This blog's most recent post concentrated on the necessity and opportunities for the Cleveland, Akron, Youngstown, and Pittsburgh regions to come together - known often as the Cleveburgh region.
So while this space will not go into the economic impact from a fiscal or jobs perspective regarding today's purchase of National City Bank (headquartered in Cleveland - largest bank in Ohio) by PNC (headquartered in Pittsburgh - now 5th largest bank in the US).
So a question for all of you:
Does the news today of the emergence of PNC in Youngstown, with an enlarged footprint now including Northeast Ohio, help or hinder the development of "the Cleveburgh mega-regional concept".
On one end, we are witnessing the creation of entities that will share fiscal and philanthropic resources across the 7.1 people in the Cleveland to Pittsburgh belt.
On the other end, will a mentality of "hey those Pittsburgh dudes are screwing us in Cleveland" prevail?
Judging by the immediate reaction of the Cleveland Plain Dealer, one might say the latter option.
From their lead of the PD's story today:
Climaxing a collapse that began 14 months ago, National City Corp. is being sold.
The Cleveland bank, the largest in Ohio, is being purchased by PNC Financial Services of Pittsburgh for $2.23 per share.
The news is among the worst the local giant, with 8,000 employees in Northeast Ohio, could receive. PNC, just 130 miles and less than three hours from National City's headquarters, will almost certainly slash thousands of local employees.