Cleveland, OH - Rumors swirl that Cleveland-based National City Bank is up for sale.
The Wall Street Journal - citing anonymous sources - reports the bank is shopping around for interested buyers.
National City, however, released the following statement when contacted by 19 Action News:
National City does not comment on rumors or speculation. We will however, reiterate the facts: National City is a strong, stable, and well capitalized company that is just as focused as ever to providing our customers with the industry-leading products and services that have long differentiated us in the market.
Rumors and speculation have no impact on our operations. And our retail banking, commercial banking and wealth management operations continue to serve their customers as they always have, adding new customer relationships and expanding existing relationships every day.
With respect to recent stock price volatility, we believe the performance of our stock reflects the extraordinary current turmoil in the financial markets and overlooks the fundamental strengths of National City. These include a Tier 1 capital ratio that is on average approximately 25% higher than other regional and national banks, and ample liquidity. Our funding is supported by a large, stable and diversified pool of core deposits from our growing customer base of nearly 4 million households.
National City's Kristen Baird Adams
Senior Vice President
National City Corporation
National City has been hit hard by high-risk mortgage loans and was forced to arrange a $7 billion capital infusion in April.