Tues., July 29, 2008, NCC close

National City closed the day at $4.98.  Compared to the last couple months, that seems almost healthy.

In other news, Nisa Investment Advisors 133,998 shares of NCC, leaving it with 14,000 shares in its portfolio, per filings made public on 2008-07-28 (link).

Fri., July 25, 2008, NCC stock notes

Is confidence in National City getting back to normal? Maybe, if a $5.10 close price is any measure of normalcy. (Source.)

Today's National City Conference Call

Instead of trying to rehash the thing, perhaps it's best to just link to National City's press release and note a few highlights. Off the top:

• Net Loss of $1.8 Billion Driven By Actions to Increase Loss Reserves on Liquidating Loan Portfolios; Includes $1.1 Billion After-Tax Non-Cash Goodwill Charge Related to Previous Acquisitions -- No Effect on Regulatory Capital
• Excluding Unusual and Non-Operating Items, Pre-Tax Pre-Provision Operating Earnings Were $610 Million, Up 19%
• Tier 1 Capital $7 Billion over Well Capitalized Minimum; 11.1 % Tier 1 Capital Ratio Highest of All Major U.S. Banks
• Net Charge-Offs of $740 Million, Predominantly in Liquidating Loan Portfolios Versus $1.6 Billion Provision for Loan Losses; Nonprime Delinquencies Down
• Solid Progress in Actively Managing Liquidating Loan Portfolios, Which are Isolated, Contained, and Performing in Line with Expectations
• Aggressively Re-Focusing on Core Businesses, Which Remain Profitable; Deposits Continue Solid Growth Trend
• Enhanced Leadership Team Intensely Focused on Managing Risk, Controlling Expenses and Improving Profitability

A lot more can be found in the press release, which is definitely worth reading.

Despite the country's mortgage meltdown and how National City got involved in it and how it is probably going to suffer for it for a long time, I don't think it's too soon to predict that National City and its management will have a lot to be proud of. They've seen the error of their ways and are taking steps to rectify it. Of course, that seven billion helped a lot in calming people's nerves.

Thurs., July 24, 2008, NCC stock notes

On Thursday, July 24, 2008, NCC stock:

• Opened: $5.15 (up from yesterday's close, due to after hours trading and possibly in anticipation of this morning's conference call)
• High: $5.24
• Low: $4.52
• Closed: $4.61
• Volume: 61 Million

Source.

Also, Thompson Investment Management Llc added 712,280 NCC shares to its portfolio as shown by filings made public on 2008-07-23.

Wed., July 23, 2008, NCC stock notes

Wednesday, July 23rd, National City stock:

• Opened: $4.62 (up, thanks to after hours trading)
• High: $5.33
• Low: $4.51
• Closed: $4.71
• Volume: 59.5 Million

Source.

And, Td Banknorth NA added 13,866 NCC shares to their portfolio per filings made public yesterday.

Details for rescheduled conference call

Regarding tomorrow's conference call, from a press release:

National City Sets New Time for Second Quarter Earnings Conference Call

National City Corporation announced that it will hold its conference call to discuss second quarter 2008 financial results at 8 a.m. (ET) on Thursday, July 24, 2008, earlier in the morning than previously scheduled.

Interested parties may access the conference call by dialing 1-800-288-8961. Please note that this number differs from the previous announcement. The call will be open to the public with both media and individual investors invited to participate in a listen-only mode. Participants are encouraged to call in 15 minutes prior to the call in order to register for the event. The conference call will also be accessible via the Company's Web site,
nationalcity.com/investorrelations .

Questions for discussion on the conference call may be submitted any time prior to the call by sending an email to investor.relations@nationalcity.com.

A replay of the conference call will be available from 10 a.m. (ET) on July 24, 2008, until midnight (ET) on July 31, 2008. The replay will be accessible by calling (800) 475-6701 (domestic) or (320) 365-3844 (international) using the pass code of 893754, or via the Company's Web site.

(Emphasis added.)

It doesn't definitively say, but I think that answers the previously asked question: Can bloggers attend?

National City looking to unload excess baggage

From Reuters:

National City Corp (NCC.N: Quote, Profile, Research) is trying to sell its money-management unit, the Wall Street Journal reported in its online edition, citing people familiar with the matter.

National City is working with Morgan Stanley to shop Allegiant Funds, which manages about $30 billion.

