National City Corp.

Last updated

National City Corporation
Company type Public
NYSE: NCC
Industry
Founded1845;179 years ago (1845)
DefunctDecember 31, 2008;15 years ago (2008-12-31)
Fate Acquired by PNC Financial Services
Successor PNC Financial Services
Headquarters,
Area served
Regional
Products Consumer banking, Corporate banking, Private banking, Financial analysis, Insurance, Investment banking, Mortgage loans, Private equity, Wealth management, Credit cards
Divisions NatCity Investments
Subsidiaries National City Mortgage
Website Official website at the Wayback Machine (archive index)

National City Corporation was a regional bank holding company based in Cleveland, Ohio, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity, [1] [2] with its investment banking arm even bearing the official name NatCity Investments. [3]

Contents

In 2007, National City Corp. ranked number 188 on the Fortune 500 list, and 9th in terms of revenue in the U.S. commercial banking industry with total assets of about $140 billion.

PNC Financial Services announced October 24, 2008, its purchase of National City for about $5.2 billion in stock with funds from the U.S. Treasury. At the time of the acquisition, National City had been the 7th largest bank in the United States, [4] two spots ahead of acquirer PNC. The deal was finalized on December 31, 2008, and the National City name was retired on June 14, 2010.

Regulatory scrutiny

The Wall Street Journal reported on June 6, 2008, that National City Corp. had entered into a memorandum of understanding with federal regulators, effectively putting the bank on probation. Terms of the confidential agreement, entered into a month earlier with the Office of the Comptroller of the Currency (which regulates nationally chartered banks), were not known. [5]

On June 10, 2008, National City Corp. confirmed that it had reached agreements with regulators "regarding capital levels, risk-management practices and other aspects of its business." The company stated that there had been no material developments in these areas since these memorandums of understanding were signed in April and May 2008. [6]

History

National City branch in Springboro, Ohio. National City Springboro OH USA.JPG
National City branch in Springboro, Ohio.

National City Bank was founded on May 17, 1845, when a group of Cleveland, Ohio businessmen pooled $50,000 to organize the City Bank of Cleveland, the first bank opened under the Ohio Bank Act of 1845 in a small town with no gas, electricity, public waterworks, or railroad. [7] Reuben Sheldon and Theodoric C. Severance, formerly of the Fireman's Insurance Company, organized The City Bank of Cleveland. The city's only bank at the time, opened its doors to the public at No. 52 Superior Street. [8]

National City Corporation was one of the principal players in the Dawes Plan to rebuild Germany in the post World War I period, contributing $173,000,000 in loans. [9] Part of which included a $30,000,000 insurance on the securities of Allgemeine Elektrizitäts-Gesellschaft (A.E.G.), aka German General Electric, and $35,000,000 to American I.G. Chemical (I.G. Farben). [10]

In April 1973, National City Corporation was formed as the holding company for the National City Bank of Cleveland to allow the company to expand outside of Cuyahoga County through the purchase of other banks. [11]

In February 1992, National City announced that all member banks would change over to operate under the National City name within three years. Until this time, all acquired banks had continued to operate under the same name that they were using at the time of their acquisition. This change would allow a unified brand through the company and simplify advertising. [12]

Expansion in Ohio

In February 1975, National City Corp. announced that it was seeking to acquire the assets of the failed Northern Ohio Bank from the Federal Deposit Insurance Corporation. [13] The acquisition was completed by March 1975. [14]

In March 1975, National City Corp. announced that it was acquiring the Clevelandbased Bank of Cleveland for an undisclosed amount. [15] The acquisition was completed in January 1976. [16]

In December 1975, National City Corp. announced that it was acquiring the Elyria based First National Bank of Elyria for $4.6 million in cash. [17] The acquisition was completed in August 1976. [18]

In April 1977, National City Corp. announced that it was acquiring the Dayton based First National Bank of Dayton for $40 million. [19]

In July 1979, National City Corp. announced that it was acquiring the Norwalk based Huron County Banking Company for an undisclosed price. [20] The acquisition was completed in May 1979. [21]

In September 1981, National City Corp. announced that it was acquiring the Akron based Goodyear Bank for an undisclosed price. [22] [23]

In December 1981, National City Corp. announced that it was acquiring the Toledo based Ohio Citizens Bancorp for $64 million in cash and notes. [24]

In March 1984, National City Corp. announced that it was acquiring the Columbus based BancOhio Bancorp for $310 million in stock and cash. [25]

In May 1986, the troubled Clevelandbased Broadview Savings & Loan Company announced that it was selling 18 of its 38 offices to National City for $24 million. [26]

