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National City Close to $6B Cash Infusion
US's 10th-largest bank has been decimated by the mortgage crisis
By Jim O'Neill
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Posted Apr 21, 08 7:06 AM CDT
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(Newser)
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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.