Items Tagged with 'National City Corp.'

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  • PNC Gains $182m on Securities Sales

    The PNC Financial Services Group [stock PNC][/stock] reported a Q209 profit of $207m, or $0.14 per share. PNC continued to unwind its mortgage-related assets in Q209. Asset sales primarily related to agency residential mortgage-backed securities (RMBS) drove a gain of $182m, up from $56m in the previous quarter and from $8m in the year-ago quarter. The bank increased its loan loss reserve $207m during the quarter and reported a Tier 1 capital ratio of 10.5%, up 50 bps from Q109.
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  • Acquisition Drives PNC Q1 Profit

    PNC Financial Services disclosed Friday a $530m, or $1.03 per share, first-quarter income, marking a significant 38% year-over-year increase driven largely by its recent acquisition of National City Bank. "In a very challenging environment we further strengthened our capital and liquidity positions and loan loss reserves," says James Rohr, chairman and CEO. "We are on pace to exceed the strategic objectives of our acquisition..."
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  • PNC Posts $248 Million Q4 Loss, Amid National City Acquisition

    PNC Financial Services Group, Inc. [stock PNC][/stock] reported Tuesday morning a loss of $248 million, or $.77 per diluted share, for the fourth quarter of 2008 -- driven by costs tied to its takeover of ailed Cleveland-based National City Corp. -- compared with a net income of $178 million in the fourth quarter of 2007, or $.52 per diluted share.
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  • PNC to Sell 61 National City Branches as Part of Merger

    The PNC Financial Services Group Inc. [stock PNC][/stock], a Pittsburgh-based financial holding company with $128 billion in assets, has agreed to sell 61 western Pennsylvanian branches of National City Corp. [stock NCC][/stock] as a condition of the pending merger, the U.S. Department of Justice announced Thursday.
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  • PNC to Acquire National City

    The PNC Financial Services Group, Inc. [stock PNC][/stock] said Friday it would acquire ailing Cleveland-based National City Corporation [stock NCC][/stock] for $2.23 per share, or an aggregate fixed amount of approximately $5.2 billion in PNC stock.
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  • Regional Banks Feel Credit's Pinch

    A slew of regional bank earnings, released Tuesday morning, provide a quick look at how the nation's credit crunch is affecting banks other than the national, commercial giants. For Cleveland-based National City Corp. [stock NCC][/stock], the ghost of former subprime lending platform First Franklin -- and now, a slew of other loans, too -- has continued to hurt, as the bank reported a third quarter net loss of $729 million and continued to build its loss reserves.
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  • National City Boasts, Despite Record Q2 Loss

    National City Corp. [stock NCC][/stock] said Thursday morning that it lost a record $1.8 billion in the second quarter, or $2.45 per share, as the Cleveland-based bank boosted its provision for loan losses to $1.6 billion amid rising credit costs. But boasts from CEO Peter Raskind seemed to catch investors' imaginations, at least early on in trading, with shares up almost 6 percent when this story was published.
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