National City Mortgage Wiki

[1]

[2] Contents 1 History 1.1 Historical timeline 2 Recent transactions 3 Marketing 4 Banking features and limitations 5 References 6 External links

[edit] History National City Bank was founded on 17 May 1845, when a group of Cleveland businessmen pooled $50,000 to organize the City Bank of Cleveland, the first bank opened under the Ohio Bank Act of 1845 in a small town with no gas, electricity, public waterworks, or railroad.

[3] Reuben Sheldon and Theodoric C. Severance, formerly of the Fireman's Insurance Company, organized The City Bank of Cleveland. The city's only bank at the time, opened its doors to the public at No. 52 Superior Street.

[4]

[edit] Historical timeline This article may be too long. Please discuss this issue on the talk page and help summarize or split the content into subarticles of an article series. 1845: Reuben Sheldon and Theodoric C. Severance, formerly of the Fireman's Insurance Company, organize The City Bank of Cleveland. 1848: City Bank of Cleveland relocates to No. 21 Superior Street, near Water Street, the heart of the city's business district. 1850: City Bank triples its initial capital stock to $150,000. 1858: City Bank helps found Cleveland's first clearinghouse association, created to "effect at one place, and in the most economical and safe manner, the daily exchange between the several associated banks and bankers; the maintenance of uniform rates for eastern exchange and the regulation of what descriptions of funds shall be paid and received in the settlement of business. 1863: First National Bank of Louisville is chartered. 1865: Lincoln is still alive when City Bank of Cleveland becomes National City Bank of Cleveland, receiving a national charter that includes the right to print federal money. This responsibility lasts until the 20th century, when the Federal Reserve assumes the function of printing all U.S. Money. 1865: Merchants National Bank, Indianapolis, is founded. The Bank's long-standing ties to the Frenzel family begins in 1867 when John P. Frenzel is hired as a bank messenger. A younger brother, Otto N., replaces him. After two months' work without pay, Otto finally earns a place on the bank's payroll at $16.50 a month. The brothers, joined by a third, were later to lead the bank. 1871: First National Bank, Dayton is founded on 20 January 1871. 1874: The First National Bank of Ashland is founded to serve the financial needs of area farmers. The bank's earliest furniture consists of few stools, a counter and -- for security -- a safe and a pistol. 1881: National City Bank records more than $1 million in assets. 1901: National City Bank passes $2 million in assets. 1912-1913: National City Bank undergoes several significant changes. President John F. Whitelaw dies and is replaced by Charles A. Paine. The bank's capital stock is increased, and the Board adds 18 directors, raising its total membership to 25. In addition, National City Bank relocates to new facilities in the Leader-News Building. During these years, its assets rise from $2.5 million to $4.5 million. 1914-1918: National City Bank purchases $100 million in U.S. Bonds to help finance World War I and sees its own assets increase to $15.5 million as Cleveland industry prospers. 1921: National City Bank moves to new quarters on the corner of Euclid Avenue and East Sixth Street. The 10-story building, built in 1895 and originally called the Garfield Building, had been remodeled and was renamed the National City Bank Building. 1929: National City Bank accumulates $40 million in assets. On 29 October 1929, the stock market crashed. BancOhio Corporation was founded on 19 September 1929. 1930s: National City Bank introduces personalized checks. Prior to this era, all checks were bank checks. 1933: The Goodyear Bank in Akron is founded on August 1. 1933: National City Bank is the only bank in Cleveland giving 100 cents on the dollar to its depositors, while for several weeks most other banks are providing only five cents on the dollar. When many other banks are forced to shut down permanently following FDR's banking moratorium, National City Bank is deemed to be solid, and is permitted to resume full operations. Following the moratorium, the banking industry in Cleveland changes substantially. Two of the city's banks are liquidated, with their assets and principal officers integrated into National City Bank's. 1945: Nearing $500 million in assets, National City Bank celebrates its 100th Anniversary. 1956: National City Bank introduces 24-hour night depository services at each of its branches. 1960s: Early in the decade, National City Bank begins furnishing daily stock market figures to the local investing public. 1962: National City Bank becomes one of the nation's first banks to computerize its savings deposit accounts. With 24 operating branches, the bank sees its assets pass the $1 billion mark. 1970: National City Bank put a customer information system online and several months later introduces a combined monthly statement, the money manager, for its customers. The first provides operations support, cutting internal costs and allowing managers easy access to information. It also prepares National City Bank well for a future that promises even more extensive use of computers. The money manager benefits bank customers by summarizing their dealings with National City Bank in one comprehensive statement. 1971: National City Bank is the first Cleveland bank to install cash dispenser machines. 1971: In March, Financial World identifies commercial banking as National City Bank's "forte", noting that the bank lends funds to a wide variety of industries in the vicinity of Cleveland. Among Cleveland's major suppliers, the magazine notes, National City Bank has made loans to iron ore suppliers, steel producers and machinery manufacturers, as well as to coal interests and several railroad companies. 1972: National City Bank's assets pass $2 billion. 1973: A new holding company, National City Corporation, is created with National City Bank (its name shortened from National City Bank of Cleveland) as its lead bank and primary subsidiary. The new structure is formed to give the bank more flexibility in operations by forming other subsidiaries or by adding new activities such as mortgage banking and data processing. The change will let the company expand its banking services beyond Cuyahoga County. Existing state law restricts banks branching outside home counties, but will not prevent acquisitions of more banks by a holding company. 1973: Responding to customer surveys, National City Bank extends its retail banking hours, lengthening weekday service and opening most offices either on Friday evening or Saturday. 1974: National City Bank replaces its cash dispenser machines with automated tellers capable of handling deposits, transfers and payments in addition to withdrawals. 1974: National City Corporation begins a cautious acquisition program, buying up smaller banks for cash. Its first two ventures involve its lead bank, National City Bank. In 1975, it purchases the assets of the failing Northern Ohio Bank for $3.7 million. In early 1976, it spends $3.8 million acquiring The Bank of Cleveland. 1975: In July, Forbes magazine compliments National City Bank's arbitrage trading efforts, observing that the Bank, like others in the industry, had several years earlier "rushed into a highly specialized area it knew little about" but that, unlike others who failed when exploring new fields, National City Bank "hit it big." 1977: The First National Bank of Dayton is the corporation's first major acquisition. Two banks had merges to create the Dayton Bank in 1961: Merchant's National Bank (1871) and People's Bank &Trust Co. (1957). 1978: The Huron County Banking company (1881) in Norwalk, Ohio, is acquired. The bank is renamed National City Bank, Norwalk in 1985. 