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[QUOTE]Originally posted by Gary59: [QB] Her's the news for NCC, I just noticed it from another thread that invester started:::: DOW JONES NEWSWIRES National City Corp. (NCC) rallied amid a fresh report that the regional bank, which has been crippled by bad real-estate loans, is in talks for a possible sale. Shares were recently up 12% to $2.50 in early trading, half the gains seen in premarket trading. Other regional banks also rallied ahead in the early going but also weakened as composite trading began, with some even going into the red. Fifth Third Bancorp (FITB, SunTrust Banks Inc. (STI) and Regions Financial Corp. (RF) were all recently down 10% to 12%. National City's gain comes after weeks of investors rapidly fleeing it. It's down nearly two-thirds the past three weeks as investors have eyed National City as a next potential victim of the nation's widening financial crisis. But the company has maintained that the selloff is unjustified. The banks said to be in takeover talks with National City - PNC Financial Services Group Inc. (PNC) and Canada's Bank of Nova Scotia (BNS) - already looked at National City last spring but decided then not to make an offer. Instead, National City got a $7 billion capital injection. The Wall Street Journal, citing people familiar with the situation, said National City is on the block again, which underscores the precarious position of regional banks that have been unable to regain their footing despite help from outside investors. Analysts say National City, which has more than 1,400 branches in nine states, has more than enough capital to handle the mortgages on its books. The company has maintained the same thing. Yet the fact that the bank has been hobbled by bank loans has led investors to draw connections between it and other banks that have recently failed or agreed to sales to larger companies. For years, National City was a conservative commercial lender until it made a nationwide push into writing subprime and home-equity loans, many through a subsidiary that it subsequently sold to Merrill Lynch & Co. (MER). The subprime-mortgage crisis took its toll on National City, which reported four-straight quarters of losses totalling more than $2 billion. -By Donna Kardos, Dow Jones Newswires; 201-938-5963; donna.kardos*dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=VRD32MtgWpTbaoQgILdS%2Fg%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones Newswires 10-09-08 1013ET Copyright (c) 2008 Dow Jones & Company, Inc. [/QB][/QUOTE]
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