National City stock jumps on rumors of sale
Share with others:
Shares of National City Corp. rose today on reports that the Cleveland-based bank was in talks about a possible sale.
National City, the second-biggest bank in the Pittsburgh region based on deposits, was in discussions with a number of potential suitors, including PNC Financial Services Group and Toronto-based Bank of Nova Scotia, the Wall Street Journal reported this morning, citing unnamed sources.
National City spokeswoman Kristen Baird Adams wouldn't deny that the bank is looking for a buyer. She says the bank doesn't comment on rumors and speculation.
Shares of National City, which have been pounded by the bank's exposure to the collapse of the subprime mortgage market, were up about 13 percent to $2.52 at midday.
The stock's 52-week high is $25.93.
First Published October 9, 2008 1:26 pm