Editorial: Death Of National City Bank - Cleveland 19 News Cleveland, OH

Editorial: Death Of National City Bank

Cleveland, OH - There was no way Northeastern Ohio was ever going to escape the residual effects of the current economic crisis anymore than other regions in the country, but little did we know when this turmoil began that it would cost us an economic icon in the city of Cleveland.   But that's exactly what has happened with the sale of National City Bank.  

An institution here since the middle of the eighteenth  century and with almost 18,000 employees in Northeastern Ohio, the bank has been sold to Pittsburgh-based PNC Financial Services for the bargain basement price of about $5.6B dollars. The National City name will disappear along with lots of local jobs and the new company will be based in Pittsburgh. Cleveland will suffer as a result.

Some are blaming national city's collapse on the U.S. Treasury Department for changing its initial plans to buy bad bank assets and switching instead to investing in healthy banks and encouraging them to gobble up the sick ones. But, sadly, the only real culprits here are the guys who ran National City during the past ten years. It was they who dove headfirst into the risky sub-prime mortgage business and they must shoulder the blame. National City is dead from self-inflicted wounds.

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