Thursday, May 29, 2008, stock price

On Thursday, May 28, 2008, NCC stock:

• Opened: $5.80
• High: $5.84
• Low: $5.67
• Closed: $5.68
• Volume: 18.71M

Source.

No news is good news?

Everything is pretty quiet on the National City front. I am keeping an eye on the National City Google Group. However, not much there.

Wednesday, May 28, 2008, stock price

On Wednesday, May 28, 2008, NCC stock:

• Opened: $5.84
• High: $5.84
• Low: $5.58
• Closed: $5.76
• Volume: 22.14M

Source.

NCC settles mortgage insurance suit

AP: National City to pay $4.6M in settlement:

National City Corp. has agreed to pay $4.6 million to settle allegations that it sought federal insurance for 58 mortgage loans that were already past due, the Justice Department said Thursday.

The financial services provider applied for insurance coverage from the Federal Housing Administration under a program intended to encourage banks to make loans to low and moderate income borrowers, the department said.

Let's see. That's $4,600,000 divided by 58 = $79,310.00. I wonder why the Justice Department isn't bringing criminal charges. Maybe that's still in the hopper.

Monday, May 27, 2008, stock price

On Monday, May 27, 2008, NCC stock: (Sorry. This is Tuesday, not Monday)

• Opened: $5.65
• High: $5.78
• Low: $5.61
• Closed: $5.76
• Volume: 18.74M

Source.

NCC stock gets an upgrade

Good news for National City shareholders:

Ahead of the Bell: Analyst upgrades National City

NEW YORK - National City Corp.'s recent $7 billion capital raise will likely allow it to deal with current credit problems and should significantly boost the bank's long-term value, an analyst said late Sunday while boosting his rating.

Citi Investment Research analyst Keith Horowitz upgraded the Cleveland-based company to "Buy" from "Hold."

Read the entire Associated Press article at Forbes: Ahead of the Bell: Analyst upgrades National City.

Monday, May 19, 2008 stock price

On Monday, May 19, 2008, NCC stock:

• Opened: $5.87
• High: $5.90
• Low: $5.58
• Closed: $5.88
• Volume: 24.71M

Source.

NCC adds investor to board

From a recent press release:

Richard E. Thornburgh Appointed to National City Board of Directors

CLEVELAND, May 8 /PRNewswire-FirstCall/ -- National City Corporation NYSE: NCC today announced the appointment of Corsair Capital LLC Vice Chairman Richard E. Thornburgh to its Board of Directors. The company previously announced its intention to appoint Mr. Thornburgh to the board on April 21, 2008, in conjunction with its $7 billion capital raise, which included $785 million of private equity capital from Corsair Capital. Corsair is a highly regarded private equity firm with a successful track record of global long-term investing in the financial services industry, particularly the banking sector. Mr. Thornburgh will initially serve on the Compensation and Organization and Risk and Public Policy committees.

"We are pleased to welcome Dick to our board and look forward to his contributions," said National City Chairman, President and CEO Peter E. Raskind. "His extensive experience in the banking industry and strong background in risk management will be very valuable as we continue to address challenging market conditions."

Mr. Thornburgh is currently a member of the Board of Directors and the Risk Committee of Credit Suisse Group, chairs the Risk Committee and serves on the Board of NewStar Financial, Inc., chairs the Audit Committee and serves on the Risk Committee of Sparta Insurance Company. He also served as a Director of Dollar General Corporation prior to its recent sale to KKR.

Prior to joining Corsair Capital in 2006, Mr. Thornburgh was Executive Vice Chairman of Credit Suisse First Boston ("CSFB"), now operating under the name of Credit Suisse. He has over 30 years' experience in the global banking and financial services sector, and held a number of senior leadership positions at Credit Suisse Group.

Mr. Thornburgh began his investment banking career with The First Boston Corporation, a predecessor firm of CSFB, in 1976. He spent 20 years in the investment banking department specializing in financial institutions. During that period, he also ran the Los Angeles office in the late 1980s and was the first global head of the financial institutions group for CSFB. He was an advisor on many of the landmark M&A transactions that took place during the consolidation of the U.S. regional banking industry in the 1980s and early 1990s. He spearheaded CSFB's mandate to advise on the privatization of the Mexican banking industry, the recapitalization of the California thrift industry, and served as advisor to the governments of Sweden, New Zealand, South Australia, Mexico and Australia in the early 1990s.

During the following 10 years, he served on the Executive Board of Credit Suisse Group and his executive responsibilities included: Chief Financial and Administrative Officer of CSFB, Chief Financial Officer of Credit Suisse Group, Vice Chairman of the Executive Board of CSFB, and Chief Risk Officer of Credit Suisse Group.

Mr. Thornburgh is a former member of the Financial Services Roundtable and the International Institute of Finance. He served on the Executive Committee of the Securities Industry Association ("SIA") for six years and was Chairman of the SIA in 2004.

Mr. Thornburgh received a BBA, cum laude from the University of Cincinnati and a MBA from the Harvard Business School.

About National City

National City Corporation NYSE: NCC, headquartered in Cleveland, Ohio, is one of the nation's largest financial holding companies. The company operates through an extensive banking network primarily in Ohio, Florida, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania and Wisconsin, and also serves customers in selected markets nationally. Its core businesses include commercial and retail banking, mortgage financing and servicing, consumer finance and asset management. For more information about National City, visit the company's Web site at www.nationalcity.com.

Source.

Friday, May 16, 2008 stock price

On Friday, May 16, 2008, NCC stock:

• Opened: $5.85
• High: $5.87
• Low: $5.44
• Closed: $5.58
• Volume: 33.44M

Source.

What is NCC Watcher?

Or, who is NCC Watcher?

I'm just a person who is doing this for my own benefit. If what gets posted here helps someone else, all the better. I do not own stock in National City Corporation. Never have. Probably never will. I do not work for National City. Never have. Probably never will.

But, I got to thinking, can a bank's stock be a reflection of how good, or bad, the bank is for depositors. I don't know. Maybe the answer is obvious to some.

This blog is where I'll track NCC's stock price and various other items regarding the corporation, including news, company information, and anything else that comes down the pike.

And, since I'll also be posting my opinion, when the need arises, other's opinions are greatly appreciated. Please leave a comment. Thank you.