In June 1989, National City Corp. announced that it was acquiring the insolvent Dayton based Gem Savings Association without the assistance of federal aid. [27] [28] The acquisition was completed in January 1990. [29]

In April 1993, National City Corp. announced that it was acquiring the Youngstown based Ohio Bancorp for $200 million in stock and cash and integrating it into National City Bank, Northeast. [30] The acquisition was completed in October 1993. [31]

In February 2004, National City Corp. announced that it was acquiring the Cincinnati based Provident Financial Group, with its lead bank Provident Bank and offices located in Southwestern Ohio and Northern Kentucky, for $2.1 billion in stock. [32] The acquisition was completed in July 2004. [33]

In June 2004, National City Corp. announced that it was acquiring the Wooster based Wayne Bancorp for $180 million in cash. [34] The acquisition was completed in October 2004. [35]

Expansion in Kentucky

In January 1988, National City Corp. announced that it was acquiring the Louisville based First Kentucky National Corporation for $660 million in stock. [36] [37] The acquisition was completed in July 1988 and it gave National City a strong presence in Kentucky plus a token presence in southern Indiana. [38]

In February 1993, First Kentucky National Corp., a wholly owned subsidiary of National City Corp., was renamed National City Bank Kentucky. [39]

In January 1995, National City Corp. announced that it was acquiring the Lexington based United Bancorp of Kentucky Inc. for $63 million in stock. [40] [41]

Expansion in Indiana

In October 1991, National City Corp. announced that it was acquiring the Indianapolis based Merchants National Corporation with its lead bank Merchants National Bank and Trust Company of Indianapolis and 14 other banks for $604 million in stock. [42] [43] The acquisition was completed in May 1992. [44]

In July 1994, National City Corp. announced that it was acquiring the Kokomo based Central Indiana Bancorp for $48 million in stock. [45] [46]

In January 1998, National City Corp. announced that it was acquiring the Fort Wayne based Fort Wayne National Corporation for $800 million in stock. [47] [48] The acquisition was completed in March 1998. [49]

Expansion in Pennsylvania

In August 1995, National City Corp. announced that it was acquiring the Pittsburgh based Integra Financial Corporation for $2.1 billion in stock. [50] The acquisition was completed in May 1996 for $2.4 billion in stock. [51]

Expansion in Michigan

In December 1997, National City Corp. announced that it was acquiring the Kalamazoo based First of America Bank Corporation, with offices in Michigan, Illinois and Indiana, for $7.1 billion in stock. [52] [53] The acquisition was completed in March 1998. [49] [54]

Expansion in Missouri

In November 2003, National City Corp. announced that it was acquiring the St. Louis based Allegiant Bancorp for $475 million in stock. [55] The acquisition was completed in April 2004 for $500 million in stock. [56]

Expansion in Florida

In July 2006, National City Corp. announced that it was acquiring the Fort Pierce based Harbor Florida Bancshares for $1.1 billion in stock. [57] The acquisition was completed in December 2006. [58]

In July 2006, National City Corp. announced that it was acquiring the West Palm Beach based Harbor Fidelity Bankshares for $1 billion in stock. [59] The acquisition was completed in January 2007. [60]

Expansion in Illinois and Wisconsin

In May 2007, National City Corp. announced that it was acquiring the Clarendon Hills based MAF Bancorp, with offices in Chicago and Milwaukee, for $1.9 billion in stock. [61] The acquisition was completed in September 2007. [62]

Recent transactions

National City went on an acquisition spree from 2004 through 2008, headed by its $2.1 billion purchase of Cincinnatibased Provident Financial Group. Provident Financial Group's banking arm, Provident Bank, specialized in warehouse lending facilities whereby it extended commercial credit lines to mortgage banking firms so that the mortgage banking firms could make loans to their customers and either keep those loans or sell them in the secondary market to government-sponsored enterprises (GSEs) or other institutional investors. After the acquisition, National City renamed the division National City Warehouse Resources. The warehouse lending division was a profit center and did not contribute to the bank's downfall. In addition, in 2005, National City acquired Allegiant Bancorp to secure a presence in the St. Louis, Missouri, market. In 2006, they acquired Fidelity Bankshares Inc. for an estimated $1 billion deal that was half cash, half stock. The bank also acquired Harbor Florida Bancshares Inc. through a $1.1 billion stock deal, with both acquired banks located in Florida; these acquisitions gave National City $7.4 billion of assets and 94 branches in Florida.

On the other side of the ledger, National City sold to Bank of America its 83% stake in National Processing Company, which earns fees from processing merchant credit card transactions. The sale of San Jose, California, based First Franklin origination franchise and related servicing platform to Merrill Lynch & Co. was completed on December 30, 2006, for $1.3 billion.

