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National City posts loss, to raise $7 billion

NEW YORK (Reuters) - National City Corp <NCC.N>, a large U.S. Midwest regional bank, posted a first quarter loss on Monday after a large loan loss provision , reduced its dividend and said its board approved the raising of $7 billion of equity capital.
Posted : Mon, 21 Apr 2008 13:32:07 GMT
By : Reuters
Category : US (Business)
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NEW YORK (Reuters) - National City Corp , a large U.S. Midwest regional bank, posted a first quarter loss on Monday after a large loan loss provision , reduced its dividend and said its board approved the raising of $7 billion of equity capital.

The Cleveland-based bank posted a net loss of $171 million, or 27 cents per share, after a loan loss provision of about $1.4 billion, compared with a profit of $319 million, or 50 cents per share, in the year-earlier period.

The capital raise includes $985 million of private equity capital from Corsair Capital and one other private equity investor. The balance is being purchased by other investors, including several of National City's largest current institutional stockholders.

(Reporting by Paritosh Bansal, editing by Gerald E. McCormick)


(c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

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