National City Bank & Wells Fargo?
Ohh H Eye Ohh, Down and Out? Today, National City (Ohio's #1 bank)
had its credit rating downgraded at Moody s due to the bank's second-lien home equity and real estate exposure.
The Wall Street Journal reported National City is looking for someone to buy the bank after company has failed to find a capital infusion.
Shares have fallen to $15 from $38.32 and the bank also cut its dividend 49% to conserve capital.
National City's tier one capital is just a half-percentage-point above minimum requirements.
Wells to the Rescue? .. the #5 US bank with troubled financials is considering buying the struggling Cleveland based bank.
In January, Wells agreed to buy five banks in Wyoming and Idaho from United Bancorp. of Wyoming Inc., of Jackson Hole, WY.
On March 7th, Fitch downgraded both Wells Fargo: Individual Rating downgraded to 'A/B' from 'A'; and National City Bank: LT IDR (issuer default rating) downgraded to 'A' from 'A+';
LT Deposits downgraded to 'A+' from 'AA-' ; Senior debt downgraded to 'A' from 'A+'; Subordinated debt downgraded to 'A-' from 'A'; ST deposits downgraded to 'F1' from 'F1+'.
had its credit rating downgraded at Moody s due to the bank's second-lien home equity and real estate exposure.
The Wall Street Journal reported National City is looking for someone to buy the bank after company has failed to find a capital infusion.
Shares have fallen to $15 from $38.32 and the bank also cut its dividend 49% to conserve capital.
National City's tier one capital is just a half-percentage-point above minimum requirements.
Wells to the Rescue? .. the #5 US bank with troubled financials is considering buying the struggling Cleveland based bank.
In January, Wells agreed to buy five banks in Wyoming and Idaho from United Bancorp. of Wyoming Inc., of Jackson Hole, WY.
On March 7th, Fitch downgraded both Wells Fargo: Individual Rating downgraded to 'A/B' from 'A'; and National City Bank: LT IDR (issuer default rating) downgraded to 'A' from 'A+';
LT Deposits downgraded to 'A+' from 'AA-' ; Senior debt downgraded to 'A' from 'A+'; Subordinated debt downgraded to 'A-' from 'A'; ST deposits downgraded to 'F1' from 'F1+'.
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