If I recall right, I think that there may be a few other tenants besides NCB in the Tower.  The Baker & Hostetler Law Firm comes to mind, as I believe that they occupy a few floors in the building.

Baker and Hostetler are definitely in the NCB building.

A new building is unlikely but moving into adjacent space is happening. 

 

Very true...I wouldn't doubt at all that they are filling up more space in surrounding buildings, but a new tower would seem unlikely.  There is always enough space in surrounding buildings for companies to expand into neighboring ones.  Good for economic health nonetheless!

Wednesday, August 23, 2006 

 

Analyst guesses that National City, Key may merge

 

 

 

5:32 p.m.

 

Resurrecting a rumor that has simmered for at least a decade, a notable banking analyst says he's looking at the possibility of a merger between Cleveland's powerhouse banks, National City (NYSE: NCC) and KeyCorp (NYSE: KEY).

 

More at cleveland.com

 

http://www.cleveland.com/weblogs/business/index.ssf?/mtlogs/cleve_business/archives/2006_08.html#175306

 

 

would this be good or bad for cleveland??

I think there would be both good and bad. Here are just a few of both:

 

Good:

A stronger banking institution, rather than two smaller institutions which would be takeover targets.

The rumors would finally be put to rest.

Both have a distinct footprint (National City is very central, Key goes from the Northwest to New England), each footprint offers benefits.

Increased visibility as a unified brand.

 

Bad:

Thanks to Key's unfathomably tacky precedent, we could see National City's logo on top of 127 Public Square*.

A lack of competition/choice for local consumers who prefer locally-owned operations.

Initial layoffs of overlapping positions at the corporate level and at branches.

Losses to agencies providing services to either bank - another case of overlap but in the exterior sense.

A bank ranking at #6 on the scale is still vulnerable to a takeover and higher on the radar.

 

*

It is funny to see how the banks in Ohio have changed over the years. For a while Bank One and key were the two largest Ohio Banks. In addition, Huntington used to be a big player. Now Bank one is gone, Key has struggled mightily in the last 10 years, huntington is a joke, and Nat City & fifth Third are the dominant players based in Ohio

I thought Key was bigger than National City...

HQ buildings, yes - but in assets National City is around $150 billion (#12 in the US) and Key is around $95 billion (#20 in the US). A merger would result in a bank about the size of USBank, based in Minneapolis.

Whoops, Mayday I meant bigger than Fifth Third not National City.

Well I think it would suck

I just left NC for Key because my ex-wife got a job at NC.

I didn't wnat her to even have a remote chance of seeing my account info.

Now I'll have to find another bank.

 

 

http://www.federalreserve.gov/releases/lbr/current/default.htm

 

According to the Fed, Key is 10th and is larger than both Nat City (18) and 5/3 (21).  I'm sure it depends on what you measure by.  And Key has been doing very well recenty.  They've made gobs of money the last year or so.

^I'm not sure of the exact classifications, but I think a commercial bank is only one type of banking that big banks do.  Banks also make money on investment banking, investment management.  So, Key may be bigger in commercial banking, but is smaller overall because it is smaller in retail banking or investment banking, mortgage banking, etc.

The size of Banks are classified by their "assets".  A Bank's "assets" are actually the loans outstanding.  This is how banks are ranked by size.  National CIty has about $149Billion in assets (loans) putting them at #12 largest bank in US.  Key Bank only has $95Billion in assets at #20.

 

http://www.snl.com/bank/vitals/top_50_banks.asp

 

what about deposits? nevermind, i looked at the chart.

Our banks power seems to be holding up.  I don't see Chase, BoA or Citi being able to crack the Cleveland Market.  for those in the know, can say, Citi just open up a Branch in cleveland or would they have to aquire a bank to open up shop?

 

National City and MAF Bancorp Announce Definitive Agreement for National City to Acquire MAF Bancorp

 

http://phx.corporate-ir.net/phoenix.zhtml?c=64242&p=irol-newsArticle&ID=993510&highlight=

 

CLEVELAND, May 1 /PRNewswire-FirstCall/ -- National City Corporation (NYSE: NCC) and MAF Bancorp Inc. (Nasdaq: MAFB) today announced that they have reached a definitive agreement for National City to acquire MAF Bancorp, headquartered in Clarendon Hills, Illinois.

 

MAF has $11.1 billion in total assets and is the holding company for MidAmerica Bank, which operates 82 branches throughout Chicago and Milwaukee and surrounding areas. MidAmerica Bank is the 11th largest banking institution in the Chicago market with $5.7 billion in deposits and 58 branches. Upon completion of this transaction, National City will have 126 branches in the Chicago market and deposits of more than $10 billion, making it the fourth largest bank in that market. The transaction also marks National City's entrance into Wisconsin. With 24 branches and $1.3 billion in deposits in Milwaukee, MidAmerica currently is the fifth largest bank in that market, providing a strong platform for future growth.

