National City Corporation (NYSE:NCC)
Industry: Financial
National City Corporation (National City) is a financial holding company. The Company's core businesses include commercial and retail banking, mortgage financing and servicing, consumer finance and asset management. National City operates through a banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri and Pennsylvania. It conducts selected consumer lending businesses and other financial services on a nationwide basis. As of December 31, 2005, the Company operated five lines of businesses: Consumer and Small Business Financial Services (CSB), Wholesale Banking, National City Mortgage (NCM), National Consumer Finance (NCF) and Asset Management. On January 15, 2005, National City acquired Charter One Vendor Finance. Subsequently, Charter One Vendor Finance was renamed as National City Vendor Finance (NCVF). NCVF serves vendors, such as manufacturers, value-added resellers and select specialized lessors, in middle and large-ticket equipment and software markets, and finances equipment and real estate for franchises of selected franchisers. The Company offers various types of loans, such as commercial loans, commercial construction loans, commercial real estate loans, residential real estate loans, home equity lines of credit, credit cards and other unsecured lines of credit, and other consumer loans. Deposits offered by National City include non-interest bearing deposits, negotiable order of withdrawal (NOW) and money market accounts, savings deposits, consumer time deposits and other deposits. As of December 31, 2005, the Company's deposits totaled $83,985,991,000. National City makes investments in the United States Treasury and Federal agency debentures, mortgage-backed securities, asset-backed and corporate debt securities, states and political subdivisions, and other securities. As of December 31, 2005, the fair value of the Company's investments totaled $7,874,628,000. Consumer and Small Business Financial Services CSB provides banking services to consumers and small businesses within National City's seven-state footprint. CSB provides deposit gathering and direct lending services through retail bank branch network, call centers and the Internet. CSB's activities also include small business banking services, dealer finance, education finance, retail brokerage and lending-related insurance services. National City's consumer lending products include home equity, automobile floorplan, marine and recreational vehicle installment loans, government or privately guaranteed student loans, credit cards, and other unsecured personal and small business lines of credit. CSB's revenue sources include net interest income on loan and deposit accounts, deposit account service fees, debit and credit card interchange and service fees, and automated teller machine (ATM) surcharge and net interchange fees. During the year ended December 31, 2005, the Company announced its decision to exit the indirect automobile business. Wholesale Banking Wholesale Banking provides credit-related and treasury management services, as well as capital markets and international services, to large and medium-sized corporations. The products and services offered by Wholesale Banking include lines of credit, term loans, leases, investment real estate lending, asset-based lending, structured finance, syndicated lending, equity and mezzanine capital, treasury management, and international payment and clearing services. Wholesale Banking's major source of revenue is from companies with annual sales in the $5 million to $500 million range across a group of industries, generally within National City's seven-state footprint. National City Mortgage NCM primarily originates conventional residential mortgage and home equity loans both within National City's banking footprint and nationally. NCM's activities also include servicing mortgage loans for third-party investors. Mortgage loans originated by NCM generally represent loans collateralized by one- to four-family residential real estate. These loans are typically sol
As Of: 08/30 00:00 ET
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