In financial news, at least sixteen regional banks have announced they will become partially nationalized as part of the Treasury Department’s financial bailout plan. The infusion of government funds is expected to lead to a wave of bank mergers and the further consolidation of the banking industry. On Friday, PNC Financial Services bought its rival National City for $5.2 billion. PNC announced the deal after getting $7.7 billion in government funds. The Treasury Department had claimed the financial bailout was needed to help banks lend more money. But now it appears much of the money will be used for banks to buy their weaker rivals.