 

"The acquisition of MidAmerica Bank aligns perfectly with the strategy we have articulated over the last several years. It accelerates our expansion in the attractive growth market of Chicago and provides us the opportunity to serve customers in Milwaukee for the first time," said National City Chairman and Chief Executive Officer David A. Daberko. "MidAmerica is a well-run institution with an exceptional branch network and a culture of superior customer service. We look forward to leveraging these strengths as we merge our franchises."

 

"This partnership will be good for our customers, shareholders, employees and communities," said Allen H. Koranda, MAF Bancorp Chairman and CEO. "Joining forces with National City will greatly enhance our product and service offerings and significantly expand our delivery channels. Our customers will benefit from National City's full suite of products and services, including expanded corporate banking, wealth management and mortgage banking services and greatly enhanced consumer and small business products and services, including credit card, online banking and bill pay services and an industry leading customer rewards program, points from National City."

 

Following completion of the transaction, MidAmerica customers will have access to a far more extensive banking network, including more than 1,400 branches and nearly 2,200 ATMs in Ohio, Florida, Illinois, Indiana, Kentucky, Michigan, Missouri and Pennsylvania. In Chicago and Milwaukee, that will include 126 and 24 branches, respectively, and 191 ATMs. Further, MidAmerica customers will have the opportunity to use any non-National City ATM without incurring National City fees, contingent upon enrollment in a checking account with a form of monthly automatic account activity.

 

"MidAmerica Bank is proud to partner with a company that shares our commitment to superior customer attention and to supporting the communities we serve," said Mr. Koranda, who upon close of the transaction will serve as a member of the Board of Directors of National City.

 

Under the terms of the agreement, MAF Bancorp stockholders will receive a fixed price of $56 per share, subject to certain adjustments, payable in National City common stock in a tax-free exchange. The exchange ratio will be based on the average closing price of National City common stock for the 20 trading days immediately preceding Federal Reserve Board approval of the transaction. The transaction has a total indicated value of approximately $1.9 billion. Subject to regulatory and MAF stockholder approvals, the transaction is expected to close in the fourth quarter of 2007.

 

Keefe, Bruyette & Woods, Inc. served as financial advisor to MAF. Vedder, Price, Kaufman & Kammholz, P.C. acted as legal counsel.

 

National City will host a conference call at 9:30 a.m. Eastern Time today, May 1, 2007, to discuss the proposed acquisition of MAF Bancorp. Interested parties may access the conference call by dialing 1-866-861-5393. The call will be open to the public with both media and individual investors invited to participate in a listen-only mode. Participants are encouraged to call in 15 minutes prior to the call in order to register for the event. The conference call will also be accessible via the National City's Web site, http://www.nationalcity.com/investorrelations, along with the accompanying slide presentation.

 

A replay of the conference call will be available from 1 p.m. Eastern Time on May 1, 2007, until midnight Eastern Time on May 8, 2007. The replay will be accessible by calling 1-800-475-6701 (International) (320) 365-3844 Access Code: 872417 or via the company's Web site.

 

This document shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy an securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

 

In connection with the proposed transaction, a registration statement on Form S-4 will be filed with the United States Securities and Exchange Commission (SEC). Stockholders are encouraged to read the registration statement, including the final proxy statement/prospectus that will be a part of the registration statement, because it will contain important information about the proposed transaction. Stockholders will be able to obtain a free copy of the proxy statement/prospectus, as well as other filings containing information about National City Corporation and MAF Bancorp, Inc., without charge, at the SEC's Web site, http://www.sec.gov, and the companies' respective Web sites, http://www.nationalcity.com and http://www.mafbancorp.com. Copies of the proxy statement/prospectus and the SEC filings that will be incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, by directing a request to National City Corporation at 1900 East Ninth Street, Locator 2229, Cleveland, OH 44114 Attention: Investor Relations, 1-800-622-4204, or to MAF Bancorp, Inc. at 55th Street and Holmes Avenue, Clarendon Hills, Illinois 60514 Attention: Investor Relations, 1-630-325-7300.

 

The respective directors and executive officers of National City and MAF Bancorp and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding National City's directors and executive officers is available in its proxy statement filed with the SEC on March 7, 2007, and information regarding MAF Bancorp directors and executive officers is available in its amendment to Form 10-K-A filed with the SEC on April 30, 2007. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained the joint proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.

