American Stocks Set to Open Higher (NASDAQ: CRMT) (NYSE: PNC) (NYSE: TEX) (NYSE: USB)

NEW YORK - American stocks were all up, near 2% in premarket trade, as investors look to buyback stocks they have aggressively sold during a week of profit taking. Stocks have declined due to Libyan and other Middle Eastern country unrest, despite the fact this is unlikely to have much affect on the global economic recovery.

Shares of America's Car-Mart soared on Thursday, the company posted its 3rd quarter results on February 18, where it saw revenue roar higher. Net was down on higher promotional costs. PNC Financial has also declined this week, as has U.S. Bancorp. USB and PNC the 5th and 6th largest bank respectively are widely regarded as the best capitalized banks on Wall Street ,who will be least affected by financial reforms.

Terex corporation has fallen over 15% this week as investors sell all construction stocks due to fear that Middle Eastern unrest will halt construction in other countries.

Hill District S & L Shut Down

A Pittsburgh Savings and Loan has been shut down by the federal government because of stability concerns. The 119 year old Dwelling House Savings and Loan ran into financial trouble after cyber thieves syphoned $3 million of the S & L's reserves through electronic transfers.
On June 30, Dwelling House President John Haines announced that he had submitted a capitalization plan to meet the deadline imposed by federal bank regulators. At that time, Haines said they had made progress in recovering some of the money from other financial institutions that unwittingly processed the fraudulent transfers. Haines refused to disclose details of the plan until F.D.I.C. officials respond to it..."What we can say at this point is that we are confident we have a way forward that will meet expectations of federal regulators in terms of recapitalization and recovery from a terrible criminal act."

However, in shutting down Dwelling House yesterday, the Office of Thrift Supervision said the S & L was "critically undercapitalized and had no reasonable prospect of recovering."
So, PNC will take over all of Dwelling House's deposits and about $3 million in assets. The remainder will be kept by the FDIC. The Dwelling House office on Centre Avenue will reopen Monday as a branch of PNC.

PNC Starts Slow Move to New Building

PNC is ready to open the first portion of its new 23-floor $200 million building downtown. Starting Monday, customers will be able to use the new “flagship” bank branch on the fifth avenue side of the still being completed building. Eventually the structure will host PNC corporate offices, Reed Smith law firm offices, 28 condominiums, and a hotel. PNC Director of Corporate Real Estate Gary Saulson says all of those tenants will strive for different LEED (Leadership in Energy and Environmental Design Green Building Rating System) certification that fit their specific industry or use. Bank branch employees will even be asked to be more environmentally conscious by making small personal changes such as drinking out of reusable mugs rather than disposal Styrofoam cups. Reed Smith will move in at the end of August while PNC plans to move over operations in the first quarter of 2010. Saulson says the company will immediately expand to fill the vacant space I its current buildings. The 185-room hotel will open by January and the park at the corner of 5th and Liberty will open before the G20 summit in September. Saulson says even the park will be environmentally friendly by using native plants and environmentally friendly benches and lighting. The condos are being sold and finished with the expectation that all the work will be done in the next 12 months. A “local” coffee house will take up the rest of the ground floor retail space. Saulson says he feels the building has served as a catalyst for other development downtown including the Piatt Place development, the new YMCA and the retail and residential work on Market Street.

Shareholders Vote to Merge PNC and National City

Shareholders for Pittsburgh based PNC Financial Services Group, Inc. and National City Bank out of Cleveland, voted in favor of PNC's purchase of National City for $5.6 billion. PNC is the first bank to take advantage of the government's $700 billion bailout program to make an acquisition. It is buying National City for $2.23 a share-- an amount that has drawn criticism from some Ohio lawmakers as being below market value. The deal also allows PNC to take advantage of $725 million in tax breaks. The merger will make PNC the fifth largest deposit holder in the country and PNC Chairman James Rohr says the bank be will be the number one market-share holder in Pennsylvania, Ohio and Kentucky.