banner



Home  ›  Is Discover Bank A Ohio Registered Corporation

Is Discover Bank A Ohio Registered Corporation

Written By Tuesday, April 12, 2022 Add Comment Edit

American bank and part of National City Corp

This article is nigh the Cleveland banking concern. For the historic proper noun of the predecessor to Citibank, see the article there

National City Corporation
Blazon Public

Traded as

 NYSE: NCC
Industry Banking
Founded 1845; 177 years ago  (1845)
Defunct December 31, 2008; 13 years agone  (2008-12-31)
Fate Acquired by PNC Financial Services
Successor PNC Financial Services
Headquarters

Cleveland, Ohio

,

United States

Area served

 United States (Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, Wisconsin, and other markets)
Services Commercial and retail cyberbanking
Mortgage financing and servicing
Consumer finance
Asset direction
Divisions NatCity Investments
Subsidiaries National City Mortgage
Website Official website at the Wayback Machine (archive index)

National Metropolis Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the x largest banks in America in terms of deposits, mortgages and domicile equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset direction. The banking concern reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity,[1] [2] with its investment banking arm even bearing the official name NatCity Investments.[3]

In 2007, National Urban center Corp. ranked number 188 on the Fortune 500 list, and 9th in terms of revenue in the U.Southward. commercial banking industry with total assets of about $140 billion.

PNC Financial Services announced October 24, 2008, its buy of National City for most $5.2 billion in stock with funds from the U.S. Treasury. At the time of the acquisition, National City had been the seventh largest bank in the United States,[4] ii spots alee of acquirer PNC. The deal was finalized on December 31, 2008, and the National City name was retired on June 14, 2010.

Regulatory scrutiny [edit]

The Wall Street Journal reported on June six, 2008, that National City Corp. had entered into a memorandum of understanding with federal regulators, effectively putting the bank on probation. Terms of the confidential agreement, entered into a calendar month earlier with the Role of the Comptroller of the Currency (which regulates nationally chartered banks), were non known.[5]

On June 10, 2008, National City Corp. confirmed that it had reached agreements with regulators "regarding capital levels, chance-management practices and other aspects of its business." The visitor stated that there had been no material developments in these areas since these memorandums of agreement were signed in April and May 2008.[vi]

History [edit]

National Urban center Bank was founded on May 17, 1845, when a group of Cleveland businessmen pooled $50,000 to organize the City Bank of Cleveland, the showtime banking concern opened nether the Ohio Bank Deed of 1845 in a modest town with no gas, electricity, public waterworks, or railroad.[7] Reuben Sheldon and Theodoric C. Severance, formerly of the Fireman's Insurance Company, organized The City Banking concern of Cleveland. The city's only banking company at the time, opened its doors to the public at No. 52 Superior Street.[8]

National Metropolis Corporation was one of the principle players in the Dawes Program to rebuild Germany in the mail WWI menstruum, contributing $173,000,000 in loans.[9] Part of which included a $30,000,000 insurance on the securities of Allgemeine Elektrizitäts-Gesellschaft (A.E.Chiliad.), aka German General Electric, and $35,000,000 to American I.G. Chemical (I.Grand. Farben).[10]

In April 1973, National Metropolis Corporation was formed as the holding company for the National City Bank of Cleveland to allow the company to expand exterior of Cuyahoga County through the buy of other banks.[11]

In February 1992, National City appear that all member banks would change over to operate under the National Urban center proper name within three years. Until this time, all acquired banks had continued to operate under the same proper name that they were using at the time of their acquisition. This change would permit a unified brand through the visitor and simplify advertising.[12]

Expansion in Ohio [edit]

In February 1975, National City Corp. announced that information technology was seeking to acquire the assets of the failed Northern Ohio Banking company from the Federal Eolith Insurance Corporation.[13] The acquisition was completed by March 1975.[fourteen]

In March 1975, National City Corp. appear that it was acquiring the Cleveland-based Bank of Cleveland for an undisclosed amount.[15] The acquisition was completed in Jan 1976.[16]

In December 1975, National City Corp. announced that it was acquiring the Elyria-based First National Bank of Elyria for $4.6 million in cash.[17] The acquisition was completed in August 1976.[18]

In April 1977, National City Corp. announced that information technology was acquiring the Dayton-based Starting time National Banking company of Dayton for $xl million.[19]

In July 1979, National City Corp. appear that information technology was acquiring the Norwalk-based Huron County Banking Company for an undisclosed toll.[twenty] The acquisition was completed in May 1979.[21]

In September 1981, National City Corp. announced that information technology was acquiring the Akron-based Goodyear Depository financial institution for an undisclosed cost.[22] [23]

In December 1981, National Metropolis Corp. announced that it was acquiring the Toledo-based Ohio Citizens Bancorp for $64 million in greenbacks and notes.[24]

In March 1984, National City Corp. appear that it was acquiring the Columbus-based BancOhio Bancorp for $310 million in stock and cash.[25]

In May 1986, the troubled Cleveland-based Broadview Savings & Loan Visitor announced that information technology was selling 18 of its 38 offices to National Metropolis for $24 million.[26]

In June 1989, National City Corp. appear that it was acquiring the insolvent Dayton-based Gem Savings Association without the assistance of federal help.[27] [28] The acquisition was completed in Jan 1990.[29]

In April 1993, National City Corp. appear that it was acquiring the Youngstown-based Ohio Bancorp for $200 million in stock and greenbacks and integrating information technology into National City Bank, Northeast.[30] The acquisition was completed in Oct 1993.[31]

In February 2004, National City Corp. announced that information technology was acquiring the Cincinnati-based Provident Financial Group, with its lead bank Provident Bank and offices located in Southwestern Ohio and Northern Kentucky, for $2.1 billion in stock.[32] The acquisition was completed in July 2004.[33]

In June 2004, National City Corp. announced that it was acquiring the Wooster-based Wayne Bancorp for $180 million in greenbacks.[34] The acquisition was completed in October 2004.[35]

Expansion in Kentucky [edit]

In January 1988, National City Corp. announced that information technology was acquiring the Louisville-based Showtime Kentucky National Corporation for $660 one thousand thousand in stock.[36] [37] The acquisition was completed in July 1988 and information technology gave National Urban center a strong presence in Kentucky plus a token presence in southern Indiana.[38]

