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Shares of National City climbed more than 15 percent on Thursday, after the Wall Street Journal reported that the large Midwest U.S. regional bank was in talks about a possible sale.
Shares in the company soared to a high of $2.73 during trading on Thursday, after closing at $2.23 on Wednesday, on the report; later in the morning, the shares were up 17 cents or 7.6 percent to $2.40.
PNC Financial Services, Pennsylvania's largest bank, and Toronto-based Bank of Nova Scotia are among the potential bidders, the paper said, citing people familiar with the situation.
A NatCity spokeswoman declined to comment specifically on the story. "National City is a strong, stable and well-capitalized institution," she said.
Officials from PNC [PNC
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] and Scotiabank could not immediately be reached for comment.
Cleveland-based National City [NCC
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] is viewed as one of the weaker regional banks hard-hit by the credit crunch, and unlike fellow strugglers Washington Mutual [WAMUQ
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] or Wachovia [WB
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] it has not yet found a buyer.
The bank has major presences in Ohio, Michigan and Florida, areas that have been devastated by the housing crisis. The bank's shares have fallen more than 80 percent this year.
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