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May 16, 2008 7:27:46 AM CDT

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National City Close to $6B Cash Infusion  

Posted Apr 21, 08 7:06 AM CDT in Business    Editor's Choice

(newser) – Battered National City—which has seen shares plummet 78% as it's been overwhelmed by the subprime fiasco—is close to a $6 billion bailout funded by some of its largest shareholders and private equity firm Corsair Capital, reports the Wall Street Journal. The infusion for the Cleveland-based bank would be the third rescue package this month for a struggling bank that offers discounted shares to raise capital.

Source Wall Street Journal

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National City Close to $6B Cash Infusion
Graphic shows stock price of National City Corp.   (AP Photo)
National City Close to $6B Cash Infusion
A home is advertised for sale at a foreclosure auction in Pasadena, Calif.   (AP Photo/Reed Saxon, file)
National City Close to $6B Cash Infusion
A home in foreclosure is seen in Pasadena, Calif.   (AP Photo/Nick Ut)
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subprime crisis  • JP Morgan Chase  • corporate earnings  • credit market chaos  • National City


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