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HenryTo
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Joined: 06 Aug 2004
Posts: 7239
Location: Houston, Texas & Los Angeles, California
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 Posted: Mon Jul 14, 2008 10:12 am Post subject: National City (NCC) |
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Looks like we're suffering the after-effects from the failure of IndyMac. Stock wass down over 25% before it was halted. Management forced to issue the following statement.
| Quote: | | 11:59AM National City issues statement in response to market rumors; co is experiencing no unusual depositor or creditor activity (NCC) 3.20 -1.21 : Co issues the statement in response to market rumors. "National City is experiencing no unusual depositor or creditor activity. As of the close of Friday's business, the bank maintained more than $12 bln of excess short-term liquidity. Further, as a result of our recent $7 bln capital raise, National City maintains one of the highest Tier I regulatory capital ratios among large banks." (stock is currently halted) |
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rffrydr
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Joined: 30 Oct 2005
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Location: Sunny California
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| Posted: Mon Jul 14, 2008 11:22 am Post subject: |
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There's no "brand-value" here. Probably next to fail.
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HenryTo
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Location: Houston, Texas & Los Angeles, California
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| Posted: Mon Jul 14, 2008 11:59 am Post subject: |
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| Maybe not. They've shown they can raise capital before and they can probably do another one - but at severely dilutive costs to the current shareholders. I know for a fact that there are hedge funds sitting on the sidelines waiting to put their money to work in mid and small bank recapitalizations. The larger and "brand name" banks don't have a pure monopoly on this. Look for them to start coming in over the next couple of weeks. |
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rffrydr
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Joined: 30 Oct 2005
Posts: 6702
Location: Sunny California
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| Posted: Mon Jul 14, 2008 12:06 pm Post subject: |
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I think that'll be more than matched by the short interest into the rights offering. WaMu has a value apart from its book. NatCity???
I don't know.
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