Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Businessweek Archives

National City Woos A Troubled Rival


In Business This Week

NATIONAL CITY WOOS A TROUBLED RIVAL

National City, seeking to solidify its position as a banking power in the Midwest, has gone public with an $870 million stock offer for Cleveland banking rival Ameritrust. National City Chairman Edward Brandon said he first approached troubled Ameritrust last September, then renewed the offer May 2.

Ameritrust, under interim leadership since its CEO resigned last summer after a sharp rise in the number of bad loans on its books, has said only that it will study the offer and other alternatives, including staying independent. Brandon left open the option of making a hostile offer. The deal would give National City assets of $35 billion and turn it into the nation's 17th-largest bank. It would also, say analysts, help relieve the region's banking overcapacity.EDITED BY HARRIS COLLINGWOOD


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus