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National City Bank Corrects Rumors Of Its Demise

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Sep 27, 2008 8:26 pm US/Eastern

National City Bank Corrects Rumors Of Its Demise

Reporting
Ross Guidotti
PITTSBURGH (KDKA) ― Despite rampant internet speculation and what are being called baseless emails of doom, National City Bank says rumors of its demise have been greatly exaggerated.

"Absolutely not. We are the best capitalized bank in the country out of all the U.S. banks. National City is as good positioned as ever," Todd Moules, National City president of Pennsylvania banking, said.

He sat down with KDKA's Ross Guidotti to talk about the bank and rumors that had National City stocks dropping 26 percent in just a few minutes. The rumors had the Cleveland-based financial institution being taken over because of the mortgage crisis.

"I've been with the bank for 20 years and I have not seen anything like this," he said.

A lot of people have compared their hometown bank to Washington Mutual. It's not a fair comparison necessarily especially with Nationally City. The bank isn't heavily invested in mortgage-backed securities. Washington Mutual was and when the market went, so did that bank.

"We've dramatically reduced our exposure to the mortgage industry. We raised $7 billion in capital.

"I think that what's going on in the markets will affect all financial institutions, but National City and other traditional commercial banks are in the best position to deal with those markets," Moules said.

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