Source: National City trying to sell money-management unit: report

Apparently, National City isn't the only one. Fifth Third and KeyCorp are also reported to be looking for buyers for assets. As it should be in these times. One less thing to worry about.

Oppenheimer feeling good about NCC

Missed this from Thomson Financial News last Wednesday:

National City Corp. has taken steps to bolster investor confidence and isn't at risk of going the way of IndyMac Bancorp Inc. as reports have suggested, Oppenheimer said Tuesday.

In a note entitled: "Proactive Steps Already Taken; Bank Not About to Float Down the Cuyahoga River," Analyst Terry McEvoy backed a "perform" rating on National City, whose shares have plunged more than 20% since news reports identified it as one that could follow a similar path as IndyMac. McEvoy cited the bank's initiative to build up reserves and capital over the past few quarters for her upbeat view.

[...]

"Reserves grew from $1.4 billion at the end of third quarter 2007 to $2.6 billion at the end of the first quarter of 2008," McEvoy wrote to clients. "Because of the $7 billion of new capital raised in April 2007, the company's tangible capital level is well above peer levels."

She sees the company's tangible book value at $6.86 a share by the end of fiscal 2009, and expects National City to post a loss of 18 cents a share when it reports its second quarter results on July 24, narrower than the 26 cents-a-share mean estimate of analysts polled by Thomson Reuters.

"The difficulty today in predicting NCC's quarterly earnings lies not so much in the size of the credit losses, but when they will be realized," McEvoy wrote, noting management's forecast for $2 billion to $2.4 billion of net charge-offs in 2008 ($538 million recorded in the first quarter) taking into account all loan categories. McEvoy's loss estimate includes her projection that National City will record $850 million of the net charge-offs on bad loans in the second quarter.

Meanwhile, National City, which holds $925 million worth of restricted Visa Inc. shares it acquired in the credit card company's IPO during the first quarter, said it would explore options for unlocking the value in these shares before the lock-up period expires.

Source: National City not at risk of going the IndyMac way -- Oppenheimer

Yes, the message is directed to shareholders. But, depositors and employees can feel re-assured, too.

Also, very interesting to note the Visa shares.

Tues, July 22, 2008, trade notes

Tuesday, July 22nd, National City stock, held somewhat steady:

• Opened: $4.36
• High: $4.89
• Low: $3.54
• Closed: $4.37
• Volume: 41 Million

Source.

Mon. July 21, 2008, NCC price notes

To start the week National City stock:

• Opened: $4.80
• High: $4.97 (closest NCC has been to breaking $5.00 since June 25th)
• Low: $4.20
• Closed: $4.40
• Volume: 22 Million

Source.

National City stock, after a shaky Monday, ended the week up:

• Opened: $4.54
• High: $4.60
• Low: $4.23
• Closed: $4.54
• Volume: 22 Million

Source.

Also:

* Unionbancal Corp sold 128,318 NCC shares; they still hold 56,073

Thurs., July 17, 2008 price

Thursday, July 17, 2008, National City stock:

• Opened: $4.45 (up 3 cents from yesterday)
• High: $4.64
• Low: $4.01
• Closed: $4.22
• Volume: 49.67 Million

Source.

Wed., July 16, 2008, notes

Wednesday, July 16, 2008, National City stock:

• Opened: $3.88 (up)
• High: $4.40
• Low: $3.50
• Closed: $4.19
• Volume: 37.29 Million

Source.

Also:

* National City (NCC) Proxy Statement to Be Mailed Aug. 4 Requesting An Increase In Shares

* Holowesko Partners Ltd 3,930,000 NCC shares to its portfolio

Tues, July 15, 2008 trade notes

On Tuesday, July 15, 2008, NCC stock:

• Opened: $3.56
• High: $3.79
• Low: $3.10
• Closed: $3.53
• Volume: 64.45 Million

Source. In after hours trading, it's up.

Buckhead Capital Management Llc added 260,000 shares of NCC to their portfolio. (Source.)

Bush to give statement this morning [Updated]

President George Bush is scheduled to give a press conference at 10:20 a.m. Eastern on the topic of the U.S. economy, and specifically FannieMae and FreddieMac.

It is expected he will try to assure the citizens, business, and especially shareholders. He will try to instill confidence. Will it work?