In February 1993, Commencement Kentucky National Corp., a wholly owned subsidiary of National Urban center Corp., was renamed National City Depository financial institution Kentucky.[39]

In January 1995, National Metropolis Corp. announced that information technology was acquiring the Lexington-based United Bancorp of Kentucky Inc. for $63 million in stock.[40] [41]

Expansion in Indiana [edit]

In October 1991, National City Corp. announced that it was acquiring the Indianapolis-based Merchants National Corporation with its pb bank Merchants National Bank and Trust Company of Indianapolis and 14 other banks for $604 1000000 in stock.[42] [43] The conquering was completed in May 1992.[44]

In July 1994, National City Corp. announced that it was acquiring the Kokomo-based Cardinal Indiana Bancorp for $48 million in stock.[45] [46]

In January 1998, National Metropolis Corp. appear that it was acquiring the Fort Wayne-based Fort Wayne National Corporation for $800 million in stock.[47] [48] The conquering was completed in March 1998.[49]

Expansion in Pennsylvania [edit]

In August 1995, National City Corp. announced that it was acquiring the Pittsburgh-based Integra Financial Corporation for $two.1 billion in stock.[50] The acquisition was completed in May 1996 for $2.iv billion in stock.[51]

Expansion in Michigan [edit]

In Dec 1997, National Metropolis Corp. announced that it was acquiring the Kalamazoo-based First of America Depository financial institution Corporation, with offices in Michigan, Illinois and Indiana, for $seven.1 billion in stock.[52] [53] The acquisition was completed in March 1998.[49] [54]

Expansion in Missouri [edit]

In November 2003, National City Corp. appear that it was acquiring the St. Louis-based Allegiant Bancorp for $475 million in stock.[55] The acquisition was completed in Apr 2004 for $500 million in stock.[56]

Expansion in Florida [edit]

In July 2006, National City Corp. announced that it was acquiring the Fort Pierce-based Harbor Florida Bancshares for $1.1 billion in stock.[57] The acquisition was completed in December 2006.[58]

In July 2006, National City Corp. announced that it was acquiring the West Palm Embankment-based Harbor Allegiance Bankshares for $1 billion in stock.[59] The acquisition was completed in Jan 2007.[60]

Expansion in Illinois and Wisconsin [edit]

In May 2007, National City Corp. announced that it was acquiring the Clarendon Hills-based MAF Bancorp, with offices in Chicago and Milwaukee, for $1.9 billion in stock.[61] The conquering was completed in September 2007.[62]

Recent transactions [edit]

National City went on an conquering spree from 2004 through 2008, headed by its $2.one billion purchase of Cincinnati-based Provident Fiscal Grouping. Provident Fiscal Group's cyberbanking arm, Provident Bank, specialized in warehouse lending facilities whereby it extended commercial credit lines to mortgage banking firms so that the mortgage banking firms could make loans to their customers and either keep those loans or sell them in the secondary market place to government-sponsored enterprises (GSEs) or other institutional investors. After the acquisition, National City renamed the division National City Warehouse Resources. The warehouse lending sectionalization was a turn a profit middle and did not contribute to the banking concern's downfall. In addition, in 2005, National Urban center acquired Allegiant Bancorp to secure a presence in the St. Louis, Missouri, market. In 2006, they acquired Fidelity Bankshares Inc. for an estimated $1 billion deal that was one-half cash, one-half stock. The depository financial institution besides caused Harbor Florida Bancshares Inc. through a $ane.1 billion stock deal, with both caused banks located in Florida; these acquisitions gave National City $seven.4 billion of assets and 94 branches in Florida.

On the other side of the ledger, National City sold to Depository financial institution of America its 83% stake in National Processing Company, which earns fees from processing merchant credit card transactions. The sale of San Jose, California, based First Franklin origination franchise and related servicing platform to Merrill Lynch & Co. was completed on Dec 30, 2006, for $1.iii billion.

In May 2007, National City announced the buy of MAF Bancorp Inc., the holding company for MidAmerica Bank. As of June 30, 2006, MidAmerica Bank had the 9th-ranked market share in the Chicago metropolitan expanse (Chicago-Joliet-Naperville) at 2.18%. Following the merger using the same dataset, the combined National City and MidAmerica Banks were expected to rank 4th in the Chicago market with a market share of 3.96% and deposits of more than $10 billion.[63]

Strategic changes and subsequent downfall [edit]

In the late 1990s, under former CEO David Daberko, National Urban center began a strategy to increase the yields on its avails. In 1999, the company purchased First Franklin Financial Corp., a big subprime mortgage lender. Instead of selling the loans, every bit most mortgage companies do, National City retained many of the loans to enhance its internet interest spreads. It also aggressively originated loans brought to the company past third-political party mortgage brokers, as well as originating a big number of abode equity loans. The amount of residential mortgage loans grew apace and came to exceed the level of commercial loans. By 2003, National City was the sixth-largest mortgage lender in the country. The company did sell its First Franklin Financial subsidiary in December 2006, merely retained a large volume of loans that had been originated by the subsidiary. Management failed to recognize the extent of problems in the subprime market place and did not take sufficient aggressive actions to reduce its real manor mortgage portfolio. National Urban center subsequently made several other strategic mistakes, including buying back $three billion of its stock in early on 2007, thereby reducing its level of majuscule, and expanding into the Florida market in late 2006, only earlier the real manor marketplace there went into a severe decline. As the subprime mortgage market began going into free autumn in mid-2007 and connected into 2008, loan losses mounted. In the third quarter of 2007, the visitor suffered a net loss of $xix million. By the second quarter of 2008, the company had a cyberspace loss of $1.8 billion.[64] [65]

Acquired by PNC [edit]

On October ix, 2008, The Wall Street Journal ran an article citing unnamed sources indicating that National City was in talks with several other banks for a possible auction.[ commendation needed ] The article named Pittsburgh-based PNC Financial Services, Toronto-based Scotiabank, and Minneapolis-based U.S. Bancorp as the leading contenders. A spokesperson for National Urban center declined to comment on the study.[66] [67] By taking over National Metropolis, Scotiabank would exist able to "obtain a larger presence in the U.South. regional banking arena than their Canadian peers", notwithstanding Scotiabank CEO Rick Waugh declined after they could not properly value National's mortgage assets.[68]

