Monday, July 14, 2008

National City Halted, Shares Down 27%

National City Corp. today issued a stement that it's experiencing no unusual activity by depositors or creditors. At the end of last week, the bank said it had more than $12 billion of excess short-term liquidity. After raising $7 billion in new capital earlier this year, National City has one of the highest Tier 1 regulatory capital ratios among large banks, the company added.

Update: Shares of Nat City are trading again, in the same basic trading range as before the halt at $3.40 down 23% on the day.

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