Summary
National City Corp. slashed its dividend to a penny on Monday and secured $7 billion in capital from an investment group to strengthen itself after a mortgage-lending mess almost drove the bank into a merger.
Of the $7 billion invested, $985 million comes from Corsair Capital LLC, a private-equity firm that buys stakes in troubled banks. The New York firm will become National City's largest stockholder, with a 9.9 percent share plus a seat on the board of directors.See the full content of this document
Extract
National City Acts to Fend Off Merger
The restructuring, decided at a board meeting Sunday night, means National City is unlikely to be swallowed by another bank as had been rumored, one analyst said.
"They won't be on th...See the full content of this document
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