On October 24, 2008, PNC announced that it had finalized a purchase agreement for National Metropolis. The conquering was a stock purchase transaction to be completed before the cease of 2008. National City would be merged into PNC, and the National Metropolis brand would exist dissolved.[69] [70] The bargain was approved by shareholders of both banks on December 23, 2008, and the acquisition was completed on December 31.[71]

The deal made PNC the largest bank in Pennsylvania, Ohio, and Kentucky, every bit well as the 2nd largest bank in Maryland and Indiana. It greatly expanded PNC's presence in the Midwest, besides every bit inbound PNC into the Florida market. Pittsburgh, Louisville, Kentucky, and Cincinnati were the only three markets before the conquering in which both banks had a major presence.

In the case of Pittsburgh, the two banks had pregnant overlap, to the betoken that it would pose antitrust issues in Western Pennsylvania, since both banks had the elevation two market shares in that region.[72] As a result, the United States Section of Justice required PNC to sell off 50 National City branches in the Pittsburgh area and 11 more branches in and around Erie to competitors.[73] On Apr 7, 2009, PNC reached a deal with Buffalo-based First Niagara Banking concern to sell 57 of the branches;[74] First Niagara officially took over those branches on September 8, afterwards the signs were changed over from National City during that year'southward Labor Day Weekend.[75] The branches not purchased by First Niagara were the four in Crawford Canton, Pennsylvania, that PNC was even so required to divest: 1 branch in Titusville was sold to The Farmer's National Banking company of Emlenton,[76] with the other 3 (one in Conneaut Lake, and the other ii in Meadville, including the branch inside Wal-Mart) were sold to Marquette Savings Banking company.[77] [78]

Although employees at the branches beingness sold off were retained, there were still heavy layoffs at National Metropolis'south headquarters in Cleveland. PNC originally stated that v,800 employees would be laid off corporate-broad across the new organization. In actuality, over 15,000 employees were laid off, all of them from the previous National Metropolis, with PNC losing client and deposit marketplace share in the Cleveland area as a result. National City Depository financial institution had been the largest bank in the Cleveland market and held the largest deposit share of all of its competitors. After the PNC merger, crosstown rival KeyBank became the largest bank in Cleveland, gaining a significant share of deposits once held past National Metropolis; KeyBank would later on buy Offset Niagara and move into PNC'southward abode market of Pittsburgh with the former National City branches PNC had to sell off.

The National City name lasted into 2010, since it would take PNC some time to integrate the 2 banks together.[79] Despite the branch closures and the auction of others to Kickoff Niagara and Emclaire, PNC all the same ended up with a 46% market share in Pittsburgh,[fourscore] over iii times the market share of 2d-place Citizens Financial Group, with 13%.[74] PNC began to convert the National City branches that were not sold off or airtight on Nov vii, 2009,[81] starting with Pennsylvania (where the two had the most overlap), Florida, and the Youngstown & Steubenville, Ohio regions.[lxxx] The conversion of National City to PNC was completed in June 2010, in the following phases:[82]

  • February nineteen, 2010 [83] Central & Southern Ohio (including Cincinnati, Dayton, and the country capital of Columbus[84]), Southeastern Indiana, and all of Kentucky.
  • April 12, 2010 [85] Northern Ohio (including National City's domicile market of Cleveland,[86] Akron, Canton, and Toledo) and all of Michigan.
  • June xiv, 2010 [87] The residuum of Indiana and all of Illinois,[88] Missouri, and Wisconsin.

Combined PNC and National City Facts [edit]

National Urban center branch footprint prior to merger with PNC

  • One of the nation'south peak 5 banks by deposits and branches[89]
  • 60,000 employees across the United States and abroad[89]
  • half dozen,000 ATMs[89]
  • 2,600 branches[89]
  • $279 billion in assets[89]
  • $181.1 billion in deposits[89]
  • Shareholder equity $27.5 billion[89]
  • Assets Under Mgmt. $121 billion[89]
  • Customers- Approximately 5 million consumer and small business customers.[89]

Historical timeline [edit]

From pioneer times to the Great Depression [edit]

  • 1845: Reuben Sheldon and Theodoric C. Severance, formerly of the Fireman's Insurance Visitor, organize The City Bank of Cleveland.[xc]
  • 1865: City Bank of Cleveland becomes National Urban center Banking company of Cleveland, receiving a national charter that includes the right to print federal money. This responsibility lasts until the 20th century, when the Federal Reserve assumes the function of printing all U.S. currency.[90]
  • 1881: National City Bank records more than $1 million in assets.[90]
  • 1901: National City Banking company passes $2 million in assets.[90]
  • 1912–1913: National Urban center Bank'south assets rise from $ii.5 meg to $iv.five million.[90]
  • 1914–1918: National City Banking concern purchases $100 million in U.South. Bonds to help finance Globe War I and sees its own avails increment to $15.five million.[90]
  • 1929: National Metropolis Banking company accumulates $twoscore million in assets.[90]
  • 1933: National City Bank is the simply banking company in Cleveland giving 100 cents on the dollar to its depositors, while for several weeks most other banks are providing only five cents on the dollar.[ commendation needed ] When many other banks are forced to shut down permanently following Roosevelt'southward cyberbanking moratorium, National City Depository financial institution is deemed to exist solid, and is permitted to resume full operations.[90]

Grows throughout much of Ohio [edit]

