National City Corporation was a company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also serves customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years the company was commonly known in the media by the abbreviated NatCity, with its investment banking arm even bearing the official name NatCity Investments.
In 2007, National City Corp. ranked number 188 on the Fortune 500 list, and 9th in terms of revenue in the U.S. commercial banking industry with total assets of about $140 billion.
PNC Financial Services announced October 24, 2008 its purchase of National City for about $5.2 billion in stock with funds from the U.S. Treasury. The acquisition, which became formal on December 31, 2008, was described as a "take-under,"meaning the purchase price was below National City's market value.
PNC began to convert the National City branches to the PNC name on November 7th, 2009,which also saw the rebranding of National City Mortgage into PNC Mortgage and NatCity Investments fully merged into PNC Investments. In addition, National City's bank charter was merged into PNC's, effectively having the retail banking branches having yet to convert being legally known as PNC Bank, N.A., d/b/a National City Bank.
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