National City Close to $6B Cash Infusion

US's 10th-largest bank has been decimated by the mortgage crisis
By Jim O'Neill,  Newser User
Posted Apr 21, 2008 7:06 AM CDT
Graphic shows stock price of National City Corp.   (AP Photo)
camera-icon View 2 more images

(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.