  • 1945: Nearing $500 million in assets, National City Banking company celebrates its 100th Anniversary.[90]
  • 1972: National City Bank's assets pass $2 billion.[90]
  • 1973: A new holding company, National City Corporation, is created with National City Banking concern (its proper name shortened from National City Bank of Cleveland) as its lead banking concern and primary subsidiary.[90]
  • 1975: National City Bank purchases the avails of the failing Northern Ohio Banking company for $3.7 meg.[90]
  • 1976: National City Banking company spends $3.8 one thousand thousand acquiring The Bank of Cleveland.[90]
  • 1977: The Kickoff National Bank of Dayton is the corporation's start major conquering. Two banks had merged to create the Dayton Bank in 1961: Merchant's National Bank (1871) and People's Bank & Trust Co. (1957).[90]
  • 1978: The Huron County Cyberbanking visitor in Norwalk, Ohio, is caused. The banking concern is renamed National Metropolis Bank, Norwalk in 1985.[90]
  • 1980: National City Banking company moves its headquarters to the newly constructed 35-story National Urban center Center, as does its parent company, National City Corporation.[90]
  • 1982: Ohio Citizens Bancorp in Toledo is acquired.[xc]
  • 1982: The Goodyear Banking company in Akron is acquired. Founded in 1933 by the Goodyear Tire & Rubber Company, it was Ohio'south first company-owned depository financial institution.[ninety]
  • 1982: Beginning in May, National City Bank becomes one of 2 Cleveland banks to link its Visa and MasterCard credit card interest rates to the toll of coin, changing interest fees every six months according to the fluctuations of Treasury Bill Rates.[ninety]
  • 1982: National City Bank reports a resumption of growth in annual earnings.[90]
  • 1984: National City Corporation acquires BancOhio Corporation of Columbus to create the state'southward largest bank holding visitor. Together their avails full $12.five billion, with a banking network encompassing 350 branches in 52 of the state'due south 88 counties.[90]
  • 1986: National City Bank acquires 14 area offices and $460 million in deposits of the Broadview Savings and Loan Company.[ninety]

Becomes interstate bank [edit]

  • 1988: National City Corporation expands into the Kentucky market place past acquiring First Kentucky National Corporation of Louisville. Member banks of Outset Kentucky include First National bank of Louisville (1863); American National Bank & Trust Company, Bowling Greenish (1886); Crestwood State Bank (1896); Fundamental Banking company and Trust Company, Owensboro (1890); 3rd National Bank of Ashland (1916); and Start National Bank of Indiana, New Albany (1904). The largest, Commerce National in Lexington, resulted from a merger of Bank of Commerce (1911) and Second National Bank (1883).[90]
  • 1989: National City Mortgage Visitor acquires Shawmut Mortgage Visitor in Miamisburg, Ohio.[90]
  • 1990: National Metropolis corporation establishes National City Investment Corporation, allowing the corporation to offer investment choices equal to that of a total-service brokerage.[90]
  • 1990: Jewel Savings Association, a $1.6 billion nugget savings and loan visitor with 25 branches in Dayton and Cincinnati, is acquired.[xc]
  • 1991: In October, National Metropolis Corporation announces it has reached an agreement with Merchants National Corporation to acquire the Indianapolis-based holding company. Member banks of Merchants National consist of: Anderson Banking Company (1890); Batesville State Bank (1889); Central National Banking concern of Greencastle (1883); Citizens National Bank of Tipton (1904); Elston Banking concern & Trust Company (1853); Farmers National Bank of Shelbyville (1886); Fayette Depository financial institution and Trust Company (1902); Commencement National Bank of East Chicago (1909); Starting time National Depository financial institution of Indiana, Logansport (1931); Hancock Bank & Trust Visitor, Greenfield (1874); Madison Bank & Trust Company (1833); Mid State Bank, Zionsville (1882); Mid Land Bank of Hendricks County, Danville (1904); The National Bank of Greenwood (1934); The Seymour National Bank (1891); and Marriage State Banking concern, Carmel (1923).[90]
  • 1993: National City acquires Ohio Bancorp, Youngstown. Its fellow member banks are: The Dollar Savings and Trust Company, Youngstown (1887); The Potters Bank and Trust Visitor, Due east Liverpool (1881); Peoples Cyberbanking Company, Martins Ferry (1891); Banking concern 2000, Minerva (1915); and The Miners and Mechanics Savings and Trust Visitor, Steubenville (1913).[90]
  • 1995: Central Indiana Bancorp, Kokomo and United Bancorp of Lexington, Kentucky are caused.[90]
  • 1995: National City celebrates its 150th Ceremony with $32 billion in assets, 640 branches and xx,000 employees.[90]
  • 1995: National Urban center purchases Integra Bank of Pittsburgh for $2.iii billion, and expands into the Pittsburgh market.[91] [92] [ninety]

The last years: a banking conglomerate [edit]

  • 1997: National City merges with First of America creating the 13th-largest banking organization in the U.South. at that time in terms of total assets. Offset of America is a $22 billion asset banking concern holding visitor headquartered in Kalamazoo, Michigan. The combined company had assets of $74.iv billion, deposits of $48.4 billion and stockholders' disinterestedness of $vi.1 billion.[90]
  • 1997: National Metropolis purchases certain assets of the mortgage loan origination businesses owned by First National Mortgage Corporation and Eastern Mortgage Services, Inc, and American Mortgage Source, Inc.[90]
  • 1998: National Urban center acquires Fort Wayne National Corporation with assets of $three.3 billion.[90]
  • 1999: National City closes on acquisition of First Franklin Financial Companies.[90]
  • 2004: National City completes $ii.one billion purchase of Cincinnati-based Provident Financial Group.
  • 2004: National City acquired Wayne Bancorp, a bank holding company headquartered in Wooster, Ohio, which operated 26 branches and had $825 million in assets. Also acquired Allegiant Bancorp to enter the St. Louis market, adding 36 branch locations to National City's network of 1,100 retail offices located throughout the Midwest.[xc]
  • 2006: National City sold First Franklin grouping to Merrill Lynch for $i.three billion.[90]
  • 2006: National City acquires Fidelity Bankshares. Headquartered in Westward Palm Beach, Fidelity had $four.two billion in total assets and operated 52 branches.[ninety]
  • 2006: National Metropolis acquires Harbor Florida Bancshares, the holding company for Harbor Federal Savings Bank. Harbor Florida is the fifth-largest publicly traded cyberbanking institution based in Florida. Headquartered in Fort Pierce, Harbor Florida has full assets of $3.ii billion and 40 branches.[90]
  • 2007: National Metropolis acquires MAF Bancorp, Inc., the holding company for MidAmerica Banking concern, which operated 82 branches throughout Chicago and Milwaukee and surrounding areas. MidAmerica was the 11th largest banking establishment in the Chicago marketplace with $5.7 billion in deposits and 58 branches and the fifth largest in Milwaukee with $one.three billion in deposits and 24 branches.[90]
  • 2007: Peter Raskind succeeds David A. Daberko every bit President and CEO of the visitor, after Daberko was criticized for his expansion into subprime mortgages, banking concern acquisitions and share buybacks.[90]