In May 2007, National City announced the purchase of MAF Bancorp Inc., the holding company for MidAmerica Bank. As of June 30, 2006, MidAmerica Bank had the 9th-ranked market share in the Chicago metropolitan area (Chicago-Joliet-Naperville) at 2.18%. Following the merger using the same dataset, the combined National City and MidAmerica Banks were expected to rank 4th in the Chicago market with a market share of 3.96% and deposits of more than $10 billion. [63]

Strategic changes and subsequent downfall

In the late 1990s, under former CEO David Daberko, National City began a strategy to increase the yields on its assets. In 1999, the company purchased First Franklin Financial Corp., a large subprime mortgage lender. Instead of selling the loans, as most mortgage companies do, National City retained many of the loans to enhance its net interest spreads. It also aggressively originated loans brought to the company by third-party mortgage brokers, as well as originating a large number of home equity loans. The amount of residential mortgage loans grew rapidly and came to exceed the level of commercial loans. By 2003, National City was the sixth-largest mortgage lender in the country. The company did sell its First Franklin Financial subsidiary in December 2006, but retained a large volume of loans that had been originated by the subsidiary. Management failed to recognize the extent of problems in the subprime market and did not take sufficient aggressive actions to reduce its real estate mortgage portfolio. National City subsequently made several other strategic mistakes, including buying back $3 billion of its stock in early 2007, thereby reducing its level of capital, and expanding into the Florida market in late 2006, just before the real estate market there went into a severe decline. As the subprime mortgage market began going into free fall in mid-2007 and continued into 2008, loan losses mounted. In the third quarter of 2007, the company suffered a net loss of $19 million. By the second quarter of 2008, the company had a net loss of $1.8 billion. [64] [65]

Acquired by PNC

On October 9, 2008, The Wall Street Journal ran an article citing unnamed sources indicating that National City was in talks with several other banks for a possible sale.[ citation needed ] The article named Pittsburgh-based PNC Financial Services, Toronto-based Scotiabank, and Minneapolis based U.S. Bancorp (U.S. Bank) as the leading contenders. A spokesperson for National City declined to comment on the report. [66] [67] By taking over National City, Scotiabank would be able to "obtain a larger presence in the U.S. regional banking arena than their Canadian peers", however Scotiabank CEO Rick Waugh declined after they could not properly value National's mortgage assets. [68]

On October 24, 2008, PNC announced that it had finalized a purchase agreement for National City. The acquisition was a stock purchase transaction to be completed before the end of 2008. National City would be merged into PNC, and the National City brand would be dissolved. [69] [70] The deal was approved by shareholders of both banks on December 23, 2008, and the acquisition was completed on December 31. [71]

The deal made PNC the largest bank in Pennsylvania, Ohio, and Kentucky, as well as the second largest bank in Maryland and Indiana. It greatly expanded PNC's presence in the Midwest, as well as entering PNC into the Florida market. Pittsburgh, Louisville, Kentucky, and Cincinnati were the only three markets before the acquisition in which both banks had a major presence.

In the case of Pittsburgh, the two banks had significant overlap, to the point that it would pose antitrust issues in Western Pennsylvania, since both banks had the top two market shares in that region. [72] As a result, the United States Department of Justice required PNC to sell off 50 National City branches in the Pittsburgh area and 11 more branches in and around Erie to competitors. [73] On April 7, 2009, PNC reached a deal with Buffalo-based First Niagara Bank to sell 57 of the branches; [74] First Niagara officially took over those branches on September 8, after the signs were changed over from National City during that year's Labor Day Weekend. [75] The branches not purchased by First Niagara were the four in Crawford County, Pennsylvania, that PNC was still required to divest: one branch in Titusville was sold to The Farmer's National Bank of Emlenton, [76] with the other three (one in Conneaut Lake, and the other two in Meadville, including the branch inside Walmart) were sold to Marquette Savings Bank. [77] [78]

Although employees at the branches being sold off were retained, there were still heavy layoffs at National City's headquarters in Cleveland. PNC originally stated that 5,800 employees would be laid off corporate-wide across the new organization. In actuality, over 15,000 employees were laid off, all of them from the previous National City, with PNC losing customer and deposit market share in the Cleveland area as a result. National City Bank had been the largest bank in the Cleveland market and held the largest deposit share of all of its competitors. After the PNC merger, crosstown rival KeyBank became the largest bank in Cleveland, gaining a significant share of deposits once held by National City; KeyBank would later buy First Niagara and move into PNC's home market of Pittsburgh with the former National City branches PNC had to sell off.