 

This document contains forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.

 

The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the ability to obtain governmental approvals of the merger on the proposed terms and schedule; the failure of MAF Bancorp's stockholders to approve the merger; the risk that the businesses will not be integrated successfully; the risk that the anticipated cost savings and any other synergies from the merger may not be fully realized or may take longer to realize than expected; disruption from the merger making it more difficult to maintain relationships with clients, employees or suppliers; increased competition and its effect on pricing, spending, third- party relationships and revenues; the risk of new and changing regulation in the U.S. and internationally. Additional factors that could cause National City and MAF Bancorp results to differ materially from those described in the forward-looking statements can be found in the 2007 Quarterly Reports on Form 10-Q, as they are filed, and the 2006 Annual Reports on Form 10-K of National City and MAF Bancorp, as amended, filed with the SEC. Copies of these filings are available at no cost on the SEC's Web site, www.sec.gov, and on the companies' respective Web sites, www.nationalcity.com and www.mafbancorp.com. Either company's management may elect to update forward-looking statements at some future point; however, they specifically disclaim any obligation to do so.

 

About National City

 

National City Corporation (NYSE: NCC), headquartered in Cleveland, Ohio, is one of the nation's largest financial holding companies. The company operates through an extensive banking network primarily in Ohio, Florida, Illinois, Indiana, Kentucky, Michigan, Missouri and Pennsylvania, and also serves customers in selected markets nationally. Its core businesses include commercial and retail banking, mortgage financing and servicing, consumer finance and asset management.

 

About MAF Bancorp, Inc.

 

MAF Bancorp (Nasdaq: MAFB) is the parent company of MidAmerica Bank, a federally chartered stock savings bank. The Bank currently operates a network of 82 retail banking offices throughout Chicago and Milwaukee and the surrounding areas.

 

SOURCE

National City Corporation

 

CONTACT:

Investors, Jill Hennessey, +1-216-222-9253, or Media, Kristen Baird Adams, +1-216-346-6803, both of National City Corporation; Investors, Jerry A. Weberling, +1-630-887-5999, or Michael J. Janssen, +1-630-986-7544, or Media, Allen H. Koranda, +1-630-887-5800, all of MAF Bancorp, Inc.

I don't think anything's keeping them from just coming in and opening a branch.  The real problem I see is that if someone like Citi did that, they'd have to build a customer base from nothing, whereas if they acquired a local bank, they'd already have customers in the market, and they could try to expand from that.

I've noticed some temporary fencing has been placed around the top of NC Tower in the past few weeks. I recall some time ago that the city's Planning Commission approved the creation of a new decorative "crown" and signage on top of the building (about two years ago).

Does anyone know what is going on up there?

 

there's also external elevators on the northside of the tower...nothing too exciting though.  The 28 elevators in the building are being replaced and they have to drop some of the equipment through the shaft openenings in the roof

i hadn't heard about a crown.  they are replacing the roofing though, the crown makes some sense though as the "temporary" elevator is pretty substantial on the north side of the building.

"can say, Citi just open up a Branch in cleveland or would they have to aquire a bank to open up shop?"

 

Sorry I didn't see this earlier - any bank that doesn't have a retail presence in the state of Ohio would need to apply for permission to business here. As Confiteordeo said, it's often easier just to acquire an existing smaller bank and grow from that.

"can say, Citi just open up a Branch in cleveland or would they have to aquire a bank to open up shop?"

 

Sorry I didn't see this earlier - any bank that doesn't have a retail presence in the state of Ohio would need to apply for permission to business here. As Confiteordeo said, it's often easier just to acquire an existing smaller bank and grow from that.

 

thanks!

i hadn't heard about a crown.  they are replacing the roofing though, the crown makes some sense though as the "temporary" elevator is pretty substantial on the north side of the building.

 

 

 

 

I wouldn't mind a new building, but I would not want the current one torn down.

Last year, NC sought and received approval from the city to reface the entrance on East 9th and the place (I can only describe it as) a crown on top of the tower.

 

With all of the acquisitions of late, you would think now is the time to get the crown started.

(When asked recently, Cimperman stated that as far as he knows, NC hasn't even filed permits.)

 

 

 

I'm still looking for the summary I did on my blog.

Did you find anything, Musky?

Nope.

I remember being at the meeting when it was presented. It was over a year ago.

Wait - I have an idea.

 

EDIT:

 

I am still looking through some old files.

From the 3/1/07 DDN:

 

 

National City shifting some jobs to India

The banking chain won't say how many of its 2,200 Dayton-area jobs in mortgage operations will go overseas.

