National City to raise $7 billion
National City Bank got the OK to raise $7 billion in an equity sale that will increase outstanding shares more than three-fold in a move to shore up it’s balance sheet.
Investors watching their shares diluted had little choice but to approve the equity sale to keep the bank solvent in the midst of the credit crunch. National City is one of a handful of super-regional banks who have been put on the ropes by the mortgage meltdown.
National City to raise $7 billion.
Note to readers – it says they got the OK to raise the funds. It does not say that they got the money. Coming up with $7 Billion in today’s market is no easy feat.
Tom V.