The National City name lasted into 2010, since it would take PNC some time to integrate the two banks together. [79] Despite the branch closures and the sale of others to First Niagara and Emclaire, PNC still ended up with a 46% market share in Pittsburgh, [80] over three times the market share of second-place Citizens Financial Group, with 13%. [74] PNC began to convert the National City branches that were not sold off or closed on November 7, 2009, [81] starting with Pennsylvania (where the two had the most overlap), Florida, and the Youngstown & Steubenville, Ohio regions. [80] The conversion of National City to PNC was completed in June 2010, in the following phases: [82]

Combined PNC and National City Facts

National City branch footprint prior to merger with PNC National City footprint.png
National City branch footprint prior to merger with PNC

Historical timeline

From pioneer times to the Great Depression

Grows throughout much of Ohio

Becomes interstate bank

The final years: a banking conglomerate

Merger with PNC and last actions as independent bank

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  11. "Stockholders Meeting Briefs" . Wall Street Journal . March 13, 1973. p. 39. National City Bank of Cleveland holders approved the previously proposed formation of a multibank holding company known as National City Corp. Officials said two shares of the new company would be exchanged for each outstanding share of the bank, subject to approval of regulatory authorities. Effective date is expected to be April 30, they added. Alternate Link via ProQuest.
  12. "Members of National City to change names". United Press International . February 28, 1992.
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  14. "Fallen Bank Linked to Doore" . Detroit Free Press . March 6, 1975. p. 3 via Newspapers.com. Northern Ohio Bank, a five-year–old Cleveland bank with assets of over $100 million, collapsed Feb. 14 under loans that exceeded its capital and net worth. A number of the defaulted loans reportedly were made to Michigan firms. Northern Ohio Bank has been purchased by National City Bank of Cleveland, and the Federal Deposit Insurance Corp. has taken charge of the loans, amid reports that some of them were secured by worthless stock and $200,000 in stolen municipal bonds.
  15. "Cleveland's National City Set to Buy Another Bank" . Wall Street Journal . March 14, 1975. p. 24. National City Bank of Cleveland, which a month ago acquired the most illiquid bank in Cleveland, yesterday disclosed plans to acquire a bank that claims to be the most liquid in the country. Alternate Link via ProQuest.
  16. "National City Corp. Buys Bank" . Wall Street Journal . January 2, 1976. p. 7. National City Corp. said it completed the acquisition of Bank of Cleveland. Terms weren't disclosed, but the company said the bank has assets of $29.7 million. Alternate Link via ProQuest.
  17. "National City Corp. to Buy Bank" . Wall Street Journal . December 10, 1975. p. 10. National City Corp. said it reached an agreement in principle with First National Bank of Elyria, Ohio, to acquire the Elyria bank for about $4.6 million in cash. Alternate Link via ProQuest.
  18. "National City Corp. Purchase" . Wall Street Journal . August 18, 1976. p. 16. National City Corp said it completed the previously reported acquisition of First National Bank of Elyria, Ohio. for $4.6 million in cash. Alternate Link via ProQuest.
  19. "National City Corp. Agrees to Acquire Dayton, Ohio, Bank" . Wall Street Journal . April 20, 1977. p. 46. National City Corp. said it agreed in principle to acquire First National Bank of Dayton. Ohio. for stock currently valued at more than $40 million. Alternate Link via ProQuest.
  20. "National City Corp. Set To Acquire Ohio Bank" . Wall Street Journal . July 27, 1978. p. 13. National City Corp. and Huron County Banking Co. said they agreed in principle on National City's acquisition of Huron for cash. Alternate Link via ProQuest.
  21. "National City Corp. Acquisition" . Wall Street Journal . May 3, 1979. p. 37. National City Corp. said it completed the previously announced acquisition of Huron County Banking Co., Norwalk, Ohio. Alternate Link via ProQuest.
  22. "Goodyear Bank Merger Sought". New York Times . September 23, 1981. The National City Corporation, the holding company of Cleveland's second–largest bank, said it intended to buy the Goodyear Bank of Akron, a subsidiary of the Goodyear Tire and Rubber Company, for an undisclosed price.
  23. "Goodyear Plans Sale Of Banking Subsidiary" . Wall Street Journal . September 23, 1981. p. 10. Goodyear Tire & Rubber Co. said it agreed in principle to sell its banking subsidiary, Goodyear Bank, to National City Corp., a Cleveland-based bank holding company. Alternate Link via ProQuest.
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  25. "National City Corp. Signs Formal Pact To Buy BancOhio" . Wall Street Journal . March 29, 1984. p. 1. National City Corp. said it signed a definitive agreement to acquire BancOhio Corp., a Columbus-based bank holding company, for about $310 million. Alternate Link via ProQuest.
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