By John Nolan

Staff Writer

Thursday, March 01, 2007

 

MIAMISBURG — National City Corp. will transfer an undisclosed number of jobs from its Dayton-area mortgage operations to India.

 

"We can confirm that a decision has been made to outsource certain functions in Miamisburg," company spokesman Chris Kemper said Wednesday in a prepared statement. "While it is possible that some job impacts may occur, National City is absolutely dedicated to doing all we can to minimize employee impacts."

 

Kemper also said National City plans to offer the affected employees other jobs within the company.

 

The changes could take months to complete, Kemper said.

 

Contact this reporter at (937) 225-2242 or [email protected].

 

http://www.daytondailynews.com/n/content/oh/story/news/business/2007/03/01/ddn030107natcity.html

 

I couldn't find another thread to post this, so...

 

I was leaving class tonight, and noticed that the National City Bank Tower was bathed in a pink light from the base up.  Also, the trees in the small offset along Euclid had lights on them as well.  I never noticed National City lighting the building pink this time of year, though I could be wrong.  I'll try to take a pic tomorrow night and post it.

NCB is a big sponsor of breast cancer awareness/race for the cure. That is why the building is pink.

^^Thanks for the info.

They lit their Cincinnati building in pink last year as well.

Uh Oh, I know these type of rumors are always flying but.........  and I thought we had to worry more about Key... (until recently)

 

WSJ: National City seeks a buyer

National City Corp.

1:29 pm, March 13, 2008

 

The Wall Street Journal is reporting that beleaguered National City Corp. is looking for a buyer.

 

Citing “people familiar with the matter,” The Journal states that investment bankers for National City are shopping the banking company around. The Journal said a National City spokeswoman told the newspaper the company doesn’t talk about merger speculation.

 

National City’s woes have been well-documented. The company has taken significant writedowns on the value of its loan portfolio because of its volume of mortgages tied to the subprime lending mess. It reported a fourth-quarter loss of $333 million, and in January slashed its quarterly dividend by 49% in an effort to conserve capital. National City also has been looking to line up additional capital to shore up its ailing finances.

 

In the last few months, National City has been hit with at least nine lawsuits that seek to represent as a class investors or employees who have lost money as the company’s stock has tumbled over the last year.

 

The company’s stock closed on Thursday, March 12, at $14.71, down 62% from its 52-week high of $38.32.

 

 

 

 

this is depressing news, don't want these guys to get bought out.

 

From the WSJ

 

National City Looks for a Buyer

By DAVID ENRICH and VALERIE BAUERLEIN

March 13, 2008 12:49 p.m.

 

National City Corp., a struggling Midwestern bank, has been hunting for investors to replenish its depleted coffers. Now the company is turning to a more drastic solution: trying to find someone to buy the bank.

 

 

Another ailing lender, Washington Mutual Inc., also has retained Goldman to help drum up new capital, say people familiar with the matter. Seattle-based WaMu is the nation's largest savings-and-loan institution.

 

In the fourth quarter, WaMu reported a $1.87 billion loss fueled by a sharp increase in its reserve for loan-related losses.

 

Write to David Enrich at [email protected] and Valerie Bauerlein at [email protected]

 

I'm sure they'll find someone to merge with. I think banks benefit on both sides of the deal.

National City should change their name and their color scheme, then they'll be just fine.  :wink:

And all banks should eliminate fees. Until I have a portfolio, I'm hiding my money under a matress.

I'm sure they'll find someone to merge with. I think banks benefit on both sides of the deal.

 

Not necessarily - as the article said, it's not like National City is in the most desirable condition. And as far as both sides benefitting, definitely not - redundant employees at banks the size of NatCity number in the hundreds if not thousands. Then again, I remember talking two years ago to some people who work at National City and was scoffed at for suggesting they'd ever be in a position to be bought out.

Good for NC but certainly not for the people who's jobs are lost. I'm confident the financial sector will bounce back within a few years though.

It's like most other industries - there used to be dozens and dozens of major car manufacturers in the US, now there are three. People were saying in 2000 that many of the "super-regional" banks (Key, National City, etc.) would be lucky to be in existence by the end of the decade and that's precisely what we're seeing. Keep in mind that NatCity was riding the mortgage tide in the good days - and thanks to the lax lending laws THEY lobbied for, they're now floundering.

http://www.bizjournals.com/phoenix/stories/2008/03/10/daily46.html?t=printable

 

Thursday, March 13, 2008 - 1:52 PM MST

 

Wells Fargo likely to consider buying struggling Cleveland bank--The Business Journal of Phoenix

By Mark Calvey

San Francisco Business Times

 

Wells Fargo & Co. is expected to be on a short list of potential suitors for Cleveland-based National City, which is looking for a buyer as it struggles with bad loans.