Merger with PNC and concluding deportment as independent banking concern [edit]

  • 2007: National City announces that their Wholesale Mortgage Division will cease operations constructive December 31, 2007, in the face of tape foreclosures. Employees were notified via email and conference phone call from Buck Bibb, head of National Metropolis Mortgage.[xc]
  • 2008: National City Corp. disclosed in a regulatory filing that it is the subject of an "informal" Securities and Exchange Commission investigation related to matters including loan underwriting, depository financial institution regulatory matters, and the sale of a subprime subsidiary, First Franklin Financial Corporation, to Merrill Lynch for $ane.3 Billion in 2006.[90]
  • 2008: On October 24, 2008 PNC Bank appear that it had purchased National Metropolis. The bargain was approved by shareholders of both banks on December 23, 2008. According to a press release by PNC grouping, PNC intends to merge National City'south banking affiliates into PNC Bank and they will assume the PNC Bank name. The merged entity will have its headquarters in Pittsburgh, Pennsylvania.[90]
  • 2008: On Dec 9, 2008, shareholders of National City Corp. filed lawsuits to halt the sale of the commercial bank to PNC Bank[93] [90]
  • 2008: On Dec 31, 2008, PNC completed the acquisition of National Urban center, and is ordered by the United States Department of Justice to sell off 61 National City branches in Western Pennsylvania for antitrust reasons.[90]
  • 2009: On April 7, 2009, PNC agrees to sell off 57 National Metropolis branches in the Pittsburgh and Erie areas to Get-go Niagara Bank, while the remaining 4 needed to be sold off—all in Crawford County, Pennsylvania—are sold to locally based independent banks.[90]
  • 2009: By the end of Labor Day Weekend, the branches sold off were taken over past their respective buyers.[75] [94] [95] The remaining National City branches notwithstanding remain under PNC for a few more than months before their own conversion to PNC.[75] [ninety]
  • 2010: The National City name is retired in June 2010.[ninety]

References [edit]