1978: In naming Chief Executive Officer Claude M. Blair and President Julien L. McCall its "Bankers of the Year," Finance magazine lauds National City Corporation as "striking in both its year-to-year continuity and its comparative superiority among U.S. banks of like size and relative strength." The two officers took over when the holding company was formed and moved National City "out of the highly competitive cauldron of Cleveland banking into a full-fledged status as a national bank, at least on par (by any standard other than sheer bulk) with the better-known money-center institutions." 1980: National City Bank moves its headquarters to the newly constructed 35-story National City Center, as does its parent company, National City Corporation. 1982: Ohio Citizens Bancorp in Toledo is acquired. Its lead bank, Ohio Citizens Bank, was founded in 1932 as the citizen trust company. 1982: The Goodyear Bank in Akron in acquired. Founded in 1933 by the Goodyear Tire &Rubber Company , it was Ohio's first company-owned bank. It claimed the first free-standing drive-in facility (1952) east of the Mississippi River. 1982: Beginning in May, National City Bank becomes one of two Cleveland banks to link its Visa and MasterCard credit card interest rates to the cost of money, changing interest fees every six months according to the fluctuations of Treasury Bill Rates. 1982: National City Bank reports a resumption of growth in annual earnings. 1984: National City Corporation acquires BanOhio Corporation of Columbus to create the state's largest bank holding company. Together their assets total $12.5 billion, with a banking network encompassing 350 branches in 52 of the state's 88 counties. 1986: National City Bank acquires 14 area offices and $460 million in deposits of the Broadview Savings and Loan Company. 1987: In the fall, stock market prices plunge 508 points, leading to comparisons with 1929. The event is labeled the "Crash of 1987." 1988: National City Corporation expands into the Kentucky market by acquiring First Kentucky National Corporation of Louisville. Member banks of First Kentucky include First National bank of Louisville (1863); American National Bank &Trust Company , Bowling Green (1886); Crestwood State Bank (1896); Central Bank and Trust Company, Owensboro (1890); third National Bank of Ashland (1916); and First National Bank of Indiana, New Albany (1904). The largest, Commerce National in Lexington, resulted from a merger of Bank of Commerce (1911) and Second National Bank (1883). 1989: National City Mortgage Company acquires Shawmut Mortgage Company in Miamisburg, Ohio. 1990: National City corporation establishes National City Investment Corporation, allowing the corporation to offer investment choices equal to that of a full-service brokerage. 1990: Gem Savings Association, a $1.6 billion asset savings and loan company with 25 branches in Dayton and Cincinnati, is acquired. 1991: In October, National City Corporation announces it has reached an agreement with Merchants National Corporation to acquire the Indianapolis-based holding company. Member banks of Merchants National consist of: Anderson Banking Company (1890); Batesville State Bank (1889); Central National Bank of Greencastle (1883); Citizens National Bank of Tipton (1904); Elston Bank &Trust Company (1853); Farmers National Bank of Shelbyville (1886); Fayette Bank and Trust Company (1902); First National Bank of East Chicago (1909); First National Bank of Indiana, Logansport (1931); Hancock Bank &Trust Company, Greenfield (1874); Madison Bank &Trust Company (1833); Mid State Bank, Zionsville (1882); Mid State Bank of Hendricks County, Dansville (1904); The National Bank of Greenwood (1934); The Seymour National Bank (1891); and Union State Bank, Carmel (1923). 1993: National City acquires Ohio Bancorp, Youngstown. Its member banks are: The Dollar Savings and Trust Company, Youngstown (1887); The Potters Bank and Trust Company, East Liverpool (1881); Peoples Banking Company, Martins Ferry (1891); Bank 2000, Minerva (1915); and The Miners and Mechanics Savings and Trust Company, Steubenville (1913). 1993: National City Bank enters into an agreement with NCR to begin pilot testing of a new item-processing image system. 1995: Central Indiana Bancorp, Kokomo and United Bancorp of Lexington, Kentucky are acquired. 1995: National City celebrates its 150th Anniversary with $32 billion in assets, 640 branches and 20,000 employees. 1997: National City merges with First of America creating the 13th largest banking organization in the U.S. at that time in terms of total assets. First of America is a $22 billion asset bank holding company headquartered in Kalamazoo, Michigan. The combination will create the 12th largest U.S. banking organization based on market capitalization. The combined company will have assets of $74.4 billion, deposits of $48.4 billion and stockholders' equity of $6.1 billion. 1997: National City purchases certain assets of the mortgage loan origination businesses owned by First National Mortgage Corporation (NYSE: FNMC) and Eastern Mortgage Services, Inc, and American Mortgage Source, Inc. (NYSE: AMS). 1998: National City acquires Fort Wayne National Corporation; Fort Wayne National has assets of $3.3 billion. 1998: National City launches "National City Online Banking" 1999: National City closes on acquisition of First Franklin Financial Companies. 2004: National City completes $2.1 billion purchase of Cincinnati-based Provident Financial Group. 2004 Executive Vice President and Chief Credit Officer, Robert Ondercik Retires, succeeded by James R. Bell 2004: National City to acquire Wayne Bancorp, a bank holding company headquartered in Wooster, Ohio. Wayne Bancorp operates 26 branches in Wayne, Holmes, Medina and Stark counties and has $825 million in assets. 2005: National City acquired Allegiant Bancorp to enter the St. Louis market, adding 36 branch locations to National City's network of 1,100 retail offices located throughout the midwest. 2006: National City sells First Franklin group to Merrill Lynch &Co. $1.3 billion. 2006: National City acquires Fidelity Bankshares. Headquartered in West Palm Beach, Fidelity has $4.2 billion in total assets and operates 52 branches along Florida's east coast, from Port St. Lucie to Ft. Lauderdale. Upon completion of this transaction and National City's pending acquisition of Fort Pierce-based Harbor Florida Bancshares, Inc. (NYSE: HARB), National City will have a 92-branch network along Florida's east coast, with total assets of more than $7 billion. 2006: National City acquires Harbor Florida Bancshares, the holding company for Harbor Federal Savings Bank. Harbor Florida is the fifth-largest publicly traded banking institution based in Florida. Headquartered in Fort Pierce, Harbor Florida has total assets of $3.2 billion and 40 branches. 2007: National City acquires MAF Bancorp, Inc., the holding company for MidAmerica Bank, which operates 82 branches throughout Chicago and Milwaukee and surrounding areas. MidAmerica is the 11th largest banking institution in the Chicago market with $5.7 billion in deposits and 58 branches and the fifth largest in Milwaukee with $1.3 billion in deposits and 24 branches. 2007: National City purchases the naming rights for Riverbend Music Center's new pavilion that is to open in June 2008. 2007: Peter Raskind succeeds David A. Daberko as the next President and CEO of the company. 2007: National City announces that their Wholesale Mortgage Division will cease operations effective December 31, 2007 in the face of record foreclosures. Employees were notified via email and conference call from Buck Bibb, head of National City Mortgage. 2008: Top producing loan officer David Bauer, steps down to pursue other endeavors.