 

Wells (NYSE:WFC), on the other hand, is weathering the financial storm relatively well. The San Francisco bank's leadership has expressed interest in recent weeks in stepping up its pace of acquisition activity. In January, Wells agreed to buy five banks in Wyoming and Idaho from United Bancorp. of Wyoming Inc., of Jackson, Wyo. The bank, one of the major banks in Arizona, still is integrating its recent purchase of Greater Bay Banks, which was based in East Palo Alto, Calif.

 

National City's (NYSE:NCC) investment bankers are shopping the troubled bank, according to a Wall Street Journal report Thursday.

 

Whenever a major bank comes on the market, Wells is often mentioned as a potential suitor given its deep pockets as the nation's fifth-largest bank. But National City's depressed share price and the troubled Midwestern markets it serves might be too appealing for a disciplined buyer like Wells Fargo to pass up.

 

I had read a while ago that Wells Fargo was considering a merger with Fifth Third.

 

How do you think old Provident customers would feel about two buyouts in just a few years?

This is bad news.  Looks like National City made a strategic blunder by entering lucrative Florida at just the worst possible moment.

It's looking more and more like Rollerball.  What was is about 7 total companies worldwide?

"But National City's depressed share price and the troubled Midwestern markets it serves might be too appealing for a disciplined buyer like Wells Fargo to pass up."

 

Okay, maybe it's too early, but I've read this three times and it still seems confusing to me. NatCity's depressed share price - okay, sure I can see why that would be appealing. "Troubled Midwestern markets" - tell me why THAT would be appealing?

 

 

It's like most other industries - there used to be dozens and dozens of major car manufacturers in the US, now there are three. People were saying in 2000 that many of the "super-regional" banks (Key, National City, etc.) would be lucky to be in existence by the end of the decade and that's precisely what we're seeing. Keep in mind that NatCity was riding the mortgage tide in the good days - and thanks to the lax lending laws THEY lobbied for, they're now floundering.

 

But merging banks during a recession/mass bankruptcies makes sense. It's almost seamless, unlike AOL-Time Warner which is essentially molding two unlike things together. It's not as if the finance industry will be outsourced like manufacturing. Banks make money by lending locally, so there is nothing to export. It'd be pretty hard for a small or medium business to work with Indian bankers to get a local loan. Mergers often occur with overseas banks, but that typically doesn't affect the job markets because most white collar jobs are not exportable.

It's like most other industries - there used to be dozens and dozens of major car manufacturers in the US, now there are three. People were saying in 2000 that many of the "super-regional" banks (Key, National City, etc.) would be lucky to be in existence by the end of the decade and that's precisely what we're seeing. Keep in mind that NatCity was riding the mortgage tide in the good days - and thanks to the lax lending laws THEY lobbied for, they're now floundering.

 

But merging banks during a recession/mass bankruptcies makes sense. It's almost seamless, unlike AOL-Time Warner which is essentially molding two unlike things together. It's not as if the finance industry will be outsourced like manufacturing. Banks make money by lending locally, so there is nothing to export. It'd be pretty hard for a small or medium business to work with Indian bankers to get a local loan. Mergers often occur with overseas banks, but that typically doesn't affect the job markets because most white collar jobs are not exportable.

 

AOL-Time Warner is the worst example you could have use.

:-P

Hmmm ... possibly 5/3 can step in?  :| ;)

Hmmm ... possibly 5/3 can step in?  :| ;)

 

I knew I could count on you for awaiting another 5/3 takeover.  I'm hoping that 5/3 goes after somebody like SunTrust or Nations Bank.  Both would provide significant expansion into the South.  I think that 5/3 wouldn't have all that much to gain from a NatCity takeover...but it would eliminate a huge chunk of their Midwest competition.

Hmmm ... possibly 5/3 can step in?  :| ;)

 

I knew I could count on you for awaiting another 5/3 takeover.  I'm hoping that 5/3 goes after somebody like SunTrust or Nations Bank.  Both would provide significant expansion into the South.  I think that 5/3 wouldn't have all that much to gain from a NatCity takeover...but it would eliminate a huge chunk of their Midwest competition.

 

Oh, I know ... I was more or less just joking around. I agree with the midwest competition, but 5/3 is no boubt buying up southern banks (especially FL) like it's going out of style. I'm curious as to what they have planned???

Hmmm ... possibly 5/3 can step in?  :| ;)

 

 

I hope not!    I prefer the competition, and I am not a 5/3 fan.