National City Bank

In: Business and Management

Submitted By mrstiffany99
Words 1356
Pages 6
Formerly National City Bank

Tiffany Glover
Finance 3670
Commercial Banking
Table of Contents

Introduction…………………………………………………………1
Financial Products………………………………………………….2
Structural Changes…………………………………………………3
Ratios………………………………………………………………….4
Performance…………………………………………………………5
Financial Statements………………………………………………Appendix

National City Corporation was a company based in Cleveland, Ohio, founded on May 17, 1845 when a group of Cleveland businessmen pooled $50,000 to organize the City Bank of Cleveland. 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.
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 the late 1990's National City began a strategy to increase the yields on it 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. It was once one of the ten largest banks in America in terms of deposits, mortgages and home…...

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