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BUSINESS
December 16, 2000
* Banking company National City Corp. said it will close its 69 Loan Zone retail stores and exit the auto leasing business because they have failed to meet growth expectations.
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BUSINESS
April 21, 2008 | From Bloomberg News
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.
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BUSINESS
March 18, 1992 | Associated Press
Federal bank regulators approved National City Corp.'s takeover of Merchants National Corp. of Indianapolis, National City announced. National City, a $24-billion Cleveland-based bank holding company with operations in Indiana, Kentucky and Ohio, said the Federal Reserve approved National City's application on Monday. Shareholders of Merchants National will meet April 21 and National City shareholders meet April 27 to vote on the $641-million deal.
BUSINESS
September 7, 2007 | From Times Wire Services
Lehman Bros. Holdings Inc. and National City Corp. announced plans Thursday to lay off a combined 2,150 workers, the latest in a flurry of job losses in the mortgage industry. Lehman said it would cut 850 employees, or 3% of its workforce, resulting in a $20-million after-tax charge against earnings. The move came two weeks after the Wall Street investment bank decided to close its Irvine-based BNC Mortgage sub-prime unit, resulting in 1,200 layoffs. National City, the ninth-largest U.S.
BUSINESS
April 21, 2008 | From Bloomberg News
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.
BUSINESS
October 31, 1991 | From Times Staff and Wire Reports
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.
BUSINESS
July 17, 1991 | From Times Staff and Wire Reports
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.
BUSINESS
December 2, 1997 | From Reuters
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.
BUSINESS
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.
BUSINESS
August 3, 2007 | From Times Wire Services
The financial toll of the home loan crisis grew Thursday as a large independent mortgage firm stopped taking loan applications, another lender said its survival was in doubt and the industry's leader felt compelled to issue a statement saying it had adequate access to funds. Two other lenders, meanwhile, tightened their loan standards, and the market for securities backed by sub-prime mortgages showed signs of weakening.
BUSINESS
July 11, 2006 | From Bloomberg News
National City Corp. said Monday that it was exploring the sale of its First Franklin mortgage unit after home loan applications and profit plunged in the first quarter amid rising interest rates. Alternatives might include selling First Franklin, based in San Jose, along with its Pittsburgh-based National City Home Loan Services processing unit, the bank said.
BUSINESS
December 16, 2000
* Banking company National City Corp. said it will close its 69 Loan Zone retail stores and exit the auto leasing business because they have failed to meet growth expectations.
BUSINESS
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.
BUSINESS
December 2, 1997 | From Reuters
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.
BUSINESS
August 29, 1995 | From Times Wire Services
National City Corp., a diversified financial services concern, plans to buy Integra Financial Corp. for $2.1 billion in stock in a merger that analysts praised Monday. Cleveland-based National City and Integra, a Pittsburgh-based bank holding company, are practically neighbors, and their markets are similar, analysts said. The combined company would have assets of $50 billion, deposits of $35 billion and stockholder equity of $4 billion.
BUSINESS
September 7, 2007 | From Times Wire Services
Lehman Bros. Holdings Inc. and National City Corp. announced plans Thursday to lay off a combined 2,150 workers, the latest in a flurry of job losses in the mortgage industry. Lehman said it would cut 850 employees, or 3% of its workforce, resulting in a $20-million after-tax charge against earnings. The move came two weeks after the Wall Street investment bank decided to close its Irvine-based BNC Mortgage sub-prime unit, resulting in 1,200 layoffs. National City, the ninth-largest U.S.
BUSINESS
July 11, 2006 | From Bloomberg News
National City Corp. said Monday that it was exploring the sale of its First Franklin mortgage unit after home loan applications and profit plunged in the first quarter amid rising interest rates. Alternatives might include selling First Franklin, based in San Jose, along with its Pittsburgh-based National City Home Loan Services processing unit, the bank said.
BUSINESS
March 18, 1992 | Associated Press
Federal bank regulators approved National City Corp.'s takeover of Merchants National Corp. of Indianapolis, National City announced. National City, a $24-billion Cleveland-based bank holding company with operations in Indiana, Kentucky and Ohio, said the Federal Reserve approved National City's application on Monday. Shareholders of Merchants National will meet April 21 and National City shareholders meet April 27 to vote on the $641-million deal.
BUSINESS
October 31, 1991 | From Times Staff and Wire Reports
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.
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