National City Files Form 10-Q; Revises Third Quarter Financial Results for Goodwill Impairment Arising From Proposed Acquisition
06 Noviembre 2008 - 2:12PM
PR Newswire (US)
CLEVELAND, Nov. 6 /PRNewswire-FirstCall/ -- National City
Corporation (NYSE:NCC) today filed its Form 10-Q for the three
months ended September 30, 2008, with the Securities and Exchange
Commission. The financial results contained in that filing have
been revised from the amounts reported at the time of the company's
earnings release on October 21. On October 24, 2008, National City
executed a definitive agreement to be acquired by PNC Financial
Services Group, Inc. The value of the total consideration as of the
announcement date was less than National City's book value and
approximately equal to its market capitalization at that time. This
event prompted the Corporation to test goodwill for impairment in
light of the stated transaction price. As a result of that test,
the company determined that a write-off of $1.34 billion of
goodwill, all associated with the Corporate Banking business line,
was appropriate as of September 30. Reflecting this non-cash
charge, the third quarter net loss is now $2.1 billion, versus $729
million previously reported, and net loss per share is $7.40,
versus $5.86 previously reported. Stockholders' Equity is revised
to $15.8 billion, versus $17.2 billion previously reported. There
is no effect on tangible equity, cash flow, or regulatory capital.
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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, Pennsylvania and Wisconsin,
and also serves customers in selected markets nationally. Its core
businesses include corporate and retail banking, mortgage financing
and servicing, consumer finance and asset management. For more
information about National City, visit the company's Web site at
http://www.nationalcity.com/ .
http://www.newscom.com/cgi-bin/prnh/20030428/NATIONALCITYLOGO
http://photoarchive.ap.org/ DATASOURCE: National City Corporation
CONTACT: Investors: Jill Hennessey, +1-216-222-9253, , Media:
Kristen Baird Adams, +1-216-222-8202, , both of National City
Corporation Web site: http://www.nationalcity.com/
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