Update: Well, it appears to have have some positive effect. Using only NCC as a gauge, before the president spoke, NCC was down to $3.10. As of Noon Eastern time, it's up to $3.70. That's still not up to what it closed at yesterday, but still a notable increase. Of course, there are other factors to consider besides the President's words, including the price of oil has dropped $7.00, and the Federal Rerserve Bank chairman speaking.

FDIC statement

From the AP first thing this morning:

The head of the Federal Deposit Insurance Corporation says the nation's banking system is sound and Americans' deposits are "overwhelmingly" safe.

Sheila Bair, the FDIC chairman, says people worried about their money should not be overly concerned because the FDIC is their safety net. She made her comments on CBS' "The Early Show." The FDIC insures bank deposits of up to $100,000 and up to $250,000 for funds in retirement accounts such as an IRA

Bair says "no insured depositor has ever lost a penny of insured deposits throughout the FDIC's 75-year history."

Source: FDIC chair: deposits in nation's banks are safe

Mon., July 14, 2008 price notes

On Monday, July 14, 2008, NCC stock:

• Opened: $4.50
• High: $4.50
• Low: $2.99
• Closed: $3.77
• Volume: 78 Million

Source.

As of this hour, it's still trading down in the after hours market.

NCC trading halted [Update: It has resumed]

Bloomberg:

National City Corp., whose trading was halted in New York after the stock fell as much as 31 percent, said there was ``no unusual depositor or creditor activity'' at the Ohio bank.

The bank also has enough capital, according to a statement today on PR Newswire. The stock dropped $1.22 to $3.20 a share at 11:50 a.m. in New York Stock Exchange composite trading, and fell as low as $3.04. The last time shares of the Cleveland- based bank sold for less was June 1984.

(Source: National City Reports No `Unusual' Activity After Stock Plunges.)

Update: Today's press releases from National City:

1. National City Sets Date for Special Meeting of Stockholders
2. National City Issues Statement in Response to Market Rumors

I'll look at that first one a little closer later on.

Second update, this from the same Bloomberg article:

The company has enough capital and access to cash, according to a statement today from Cleveland-based National City. The stock was down $1.33, or 30 percent, to $3.09 a share at 12:32 p.m. on the New York Stock Exchange after composite trading resumed, and fell as low as $3.04 earlier in the day. The last time the stock sold for less was June 1984.

As of 1:00 p.m. Eastern, the stock price is up to $3.34.

Mid-day report for Monday

At the risk of sounding like a death watch, I couldn't help but notice NCC stock is trading at $3.20 as of noon Eastern time. That's down $1.22 from last Friday, and $1.47 from last Monday.

With a few more hours to go until the market closes today, Bloomberg has this:

U.S. stocks fell, led by financial shares, after the government's seizure of IndyMac Bancorp Inc. and predictions of wider credit losses overshadowed the Treasury's bailout of Fannie Mae and Freddie Mac.

Zions Bancorporation, National City Corp. and First Horizon National Corp. tumbled as Goldman Sachs Group Inc. said regional banks may cut their dividends to restore capital..... (U.S. Stocks Fall on Credit Concern; Zions, National City Drop.)

NCC's common stock dividend for August 1, 2008, is 1 cent per share.

Bank failure links

* CNN/Money/Fortune: The $5 trillion mess - Fannie Mae and Freddie Mac were created by Congress to help more Americans buy homes. Now their shaky condition threatens the entire housing market

* CNN/Money: The fall of IndyMac - Feds seize bank - once a leading mortgage lender. It may turn out to be most expensive collapse ever. One thing is sure: The credit crisis is still with us

* LA Times Blogs: Feds cite Schumer in collapse of IndyMac "The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York." Whoa!

* Here's a blog called Blown Mortgage that looks very interesting. ("However, National City will be in grave danger, and it’s death will be imminent by the end of the year." That from a December 31, 2007, article entitled "2008 Predictions ~ Resolutions.")

* Times Online: US Treasury rescue for Fannie Mae and Freddie Mac - Treasury secretary looks at $15 billion cash injection for crisis-hit mortgage lenders. "US TREASURY secretary Hank Paulson is working on plans to inject up to $15 billion (£7.5 billion) of capital into Fannie Mae and Freddie Mac to stem the crisis at America’s biggest mortgage firms. The two companies lost almost half their market value last week as rumours of a government bail-out swept the stock markets, hammering share prices around the world."

* Here's another blog, Mr. Mortgage of Mortgage Lender Implode, that appears to cover bank failures.

Update:

* HuffPo: Government Not Expected To Bail Out More Companies, which says, "The U.S. government is signaling it won't throw a lifeline to struggling financial companies _ except for mortgage linchpins Fannie Mae and Freddie Mac _ marking a shift to a new and potentially more volatile phase of the credit crisis." And this, "Meanwhile, analysts believe regional banks in areas hardest hit by the real estate downturn are also at risk for failure. Some of the most bandied about names include Washington Mutual Inc., National City Corp., and Fifth Third Bancorp." (Emphasis added.)

Links are presented for the reader's consideration only, as I make no endorsement of any of them.

National City chatter

It is the weekend, but I thought there would be at least some discussion about National City in the wake of the IndyMac shut-down. Apparently not. I guess financial bloggers take weekends off. And, maybe that's a good thing. I did find a couple other things worth noting, however.

One person in a National City newsgroup posting has something to say about the CFO replacement:

I am assuming this guy is getting taken out b/c he is mediocre and a
real CFO is what the BOD/Corsair has in mind? I can't imagine he'd
choose to abandon the company at this time and I can't imagine that
the BOD/Corsair would want to take him out otherwise.

The only thing I would add to that is to consider that the new CFO gets hand-picked by Corsair, if that's possible, to protect its $7 billion. NCC stock was trading in the $5.80 range when Corsair came on board. It's now in the $4.40 range. I guess a $1.40 drop in price wouldn't be such a big deal if the stock was selling in the $30 to $50 range. But, $1.40 is a lot when we're talking less than $6.00.

About those newsgroups, there seems to be quite a bit of over-the-top giddiness that National City is such a wonderful stock choice at this time and that it's going to start going up any day now. We don't know who makes these postings, but I'd tread very, very cautiously before taking their advice.

I found one blogger who compiled a list of troubled stocks he has been tracking, which includes National City. I found it interesting that he also included Regions Bank, another bank that can be found in Springfield. About his list, he says:

Some of you might still be holding to those stocks, hoping they will go back up, saved by some miracle hand ....... I fully understand you, I used to make the same mistakes (20 years ago).....
You know what I did ? I took the huge loss ...... and took a long vacation (with lost of motivational books). It really helped

The voice of reason. A level-headedness that comes with experience.

Okay. That's it until Monday.

FDIC rules

As referenced in my previous entry, Terry Savage has an excellent article on The Street that covers the elements of how the Federal Deposit Insurance Corporation works:

Single Accounts: These are deposit accounts owned by one person and titled in that person's name only. All of your single accounts at the same insured bank are added together and the total is insured up to $100,000. For example, if you have a checking account and a CD at the same insured bank, and both accounts are in your name only, the two accounts are added together and the total is insured up to $100,000.

As she notes, this does not include retirement accounts like IRAs, which have separate insurance up to $250,000.00.

Joint Accounts: These are deposit accounts owned by two or more people. If both owners have equal rights to withdraw money from a joint account, each person's shares of all joint accounts at the same insured bank are added together, and the total is insured up to $100,000.

If a couple has a joint checking account and a joint savings account at the same insured bank, each co-owner's shares of the two accounts are added together and insured up to $100,000, providing up to $200,000 in coverage for the couple's joint accounts.

Under FDIC rules, each person's share of each joint account is considered equal unless otherwise stated in the bank's records.

Good to know (not for me, but other people). Read the entire article for other types of accounts and ways to hold them: IndyMac Lesson: Check for FDIC Insurance.

IndyMac Bank gets shut down

Straying slightly from the hyper-focus of this blog, yesterday, the Office of Thrift Supervision and the Federal Deposit Insurance Corporation shut down the ninth largest thrift bank in the country, IndyMac Bank, F.S.B., Pasadena. The IndyMac website has been replaced by a notice from the FDIC, and includes this information:

The IndyMac websites are expected to be available Monday, July 14, 2008.

If the balance in your account(s) (this includes any accounts in which you have an ownership) is less than $100,000, no action is required on your part at this time. Your entire insured account(s) will be transferred to IndyMac Federal Bank and will be available for business as usual during regular business hours.

