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FRIDAY, NOVEMBER 27, 2009
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National City Close to $6B Cash Infusion

US's 10th-largest bank has been decimated by the mortgage crisis

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(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.

Graphic shows stock price of National City Corp.
Graphic shows stock price of National City Corp.   (AP Photo)
A home is advertised for sale at a foreclosure auction in Pasadena, Calif.
A home is advertised for sale at a foreclosure auction in Pasadena, Calif.   (AP Photo/Reed Saxon, file)
A home in foreclosure is seen in Pasadena, Calif.
A home in foreclosure is seen in Pasadena, Calif.   (AP Photo/Nick Ut)
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