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Antitrust Keyed to Gavil, 5th Ed.
United States v. Philadelphia National Bank
Citation:
374 U.S. 321, 83 S.Ct. 1715, 10 L.Ed.2d 915 (1963)Facts
The Philadelphia National Bank (PNB) and Girard Trust Corn Exchange Bank (Girard) were respectively the second and third largest of the 42 commercial banks in the four-county Philadelphia metropolitan area. PNB had assets of over $1 billion, making it the twenty-first largest bank in the nation, while Girard had assets of about $750 million. The proposed merger would have created the largest bank in the area, controlling approximately 36% of the area banks’ total assets, 36% of deposits, and 34% of net loans. Together with the next largest bank, the merged entity would control about 59% of total assets, 58% of deposits, and 58% of net loans. The four largest banks post-merger would control 78% of total assets, 77% of deposits, and 78% of net loans. Both banks had already grown significantly through previous mergers. The Comptroller of the Currency approved the merger despite reports from the Federal Reserve Board, FDIC, and Attorney General indicating substantial anticompetitive effects. The day after approval, the United States filed suit to enjoin the merger.
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