national city bank
national city bank
national
city bank National
City Corporation was a company based in Cleveland, Ohio, USA, founded in 1845;
it was once one of the ten largest banks in America in terms of deposits, mortgages
and home equity lines of credit. Subsidiary National City Mortgage is credited
for doing the first mortgage in America. The company operated through an extensive
banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri,
Pennsylvania, Florida, and Wisconsin, and also serves customers in selected markets
nationally. Its core businesses included commercial and retail banking, mortgage
financing and servicing, consumer finance, and asset management. The bank reaches
out to customers primarily through mass advertising and offers comprehensive banking
services online. In its last years the company was commonly known in the media
by the abbreviated NatCity, with its investment banking arm even bearing the official
name NatCity Investments. In 2007, National City Corp. ranked number 188 on the
Fortune 500 list, and 9th in terms of revenue in the U.S. commercial banking industry
with total assets of about $140 billion. PNC Financial Services announced October
24, 2008 its purchase of National City for about $5.2 billion in stock with funds
from the U.S. Treasury. The acquisition, which became formal on December 31, 2008,
was described as a "take-under," meaning the purchase price was below
National City's market value.[ PNC will officially convert the National City branches
to the PNC name on November 7th, 2009. The Wall Street Journal reported on June
6, 2008 that National City Corp. had entered into a memorandum of understanding
with federal regulators, effectively putting the bank on probation. Terms of the
confidential agreement, entered into a month earlier with the Office of the Comptroller
of the Currency (which regulates nationally chartered banks), were not known.
On June 10, 2008, National City Corp. confirmed that it had reached agreements
with regulators "regarding capital levels, risk-management practices and
other aspects of its business." The company stated that there had been no
material developments in these areas since these memorandums of understanding
were signed in April and May, 2008
national city bank
national city bank