That means anyone who has more than $100,000 in their name at IndyMac may lose any amount over $100,000.

FDIC: Failed Bank Information for IndyMac Bank, F.S.B., Pasadena, CA:

Principal and interest on insured accounts, through July 11, 2008, are fully insured by the FDIC, up to the insurance limit of $100,000. You will receive full payment for your insured account. Certain entitlements and different types of accounts can be insured for more than the $100,000 limit. IRA funds are insured separately from other types of accounts, up to a $250,000 limit.

All accounts that exceed the $100,000 insurance limit, and/or all accounts that appear to be related and exceed this limit, are reviewed by the FDIC to determine their ownership and insurance coverage. If you think you might have uninsured deposits you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at 866-806-5919.

I'm not suggesting National City depositors take any action like drawing out all their money, but I think we must consider the possibility that National City may at some point be taken over.

The Street: IndyMac Lesson: Check for FDIC Insurance

Are your bank deposits insured?

If your account is under the $100,000 FDIC insurance limit, even headlines like the failure of IndyMac Bank, the second-largest bank failure in history, shouldn't make you lose any sleep. But if your deposits are above the $100,000-per-person insured limit, this latest bank failure should be a wake-up call.

America has $6.881 trillion dollars in deposit institutions, but only $4.241 trillion of those deposits are insured, according to the latest FDIC year-end statement. That leaves a staggering gap of more than $2.6 trillion sitting in uninsured bank accounts.

According to its website, National City is a member of the FDIC. But again, if you have more than $100,000 in your account, it's time to take a hard look at that. Actually, that's good advice no matter how rock solid your bank is.

Standing by for Monday morning.

Week ending July 11, 2008, close

National City closed out the week at $4.42 with volume of 28.5 million.

On Tuesday, I noted the stock had been inching up, and wondered if that was a trend. We now know that was not a trend, because thereafter, it started inching down. Now, I wonder if that is a trend.

Also, I want to note that on July 24th, NCC will issue an earnings release with a conference call at 11:00 a.m. Eastern Time. I don't suppose they'll let bloggers in on the call.

Thurs., July 10, 2008 close

NCC closed today at $4.55 on volume of 12.66 million.

Despite the fact there was no news today regarding NCC, I had a feeling it was going to be lower.

This is not the lowest closing price to date, however. So, that's good.

Thinking back....

I've been thinking about Springfield's local National City Bank, and our local banking scene, generally, and how things have changed over the years.

Some historical information off the top of my head: When I started banking (as in opening my first account) in the mid-1970s in Springfield, Illinois, we had a handful of savings and loans, a couple small local banks, and maybe a couple credit unions. And then we had the big three downtown banks, namely, Springfield Marine Bank, First National Bank, and Illinois National Bank. These were not only the old banks, but also the old money banks. All three were rock solid, too. I distinctly remember Marine Bank tagging itself as "the oldest bank in Illinois." And while they all started out as family owned, I believe they did publicly sell their stock, eventually.

The big three offered services that I imagine weren't necessarily found at all the smaller banking institutions, such as safety deposit vaults, trust departments, corporate banking, and private client banking (or whatever that was called at the time). Drive-up windows closed at 9:00 p.m. on Friday night. These days, pretty much all the drive-up windows close at 6:00 every day.

There were nice little touches back in those days, too. For instance, every Christmas the trust department at Marine Bank distributed to local attorneys a really useful list it compiled of all Springfield's attorneys' names, addresses, and phone numbers, all the local trust departments, and all the essential court phone numbers. I believe Illinois National gave out a leather bound appointment book with it's name imprinted in gold on the front to local attorneys. They didn't forget their every day customers, either. It may not seem like much, but I recall receiving sewing kits, emery boards, rain hats, and even a piggy bank - just for walking in the door. Those little touches have long since disappeared.

The small local banks were basically covered by state law, and we called those state banks. The larger banks were covered by federal law, and we called those national banks. I don't know what real significance this has, but it seems worth mentioning.

This was all before branch banking, by the way. About branch banking, it seems like Illinois government, and maybe even banks in Illinois, initially resisted the branch banking trend. But, once it was legalized, well, things definitely changed.

