bancorp for $403 million in stock and cash, or approximately $35.00 per share. Willkie’s Executive Compensation and Employee Benefits Department advised Yardville CEO Patrick Ryan and COO Kevin Tylus in connection with their employment negotiations. Yardville is a commercial and consumer bank with approximately $3 billion in assets and 33 branches in central New Jersey and eastern Pennsylvania. With $123 billion in assets, PNC is one of the nation's largest diversified financial services organizations providing retail and business banking, specialized services for corporations and government entities, wealth management, asset management and global fund services. The matter was handled by partner David Rubinsky and associates Pasco Struhs and Jordan Messinger.