December 2, 1997 |
Consolidation in the banking industry took another step forward Monday when National City Corp. said it will acquire First of America Bank Corp. in a stock swap worth $7.1 billion, a deal that would bring together two big Midwestern bank holding companies. A definitive agreement between the two calls for a tax-free exchange of 1.2 shares of National City common stock for each share of First of America common. Cleveland-based National City and Kalamazoo, Mich.
April 21, 2008 |
National City Corp. may receive $6 billion to $7 billion from a group led by Corsair Capital to help the bank cope with losses tied to sub-prime loans, according to a person familiar with the matter. The money would be used to boost the bank's capital, said the person. An announcement is expected to be made today, the person added.
October 31, 1991 |
Big Midwest Banks to Merge: National City Corp. of Cleveland said it will acquire Indianapolis-based Merchants National Corp. in a $641-million stock-swap deal. The new entity would be among the nation's 25 biggest banks, with $29.69 billion in assets, $19.43 billion in loans and $22.92 billion in deposits. The acquisition would mean 600 layoffs at Merchants National's domestic facilities. Merchants National, Indiana's third-biggest banking franchise, also serves U.S.
July 17, 1991 |
Cleveland Banks in Merger Talks: Directors of Ameritrust authorized the start of merger talks with other banks, including cross-town rival National City Corp. The disclosure comes one day after two New York banking companies, Manufacturers Hanover Corp. and Chemical Banking Corp., announced that they will merge in a $2-billion-plus stock swap that would create the nation's second-largest banking company.
July 28, 1999
* National City Corp. said that it agreed to buy mortgage lender First Franklin Financial Cos. from Bank of America Corp. for an undisclosed amount of cash to expand its residential mortgage business. San Jose-based First Franklin's management and staff, including more than 5,000 brokers, would remain in place when the acquisition closes, which is expected this year. * * Mylan Laboratories Inc.