  1. ^ "Mentor: Neighbors try to help deer entangled in wire | Video". wkyc.com. Retrieved August 21, 2012. [ expressionless link ]
  2. ^ [i] [ dead link ]
  3. ^ "NatCity Investments Online Investing". National City Corporation. Archived from the original on Nov 14, 2006.
  4. ^ Mezger, Roger (October xiii, 2008). "National City moves upwards to 7th largest U.S. bank". The Obviously Dealer . Retrieved August 21, 2012.
  5. ^ Pema, Tenzin (June half dozen, 2008). "National City nether U.S. regulatory scrutiny: written report". Reuters.
  6. ^ Morcroft, Greg (June x, 2008). "National Metropolis confirms agreements with regulators". MarketWatch.
  7. ^ National Urban center 150th Celebration Book Team: National City – 150 Years, 1995
  8. ^ "National City Corp.: Data from". Answers.com. Archived from the original on February 28, 2007. Retrieved October 23, 2013.
  9. ^ Sutton, Anthony (2002). Wall Streen and the Ascent of Hitler. GSG & Associates. p. 29. ISBN0945001533.
  10. ^ Sutton, Anthony (2002). Wall Street and the Rise of Hitler. GSG and Assembly. p. 28. ISBN0945001533.
  11. ^ "Stockholders Meeting Briefs". Wall Street Journal. March xiii, 1973. p. 39. National Urban center Depository financial institution of Cleveland holders approved the previously proposed formation of a multibank holding visitor known as National Metropolis Corp. Officials said ii shares of the new company would be exchanged for each outstanding share of the depository financial institution, subject area to approval of regulatory regime. Effective engagement is expected to be April 30, they added. Alternate Link via ProQuest.
  12. ^ "Members of National Metropolis to change names". United Printing International. February 28, 1992.
  13. ^ "Bank in Cleveland Moves To Take Over Another". New York Times. February 18, 1975. p. 42. Alternating Link via ProQuest.
  14. ^ "Fallen Bank Linked to Doore". Detroit Complimentary Press. March six, 1975. p. 3 – via Newspapers.com. Northern Ohio Bank, a five-year-sometime Cleveland depository financial institution with avails of over $100 one thousand thousand, complanate Feb. 14 under loans that exceeded its capital and net worth. A number of the defaulted loans reportedly were made to Michigan firms. Northern Ohio Bank has been purchased by National City Bank of Cleveland, and the Federal Deposit Insurance Corp. has taken charge of the loans, amidst reports that some of them were secured past worthless stock and $200,000 in stolen municipal bonds.
  15. ^ "Cleveland'due south National City Set to Buy Another Bank". Wall Street Journal. March 14, 1975. p. 24. National City Bank of Cleveland, which a month ago acquired the nigh illiquid banking concern in Cleveland, yesterday disclosed plans to acquire a banking concern that claims to exist the well-nigh liquid in the state. Alternate Link via ProQuest.
  16. ^ "National City Corp. Buys Bank". Wall Street Journal. January 2, 1976. p. seven. National City Corp. said it completed the conquering of Depository financial institution of Cleveland. Terms weren't disclosed, simply the company said the bank has avails of $29.seven million. Alternate Link via ProQuest.
  17. ^ "National Metropolis Corp. to Buy Bank". Wall Street Journal. December 10, 1975. p. 10. National City Corp. said information technology reached an agreement in principle with Starting time National Bank of Elyria, Ohio, to larn the Elyria bank for virtually $four.six million in cash. Alternate Link via ProQuest.
  18. ^ "National City Corp. Buy". Wall Street Journal. August xviii, 1976. p. xvi. National Metropolis Corp said it completed the previously reported acquisition of Get-go National Bank of Elyria, Ohio. for $4.half dozen one thousand thousand in cash. Alternate Link via ProQuest.
  19. ^ "National City Corp. Agrees to Acquire Dayton, Ohio, Bank". Wall Street Periodical. April 20, 1977. p. 46. National City Corp. said information technology agreed in principle to acquire First National Bank of Dayton. Ohio. for stock currently valued at more $twoscore million. Alternate Link via ProQuest.
  20. ^ "National Metropolis Corp. Prepare To Acquire Ohio Bank". Wall Street Journal. July 27, 1978. p. xiii. National City Corp. and Huron Canton Cyberbanking Co. said they agreed in principle on National Metropolis's acquisition of Huron for cash. Alternate Link via ProQuest.
  21. ^ "National City Corp. Acquisition". Wall Street Periodical. May iii, 1979. p. 37. National City Corp. said it completed the previously announced conquering of Huron Canton Banking Co., Norwalk, Ohio. Alternate Link via ProQuest.
  22. ^ "Goodyear Bank Merger Sought". New York Times. September 23, 1981. The National City Corporation, the holding company of Cleveland's second-largest bank, said it intended to buy the Goodyear Bank of Akron, a subsidiary of the Goodyear Tire and Rubber Company, for an undisclosed price.
  23. ^ "Goodyear Plans Sale Of Banking Subsidiary". Wall Street Journal. September 23, 1981. p. 10. Goodyear Tire & Condom Co. said information technology agreed in principle to sell its banking subsidiary, Goodyear Bank, to National City Corp., a Cleveland-based bank holding company. Alternate Link via ProQuest.
  24. ^ "National Urban center Corp. Agrees to Purchase Ohio Citizens Bancorp". Wall Street Journal. Dec ten, 1981. p. 18. National City Corp. said it agreed to learn Ohio Citizens Bancorp, a Toledo-based bank holding company, for almost $64 one thousand thousand in greenbacks and notes. Alternate Link via ProQuest.
  25. ^ "National City Corp. Signs Formal Pact To Buy BancOhio". Wall Street Journal. March 29, 1984. p. 1. National City Corp. said it signed a definitive agreement to larn BancOhio Corp., a Columbus-based bank holding company, for about $310 million. Alternate Link via ProQuest.
  26. ^ Reiff, Rick (May twenty, 1986). "NCB to Purchase Broadview Branches". Akron Beacon Journal. p. B5. Broadview Savings & Loan Co. has agreed to sell eighteen offices, nigh half its branch network, to subsidiaries of National City Corp., including the National City Banking company of Akron... The sale of the Akron and Stow offices would requite National Urban center Bank of Akron 30 branches. The Broadview offices in Twinsburg and Brunswick would get part of the National Metropolis Bank of Cleveland. The transfers would exit Broadview with 19 branches in Cuyahoga County and one in Geauga Canton, as well as service terminals at Pick-N-Pay and other grocery stores in the Cleveland area.
  27. ^ Mitchell, Jacqueline (June 24, 1989). "National City to Acquire Dayton S&L". Akron Beacon Journal. p. A9. National City Corp. of Cleveland appear Friday, an agreement to larn Precious stone Savings Association, an insolvent savings and loan in Dayton, in a deal valued at up to $102 1000000.
  28. ^ "National City Corp. Proposes to Acquire A Thrift in Ohio". Wall Street Journal. June 26, 1989. p. 1. National City Corp. moved to enter the thrift business organisation by agreeing to acquire Gem Savings Association, a troubled Dayton, Ohio, thrift. Alternate Link via ProQuest.
  29. ^ "National City acquires Dayton austerity". United Printing International. January 31, 1990.