[edit] Recent transactions National City has been on an acquisition spree of late, including its $2.1 billion purchase of Cincinnati-based Provident Financial Group in 2004. In addition, in 2005, National City acquired Allegiant Bancorp to secure a presence in the St. Louis, MO market. In 2006, they acquired Fidelity Bankshares Inc. for an estimated $1 billion dollar deal that is half cash, half stock. Also acquiring Harbor Florida Bancshares Inc. through a $1.1 billion stock deal, both banks are located in Florida. Combined it gives National City $7.4 billion of assets in Florida. It also gives National City 94 branches in a market that is growing quickly. On the other side of the ledger, National City sold to Bank of America its 83% stake in National Processing Company, which earns fees from processing merchant credit card transactions. The sale of San Jose, California based First Franklin origination franchise and related servicing platform to Merrill Lynch &Co . was completed on 30 December 2006 for $1.3 billion. In May 2007, National City announced the purchase of MAF Bancorp Inc., the holding company for MidAmerica Bank. As of 30 June 2006, MidAmerica Bank had the 9th-ranked market share in the Chicago-Naperville-Joliet Metropolitan Statistical Area at 2.18%. Following the merger using the same dataset, the combined National City and MidAmerica Banks will rank 4th in the market with a market share of 3.96% and deposits of more than $10 billion.

