National City, Losing Made Simple
National City Corporation (NYSE: NCC), based in Cleveland, Ohio and founded in 1845, is one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit.
NCC slumped in New York trading after it slashed the dividend and agreed to sell a $7 billion stake to a group of investors led by Corsair Capital LLC at a 40 percent discount to last week’s closing price.
The bank dropped 24 percent, to $6.29 in New York Stock Exchange composite trading at 11:25 a.m.
National City, led by Chief Executive Officer Peter Raskind, posted three consecutive quarterly losses as homebuyers struggle to repay loans.