  30. ^ "National City to acquire Ohio Bancorp". United Press International. April 2, 1993.
  31. ^ "National City Corporation Completes Acquisition Of Ohio Bancorp". PR Newswire (Press release). October 12, 1993 – via The Free Library.
  32. ^ Sabatini, Patricia (February xviii, 2004). "National Metropolis buying Cincinnati's Provident Banking concern". Pittsburgh Post-Gazette.
  33. ^ "National Metropolis, Provident merger done". Dayton Business organisation Journal. July ane, 2004.
  34. ^ "National City to Acquire Wayne Bancorp: Expands Market place Presence in Northern Ohio, Continues Growth Opportunities". PR Newswire (Press release). June four, 2004.
  35. ^ "National City Completes Merger With Wayne Bancorp". PR Newswire (Press release). October 5, 2004.
  36. ^ Wintertime, Ralph Due east. (January 28, 1988). "National City Agrees to Purchase First Kentucky". Wall Street Journal. p. 30. National Metropolis Corp. agreed to acquire First Kentucky National Corp., Louisville, in an exchange of stock valued at $660 million. Alternate Link via ProQuest.
  37. ^ Bennett, Robert A. (January 28, 1988). "National City in Accord To Add First Kentucky". The New York Times. ISSN 0362-4331. Retrieved December 20, 2019. The National Metropolis Corporation of Cleveland, the second-largest depository financial institution property company in Ohio, announced yesterday that it had reached agreement to larn the First Kentucky National Corporation of Louisville, the largest cyberbanking company in that state. If the $660 million transaction is completed, every bit expected, the combined establishment would exist the 34th-largest banking company property visitor in the Us, with well-nigh $20 billion in assets.
  38. ^ "National City merges with Kickoff Kentucky". United Printing International. July 28, 1988.
  39. ^ "Bank". The Courier-Journal. February 12, 1993. p. 26 – via Newspapers.com. On March 29, Commencement Kentucky National Corp. will exist dissolved as a holding company and replaced by National City Bank Kentucky, which will serve as an umbrella for the banks that are currently part of Commencement Kentucky National.
  40. ^ Jordan, Jim (January 17, 1995). "National Urban center Banking concern Merges With United Bancorp Of Ky". Lexington Herald-Leader. p. A1. Eight banks in Key and southeast Kentucky controlled by Lexington businessman James L. Rose will become branches of National City Bank nether an agreement announced yesterday. National Urban center's parent company, Cleveland-based National City Corp., plans to issue 2.5 meg shares of its common stock, valued at well-nigh $63 million, in connectedness with the merger with Rose's United Bancorp of Kentucky Inc... The United banks volition be merged into National City Bank, Kentucky, which has $half dozen.6 billion in assets. National City has banks in Ashland, Bowling Light-green, Lexington, Louisville, Oldham County and Owensboro in Kentucky, and Corydon, Jeffersonville, New Albany and Salem in Indiana.
  41. ^ "National City Corp.: Pact is reached to acquire United Bancorp of Kentucky". Wall Street Journal. Jan 17, 1995. p. C25. National City Corp, Cleveland, said that it reached a definitive understanding to learn Lexington KY-based United Bancorp of Kentucky Inc, a $600 million-asset banking company holding visitor, by issuing to United Bancorp ii.v million common shares. Alternating Link via ProQuest.
  42. ^ Quint, Michael (Oct 31, 1991). "two Midwest Banks Announce Plan to Merge". The New York Times. ISSN 0362-4331. Retrieved December xx, 2019.
  43. ^ Swasy, Alecia (Oct 31, 1991). "National City Corp. to Buy Merchants National Corp". Wall Street Journal. p. A14. National City Corp agreed to buy Merchants National Corp in a stock bandy valued at about $604 million. Alternate Link via ProQuest.
  44. ^ "National City Corp". Wall Street Periodical. May five, 1992. p. B4. National City Corp completed its $604 million conquering of Merchants National Corp through a stock transaction. The merger gives National Metropolis avails of about $xxx billion. Alternate Link via ProQuest.
  45. ^ "Company News; National City to Purchase Central Indiana Bancorp". The New York Times. Bloomberg News. July 26, 1994. ISSN 0362-4331. Retrieved December 20, 2019.
  46. ^ "Cleveland Bank Expanding". Evansville Courier & Press. July 27, 1994. p. C5. National City Corp. has announced plans to buy Fundamental Indiana Bancorp in Kokomo in a deal valued at $48 million. National City, based in Cleveland, will expand its presence in Indiana from 11 to 13 counties with its latest purchase. The visitor first entered the market with the 1992 purchase of Merchants National Bank in Indianapolis. Central Indiana Bancorp is the thrift belongings company of Commencement Federal Savings Banking concern, which has five branches in Howard and Miami counties. The holding company's assets total $243 meg... The bargain is expected to close early next twelvemonth.
  47. ^ Murray, Matt (January 13, 1998). "National Metropolis Corp. Agrees to Acquire Bank in Indiana". Wall Street Journal. p. 1. National City Corp. agreed to acquire Fort Wayne National Corp., a $3.3 billion-asset banking company in Indiana, in a stock transaction valued at about $774.5 meg. Alternate Link via ProQuest.
  48. ^ Frazier, Lynne Mckenna (January 12, 1998). "Fort Wayne National And Van Lines Sold With The Sale, National City Corp. Volition Go The Second-Largest Bank In The State". Fort Wayne News Sentinel. p. 1A. National City Corp. will buy Fort Wayne National in a stock bandy valued at $800 million. With the conquering, National Urban center volition leap from a small-market presence in supermarket branches to i of the largest banks in the urban center and the second-largest bank in the country.
  49. ^ a b "National Metropolis Expects to Close Fort Wayne National Corporation, Offset of America Bank Corporation Mergers by Terminate of March". PR Newswire (Press release). March 5, 1998 – via The Costless Library.
  50. ^ "Integra Bank Purchased By National City". Erie Times-News. August 28, 1995. Integra Financial Corp., one of the largest banks in Erie and western Pennsylvania, reportedly will exist sold to National Metropolis Corp. of Cleveland, Ohio. The two banks planned a teleconference from the Pittsburgh Hilton at noon today to announce the $ii.1 billion stock acquisition.
  51. ^ "Integra Passes From The Scene". Pittsburgh Post-Gazette. May 4, 1996. pp. B-9. The signs won't come down until May 31, only Integra Banking company and $14.four billion-asset parent Integra Financial Corp. officially ceased to be yesterday. National City Corp. said it had completed the $2.4 billion acquisition, making it Pittsburgh's new No. 3. The Cleveland-based bank said information technology expects to finish paring 1,200 of Integra'due south 5,200 workers by month'due south terminate.
  52. ^ "National Urban center to Buy Kickoff of America Bank". Los Angeles Times. December ii, 1997.
  53. ^ "National City Corporation and First of America Bank Corporation to Merge". PR Newswire (Press release). Dec 1, 1997.