If I remember correctly, the first big bank to sell out was Illinois National to First of America (of Michigan, I think). Then it was Marine Bank selling out to Bank One (of Ohio, I think). Subsequently, First of America sold to National City, and Bank One sold to Chase. The Chase bank later became affiliated with J.P. Morgan. Somewhere during all that time, the last holdout, First National Bank, sold to U.S. Bank. Unfortunately, I don't remember the dates of these sales, but it seems like the late 80s or early 90s. Whenever branch banking was legalized in Illinois, that was the point in time these sales initially started taking place.

I want to clarify that when I say Marine Bank herein, I mean Springfield Marine Bank, or Marine Bank of Springfield, or Marine Bank of the olden days. Likewise, when I say Illinois National, I'm talking about the Illinois National Bank. You see, when both Marine Bank and Illinois National Bank were sold, those names were abandoned. That opened the door for the names Marine Bank and Illinois National Bank to be adopted by other banks. And that is precisely what has happened locally and the rebranding seems to have worked.

While I didn't personally know anyone who held stock in Illinois National or First National, I did know a local individual who owned a fairly large quantity of Marine Bank stock. So, it only makes sense that Illinois National had some local stockholders, too. If any of them held on to their stock through the sales to First of America and National City, they must be shaking their heads in disbelief to see how the value of their stock has plummeted.

Likewise, I imagine if there are any long-time employees remaining who made it through the sales, they, too, must be shaking their heads in disbelief.

As for myself, I'm only a National City depositor who basically lives paycheck to paycheck. Hence my interest in this bank.

This post has no real purpose to the matter at hand (figuring out how NCC's stock price affects depositors, employees, etc.). I just wanted to get these rambling thoughts down before I forget. And while I haven't cited any references, I believe everything here can be verified.

Wed., July 9, 2008, close

National City closed the day at $4.64 on volume of 31 million.

Combined with the announced retirement of NCC's chief financial officer, and news of Merrill Lynch's downgrade first thing this morning, I guess that was predictable.

Huntington National unloads some NCC shares

National City Corp (NCC) holdings reduced by Huntington National Bank:

Huntington National Bank sold -37,915 (-8.41 %) of their shares in National City Corp (NCC), bringing their current holdings to 412,462 shares as shown by filings made public on 2008-07-08.

I would hope that wouldn't have any significant effect on the stock price.

NCC downgraded by Merrill Lynch

From TradingMarkets.com, first thing this morning, National City downgraded to underperform at Merrill Lynch:

National City Corp. Wednesday was downgraded to underperform from neutral at Merrill Lynch, which cited "multiple headwinds," including incremental credit quality deterioration in the Midwest and an impairment of core earnings-per-share power.

Analyst Edward Najarian noted that National City has recently raised $7 billion in new capital at $5 per share, which should cover "abnormally high" credit losses expected in 2008-2010. However, Najarian said the new capital should cause shares outstanding to more than triple, thereby "massively" diluting earnings-per-share.

"At current levels, we don't think its credit risk and earnings-per-share dilution are fully reflected in the share price, though we do think the capital infusion should cover National City's high expected credit losses," Najarian said in a client note.

Merrill Lynch lowered its price objective to $4 from $5.

The firm cut its fiscal 2008 outlook to a loss of 85 cents a share from a loss of 80 cents a share.

Analysts polled by Thomson Reuters, on average, forecast a 2008 loss of 80 cents a share.

Ouch. Ouch. Ouch. I may not know much about this stock stuff, but I bet this is the last thing NCC's directors wanted to hear.

So, does this mean that the company has to actually perform?

National City CFO to retire

From Forbes: National City Chief Financial Officer Jeffrey Kelly to retire Sept. 30:

National City Corp. Wednesday said Jeffrey Kelly, its chief financial officer and vice chairman, will retire, effective Sept. 30.

Kelly has also left the company's board, effective immediately.

National City said it has already begun an external search for a successor.

Shares of National City closed Tuesday at $4.79. The stock is down 85% over the past 52 weeks.

See also: Press release

National City talks to the Erie Times-News

The Erie Times-News in Erie, Pennsylvania, got some reassurances for the future from National City. From the article:

One challenge the bank faces now is to convince others that all is well at National City.

[Todd Moules, president of Pennsylvania banking at National City] believes the story is compelling.

Even during the worst of the stormy times over the past year, "We always remained well capitalized through that whole period," Moules said. "We always remained investment grade and we always maintained the highest short-term CD rating."

