Industry News

National City profits up 15% as bank exits subprime mortgage biz

Sale of First Franklin to Merrill Lynch expected to close by end of year
Published on Oct 17, 2006

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by CareyBot

Third-quarter profits at National City Corp. were up 15 percent as the Cleveland-based bank continued to reduce its subprime mortgage portfolio in order to concentrate on consumer and small-business banking. National City reported net income of $551 million, or 90 ...