[5] Now there is speculation in the Wall Street Journal that National City Bank with help from Goldman Sachs are shopping the bank for purchase. The rough housing market has led to NCB into dark waters filled with many failing mortgages. This paired with poor economies in the core areas of National City Bank's retail location have severely hurt the company. Stocks have dropped from a 52 week high of over $38.00 per share down to just over $12.00 at the close of the day Friday once the news had hit the market that NCB may be sold. According to Reuters, London banking giant HSBC has been identified as a potential buyer. On April 20, 2008, Corsair Partners bought a stake in National City Bank. National City Bank will remain a Cleveland based bank with many employees not being laid-off.

[edit] Marketing An ad used Brass In Pocket by The Pretenders In 1998, they had a commercial with their old theme song "Life Is a Highway" by Tom Cochrane. In early 2007, National City introduced their "Best in Class" programs, which include: points from National City, where customers earn points for everyday transactions on certain accounts, including check writing, online bill payments, and signed card transactions. Similar to credit card rewards programs, customers can use these points to redeem items that range from gift cards to vacation packages. Customers can also earn bonus points by using other various products that National City offers. In 2007, National City chose Minneapolis agency Campbell Mithun to spearhead its advertising efforts.

[edit] Banking features and limitations Points from National City

[1](also see above) Free checking accounts without ATM fees for transactions at non-National City ATMs. In addition to not charging the fee themselves, any usage fees charged by the ATM owner are reimbursed for certain checking accounts. First check order free for all new personal accounts. Innovative Check-Ready product for Auto Loans

[edit] References ^ http://money.cnn.com/magazines/fortune/fortune500/2007/snapshots/919.html Fortune 500 2007: National City Corp. ^ http://money.cnn.com/magazines/fortune/fortune500/2007/full_list/101_200.html Fortune 500 2007: Full List 101-200 ^ National City 150th Celebration Book Team: National City -- 150 Years, 1995 ^ http://www.answers.com/topic/national-city-corp National City Corp.: Information from Answers.com ^ http://www2.fdic.gov/sod/sodMarketBank.asp?barItem=2 FDIC, Deposit Market Share €“ Pro Forma HHI Report Selection

[edit] External links National City Corporation National City Mortgage National City Points Yahoo! - National City Corporation Company Profile National City Commercial Capital National Processing Company v €¢ d €¢ e 50 largest American banks and bank holding companies Associated €¢ BancWest €¢ Bank of America €¢ Bank of New York Mellon €¢ BBVA USA €¢ BB&T €¢ BOK Financial €¢ Capital One €¢ Citigroup €¢ Citizens Financial Group €¢ City National €¢ Colonial €¢ Comerica €¢ Commerce Bancshares €¢ FBOP €¢ Fifth Third €¢ First BanCorp €¢ First Citizens €¢ First Horizon National €¢ First National of Nebraska €¢ Fulton €¢ Harris €¢ HSBC Bank USA €¢ Huntington €¢ JPMorgan Chase €¢ Key €¢ M&T €¢ Marshall & Ilsley €¢ National City €¢ New York Community €¢ New York Private €¢ Northern Trust €¢ PNC €¢ Popular €¢ RBC Centura €¢ Regions €¢ South Financial Group €¢ State Street €¢ SunTrust €¢ Synovus €¢ Taunus €¢ TCF €¢ TD Banknorth €¢ U.S. €¢ UnionBanCal €¢ W Holding €¢ Wachovia €¢ Webster €¢ Wells Fargo €¢ Zions Bancorporation Retrieved from "http://en.wikipedia.org/wiki/National_City_Corp." Categories: Companies listed on the New York Stock Exchange | Companies based in Cleveland, Ohio | Banks of the United States | Companies established in 1845