Moules said employees at all levels are being encouraged to engage customers and to answer their questions.

And he also wants them to know there's been a renewed emphasis on back-to-basics banking.

"It's what we do in Pennsylvania when customers walk into our branches every day," Moules said. "It's working with our customers to develop a very deep and broad relationship."

The entire article can be found at National City banks on future | How one of the nation's largest banks has made moves to remain strong

Tuesday, July 8, 2008 close

National City stock closed today at $4.80. Volume was 23,637,200.

I would like to note that since July 1st, the stock price has gone up each of the last four business days: Starting July 1st: $4.60, then $4.61, $4.69, $4.77, and $4.80. I don't know if this a trend. Just something worth noting.

New Missouri top guy

Richard Sems will replace Shaun Hayes as president of Missouri banking for National City Bank, the bank announced Wednesday.

Sems, who has been with National City for more than eight years, most recently was responsible for corporate strategic planning and mergers and acquisitions. He has experience in commercial banking and capital markets, according to a National City release.

Source: St. Louis Business Journal: Sems to replace Hayes at National City

Previously on this blog: National City's top guy in Missouri ditches

Temasek Holdings buys 94,755 NCC shares

"Temasek Holdings Private Ltd added the National City Corp (NCC) company to their portfolio, by buying 94,755 shares as shown by filings made public on 2008-07-02."

Source: National City Corp (NCC) newly added by Temasek Holdings Private Ltd

Park National unloads 2000 NCC shares

"Park National Corp sold -2,000 (-1.74 %) of their shares in National City Corp (NCC), bringing their current holdings to 112,745 shares as shown by filings made public on 2008-07-01."

Source: National City Corp (NCC) holdings reduced by Park National Corp

National City makes it easier to send money overseas

From a press release:

Cultural Communities Biggest Benefactors of New National City/MoneyGram Money Transfer Arrangement

CLEVELAND, July 1 /PRNewswire-FirstCall/ -- Americans who routinely send money to relatives overseas or who travel abroad will find it easier than ever to transfer money internationally and domestically thanks to a new agreement between National City and MoneyGram International, Inc.

(Logo: http://www.newscom.com/cgi-bin/prnh/20030428/NATIONALCITYLOGO )

The two companies today announced that MoneyGram's remittance services are currently available throughout National City's 1,400 branch locations in Ohio, Florida, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, and Wisconsin.

While the service can be used by anyone, it is especially useful for members of cultural populations in Midwestern states who often send money to relatives living in other parts of the world and who don't always have traditional relationships with banks.

"For many people with relatives abroad, money transfers are quite literally a lifeline," said Michael Daugherty, vice president, MoneyGram's Global Payment Services. "And bringing fast, easy, and secure person-to-person money transfer capabilities into so many bank branches is extending that lifeline to a lot more people."

"We're always looking for ways to make life and banking easier for people in the communities where we do business," said David Bowen, executive vice president, Consumer Deposit Products. "Being able to quickly and easily transfer money virtually anywhere in the world from one of our branches is something we think people will find helpful, especially those in the cultural community who routinely send money to relatives living outside the United States."

The services are available to National City customers and non-customers alike, which means that anyone living near any of National City's branch locations will have a local, convenient resource for sending money across the country or across the globe. For many of the people who use this service, it will also be their first experience working with a bank and may provide them an avenue for establishing a relationship. It's estimated that 36 percent of the American population does not have a relationship with a bank.

(Press Release.)

2008 dividends

National City declared the following dividends.

1. Series D Preferred Stock: $.1596 per share, payable August 1, 2008, to
2. holders of record July 11, 2008.
3. Series F Preferred Stock (NYSE: NCCPRF): $2,468.75 per share or
4. $.6171875 per depositary share, payable August 1, 2008 to holders of record
5. July 11, 2008.
6. Series G Contingently Convertible Preferred Stock: $200 per share,
7. payable August 1, 2008 to holders of record July 11, 2008.
8. Common Stock (NYSE: NCC): $.01 per share, payable August 1, 2008 to
9. holders of record July 11, 2008.

This would be the annual, semi-annual, quarterly? I don't know. I'm still learning this stuff.

(Source.)

Thursday, July 3, 2008, close

Tomorrow is July 4th - Independence Day, so we close the week on Thursday.

NCC closed the week at $4.61.