  54. ^ "National City Corporation Completes Merger With First of America Banking concern Corporation". PR Newswire (Press release). March 31, 1998.
  55. ^ "Company News; National Metropolis Agrees to Buy Allegiant Bancorp". The New York Times. The Associated Printing. November 21, 2003. ISSN 0362-4331. Retrieved December xx, 2019.
  56. ^ "National City Completes Acquisition of Allegiant Bancorp: Adds St. Louis to its Growing Network in the Midwest". PR Newswire (Press release). April nine, 2004.
  57. ^ "National City and Harbor Florida Bancshares Announce Agreement for National City to Acquire Harbor Florida Bancshares". PR Newswire (Press release). July 11, 2006.
  58. ^ "National Metropolis Completes Acquisition of Harbor Florida Bancshares". PR Newswire (Press release). Dec 1, 2006.
  59. ^ "National City and Allegiance Bankshares Denote Definitive Agreement for National City To Acquire Fidelity". PR Newswire (Press release). July 27, 2006.
  60. ^ "National City Completes Acquisition of Fidelity Bankshares". PR Newswire (Press release). January 8, 2007.
  61. ^ "National Urban center and MAF Bancorp Announce Definitive Agreement for National City to Larn MAF Bancorp". PR Newswire (Press release). May 1, 2007.
  62. ^ "National City Completes Acquisition of MAF Bancorp, Inc". PR Newswire (Press release). September 4, 2007.
  63. ^ "FDIC: Summary of Deposits Disabled". Federal Eolith Insurance Corporation. May twenty, 2011. Archived from the original on January 9, 2016. Retrieved October 23, 2013.
  64. ^ Dodosh, Mark (March 17, 2008). "National City'south failed strategy threatens fate". Crain's Cleveland Business . Retrieved October 23, 2013.
  65. ^ Roguski, Randy (April 21, 2008). "Ten ways National Urban center could have avoided trouble". The Evidently Dealer . Retrieved August 21, 2012.
  66. ^ Sabatini, Patricia (October 9, 2008). "National Urban center stock jumps on rumors of sale". Pittsburgh Post-Gazette. Archived from the original on October 12, 2008. Retrieved October 23, 2013.
  67. ^ Crow, Chuck (Nov xvi, 2008). "PNC-National City bank bargain draws criticism | cleveland.com". The Plain Dealer . Retrieved August 21, 2012.
  68. ^ "Scotiabank CEO Rick Waugh on how his company grew so fast".
  69. ^ Boselovic, Len (October 24, 2008). "PNC acquiring National Metropolis". Pittsburgh Mail-Gazette. Archived from the original on October 26, 2008. Retrieved October 23, 2013.
  70. ^ "PNC Financial Services To Buy National City". KDKA-Boob tube. October 24, 2008. Archived from the original on October 25, 2008.
  71. ^ "PNC Completes Acquisition of National City" (Press release). PNC Financial Services Grouping, Inc. December 31, 2008.
  72. ^ Fitzpatrick, Dan (September 9, 2007). "Smaller banks aiming to raise profiles locally". Pittsburgh Post-Gazette. Post-gazette.com. Retrieved August 21, 2012.
  73. ^ "Attachment A : National Urban center branches to be Divested" (PDF). U.S. Department of Justice. Dec xi, 2008. Retrieved October 23, 2013.
  74. ^ a b http://kdka.com/business organisation/PNC.First.Niagara.two.978660.html. Retrieved September 14, 2014. [ dead link ]
  75. ^ a b c "National Metropolis Transition To Kickoff Niagara Complete". KDKA-TV. September eight, 2009. Archived from the original on November 10, 2009.
  76. ^ "Farmers National Bank of Emlenton Announces Completion of Acquisition of National City Branch Role in Titusville, Pennsylvania" (Press release). Emclaire Financial Corp. August 28, 2009. Archived from the original on January three, 2017. Retrieved October nine, 2014.
  77. ^ Shen, Linda (April 7, 2009). "PNC Sells Branches to Get-go Niagara, Marquette (Update1)". Bloomberg News. Archived from the original on October 24, 2012. Retrieved August 21, 2012.
  78. ^ "Marquette Savings Bank to Purchase 3 National City Depository financial institution Branches" (PDF) (Press release). Marquette Savings Bank. Archived from the original (PDF) on July 14, 2011. Retrieved October 23, 2013.
  79. ^ Delano, Jon (December 23, 2008). "Shareholders Sign Off On Nat Metropolis, PNC Merger". KDKA. Archived from the original on November 9, 2009.
  80. ^ a b Sabatini, Patricia (October 30, 2009). "National City make to disappear". Pittsburgh Post-Gazette . Retrieved August 21, 2012.
  81. ^ Sabatini, Patricia (September 5, 2009). "First Niagara arrives in Western Pa". Pittsburgh Postal service-Gazette. Archived from the original on September 14, 2012. Retrieved August 21, 2012.
  82. ^ "PNC Completes Kickoff Phase Of National Metropolis Conversion: Bank Announces Dates of Remaining Phases in 2010" (Printing release). PNC Fiscal Services Group, Inc. November 16, 2009. Archived from the original on February 3, 2010.
  83. ^ Sloan, Scott (February iii, 2010). "National City signs are prepare to disappear". Lexington Herald-Leader. Archived from the original on September x, 2012. Retrieved August 21, 2012.
  84. ^ "National City name fading out". Columbus Dispatch. Nov 13, 2009. Archived from the original on Oct 21, 2012. Retrieved August 21, 2012.
  85. ^ Kass, Arielle (Feb 10, 2010). "PNC Financial Services to convert National City branches in fundamental, southern Ohio". Crain's Cleveland Business . Retrieved October 23, 2013.
  86. ^ Kass, Arielle (Nov 5, 2009). "PNC Financial Services to begin conversion of National Urban center branches". Crain's Cleveland Business . Retrieved October 23, 2013.
  87. ^ "PNC Completes First Half of National Metropolis Conversion". Jobmag.com. Archived from the original on July thirteen, 2011. Retrieved August 21, 2012.
  88. ^ "Homepage". Archived from the original on November xvi, 2009.
  89. ^ a b c d e f 1000 h i "Welcome to PNC" (PDF). PNC Financial Services. 2009. Archived from the original (PDF) on March 26, 2009.
  90. ^ a b c d eastward f 1000 h i j thou l m northward o p q r south t u 5 w x y z aa ab ac ad ae af ag ah ai aj ak al am an ao ap aq ar as at au av aw Roguski, Randy (April 20, 2008). "National Urban center through 163 years". The Plain Dealer. Archived from the original on July 27, 2014. Retrieved Baronial 21, 2012.
  91. ^ http://pittsburghlive.com/images/video//2008_pdfs/GX-pncTimeline-JL-x-28.pdf [ expressionless link ]
  92. ^ Gilpin, Kenneth Due north. (Baronial 29, 1995). "A Cleveland Bank Is Ownership in Pittsburgh". The New York Times. ISSN 0362-4331. Retrieved August 21, 2012.
  93. ^ "National City Faces Shareholder Lawsuits". MarketMinute.com. December 9, 2008. Archived from the original on June 22, 2012. Retrieved Baronial 21, 2012.
  94. ^ [two] [ expressionless link ]
  95. ^ "Iii National City offices opening under Marquette's name on Monday, Aug. 31 » Local News". Meadville Tribune. Archived from the original on September 12, 2012. Retrieved Baronial 21, 2012.

External links [edit]

  • "Archive of official website". Archived from the original on December 2, 2002. Retrieved 2004-12-31 .

Source: https://en.wikipedia.org/wiki/National_City_Corp.

Posted by: hawkunflithen90.blogspot.com

0 Response to "Is Discover Bank A Ohio Registered Corporation"

Post a Comment

Subscribe to: Post Comments (Atom)

Iklan Atas Artikel

Iklan Tengah Artikel 1

Iklan Tengah Artikel 2

Iklan Bawah Artikel