It's the End of the Line For NatCity's Warehouse Unit

Sometime by late June PNC Financial Services will officially pull the plug on the warehouse lending business it inherited from National City, cutting 55 workers who man the division in Kentucky, and sending its nonbank borrowers into the arms of other banks. "At this point I would say the chances of PNC selling this thing or allowing for a 'lift out' is pretty nil," said one source close to the situation. "You might say this is an official wrap." To date, PNC officials have said little about the NatCity warehouse business but have stayed firm regarding a recent forecast of closing the unit by mid-2010. Paul Best, who managed the business for NatCity and stayed on at PNC when it bought the Cleveland bank in late 2008, said he could not comment.