A Financial Analysis of National City Bank (PNC)
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Abstract – National City's [Fig. 1] corporate histories date to the mid-19th century, when National City was founded as the City Bank of Cleveland in 1845. The bank received national charters under ...
Abstract – National City's [Fig. 1] corporate histories date to the mid-19th century, when National City was founded as the City Bank of Cleveland in 1845. The bank received national charters under the National Banking Act, and was able to print U.S. currency until the United States Treasury assumed operations in the 1920s. The bank had strong bases in its home markets. However, in 2008, National City became a victim of the subprime mortgage crisis and was eventually taken over by PNC Financial Services on October, 2008. The deal received much controversy due to PNC using TARP funds to buy National City only hours after accepting the funds while National City itself was denied funds, as well as civic pride for the city of Cleveland, Ohio, where National City was based. Due to this merger, only combined financial reports of National City and PNC are available in the official website of National City Bank [https://www.nationalcity.com]. As such in this present report, analyses of these combined reports available from the web site of National City / PNC are analyzed, mainly from the financial health point of view of the bank. Various aspects (common size Balance sheet, ratio analysis) are done chapter wise collecting data mainly from bank’s annual reports. Sample calculations (ratio) are shown in details and remarks are made wherever required. At the end, conclusions are drawn in analyzing all aspects.
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