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PNC BANK COMPLETES ACQUISITION OF SEARS MORTGAGE BANKING GROUP

 PITTSBURGH, Nov. 30 /PRNewswire/ -- PNC Bank Corp. (NYSE: PNC) today announced that it will complete its acquisition of the Sears Mortgage Banking Group from Sears, Roebuck and Co. (NYSE: S) at the close of business today.
 This acquisition creates one of the largest mortgage banking operations in the nation, with 117 locations in 33 states.
 The former Sears Mortgage Banking Group and PNC Bank's existing mortgage banking business will operate as PNC Mortgage.
 Walter C. (Terry) Klein Jr. will serve as chairman and chief executive officer of PNC Mortgage and Saiyid (Sy) Naqvi as president and chief operating officer.
 "We have long identified mortgage banking as one of our growth businesses," said Thomas H. O'Brien, chairman and chief executive officer of PNC Bank. "Our acquisition of the Sears Mortgage Banking Group brings, in one transaction, the size and scope of operations necessary for success in this business. Due to the size and importance of this business, it will report directly to our president, James E. Rohr."
 Rohr said, "As a result of this acquisition, PNC Mortgage customers can look forward to a broader array of products and services than either Sears or PNC Bank could provide separately."
 Klein said, "Our customers will continue to receive mortgage advice and expertise from the same knowledgeable and helpful staff. There will be no interruptions in service. All of us are delighted to become part of one of America's largest and strongest banking organizations."
 PNC Bank, headquartered in Pittsburgh, is the 11th-largest banking organization in the United States, with $52.3 billion in assets at Sept. 30, 1993, and more than 550 community banking offices throughout Pennsylvania, Delaware, Ohio, Kentucky and Indiana.
 /delval/
 -0- 11/30/93
 /CONTACT: media, Jonathan Williams of PNC Bank Corp., 412-762-4550, or at home, 412-257-3257; Sondra J. Byrnes of PNC Mortgage, 708-549-2935; or investors, William H. Callihan of PNC Bank Corp., 412-762-8257/
 (PNC S)


CO: PNC Bank Corp.; Sears Mortgage Banking Group;
 Sears, Roebuck and Co.; PNC Mortgage ST: Pennsylvania IN: FIN SU: TNM


CD -- PG010 -- 8953 11/30/93 17:49 EST
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Publication:PR Newswire
Date:Nov 30, 1993
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