|
National City Acquisition By PNC
The National City acquisition by PNC was the deal by PNC Financial Services to acquire National City Corp. on October 24, 2008 following National City's untenable loan losses during the subprime mortgage crisis. The deal received much controversy due to PNC using Troubled Asset Relief Program, TARP funds to buy National City only hours after accepting the funds while National City itself was denied funds, as well as civic pride for the city of Cleveland, Ohio, where National City was based. Pre-merger history Both PNC and National City's corporate histories date to the mid-19th century. National City was founded as the City Bank of Cleveland in 1845, while PNC was founded in longtime Cleveland rival, Pittsburgh, as the Pittsburgh Trust and Savings Company, in 1852. Both banks would later receive national charters under the National Banking Act, with National City being able to print U.S. currency until the United States Treasury assumed operations in the 1920s. Both would have str ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National City PNC Transition
National may refer to: Common uses * Nation or country ** Nationality – a ''national'' is a person who is subject to a nation, regardless of whether the person has full rights as a citizen Places in the United States * National, Maryland, census-designated place * National, Nevada, ghost town * National, Utah, ghost town * National, West Virginia, unincorporated community Commerce * National (brand), a brand name of electronic goods from Panasonic * National Benzole (or simply known as National), former petrol station chain in the UK, merged with BP * National Car Rental, an American rental car company * National Energy Systems, a former name of Eco Marine Power * National Entertainment Commission, a former name of the Media Rating Council * National Motor Vehicle Company, Indianapolis, Indiana, USA 1900-1924 * National Supermarkets, a defunct American grocery store chain * National String Instrument Corporation, a guitar company formed to manufacture the first resonator gui ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Youngstown Vindicator
''The Vindicator'' is a daily newspaper serving Youngstown, Ohio, United States and the Mahoning County region as well as southern Trumbull County and northern Columbiana County. ''The Vindicator'' was established in 1869. As of September 1, 2019, ''The Vindicator'' is owned by Ogden Newspapers Inc. of Wheeling, West Virginia. The ''Tribune Chronicle'' and ''The Vindicator'' are published by Charles Jarvis, with Brenda Linert as editor. The new owners of ''The Vindicator'' announced a welcome to the new version of the Vindicator. History (1869-1984) The paper began in 1869 when it launched as ''The Mahoning Vindicator''. The paper became the Youngstown Vindicator shortly after. During the 1920s, Ku Klux Klan members began protesting outside of then owner William F. Maag, Jr.'s house in response to the paper's reporting of local KKK activities. Its reporting on the KKK, the mafia, political corruption, and big business matters garnered the paper a reputation of fearlessness. Almos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Wall Street Journal
''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published six days a week by Dow Jones & Company, a division of News Corp. The newspaper is published in the broadsheet format and online. The ''Journal'' has been printed continuously since its inception on July 8, 1889, by Charles Dow, Edward Jones, and Charles Bergstresser. The ''Journal'' is regarded as a newspaper of record, particularly in terms of business and financial news. The newspaper has won 38 Pulitzer Prizes, the most recent in 2019. ''The Wall Street Journal'' is one of the largest newspapers in the United States by circulation, with a circulation of about 2.834million copies (including nearly 1,829,000 digital sales) compared with ''USA Today''s 1.7million. The ''Journal'' publishes the luxury news and lifestyle magazine ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Failure
A bank failure occurs when a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities. A bank usually fails economically when the market value of its assets declines to a value that is less than the market value of its liabilities. The insolvent bank either borrows from other solvent banks or sells its assets at a lower price than its market value to generate liquid money to pay its depositors on demand. The inability of the solvent banks to lend liquid money to the insolvent bank creates a bank panic among the depositors as more depositors try to take out cash deposits from the bank. As such, the bank is unable to fulfill the demands of all of its depositors on time. A bank may be taken over by the regulating government agency if its shareholders' equity are below the regulatory minimum. The failure of a bank is generally considered to be of more importance than the failure of other types of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Peter Raskind
Peter may refer to: People * List of people named Peter, a list of people and fictional characters with the given name * Peter (given name) ** Saint Peter (died 60s), apostle of Jesus, leader of the early Christian Church * Peter (surname), a surname (including a list of people with the name) Culture * Peter (actor) (born 1952), stage name Shinnosuke Ikehata, Japanese dancer and actor * ''Peter'' (album), a 1993 EP by Canadian band Eric's Trip * ''Peter'' (1934 film), a 1934 film directed by Henry Koster * ''Peter'' (2021 film), Marathi language film * "Peter" (''Fringe'' episode), an episode of the television series ''Fringe'' * ''Peter'' (novel), a 1908 book by Francis Hopkinson Smith * "Peter" (short story), an 1892 short story by Willa Cather Animals * Peter, the Lord's cat, cat at Lord's Cricket Ground in London * Peter (chief mouser), Chief Mouser between 1929 and 1946 * Peter II (cat), Chief Mouser between 1946 and 1947 * Peter III (cat), Chief Mouser between 1947 a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subprime Lending
In finance, subprime lending (also referred to as near-prime, subpar, non-prime, and second-chance lending) is the provision of loans to people in the United States who may have difficulty maintaining the repayment schedule. Historically, subprime borrowers were defined as having FICO scores below 600, although this threshold has varied over time. These loans are characterized by higher interest rates, poor quality collateral, and less favorable terms in order to compensate for higher credit risk. Many subprime loans were packaged into mortgage-backed securities (MBS) and ultimately defaulted, contributing to the financial crisis of 2007–2008.Lemke, Lins and Picard, ''Mortgage-Backed Securities'', Chapter 3 (Thomson West, 2013 ed.). Defining subprime risk The term ''subprime'' refers to the credit quality of particular borrowers, who have weakened credit histories and a greater risk of loan default than prime borrowers. As people become economically active, records are cre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Default (finance)
In finance, default is failure to meet the legal obligations (or conditions) of a loan, for example when a home buyer fails to make a mortgage payment, or when a corporation or government fails to pay a bond which has reached maturity. A national or sovereign default is the failure or refusal of a government to repay its national debt. The biggest private default in history is Lehman Brothers, with over $600 billion when it filed for bankruptcy in 2008. The biggest sovereign default is Greece, with $138 billion in March 2012. Distinction from insolvency, illiquidity and bankruptcy The term "default" should be distinguished from the terms "insolvency", illiquidity and " bankruptcy": * Default: Debtors have been passed behind the payment deadline on a debt whose payment was due. * Illiquidity: Debtors have insufficient cash (or other "liquefiable" assets) to pay debts. * Insolvency: A legal term meaning debtors are unable to pay their debts. * Bankruptcy: A legal finding tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Housing Bubble
The 2000s United States housing bubble was a real-estate bubble affecting over half of the U.S. states. It was the impetus for the subprime mortgage crisis. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and reached new lows in 2011. On December 30, 2008, the Case–Shiller home price index reported its largest price drop in its history. The credit crisis resulting from the bursting of the housing bubble is an important cause of the Great Recession in the United States. Increased foreclosure rates in 2006–2007 among U.S. homeowners led to a crisis in August 2008 for the subprime, Alt-A, collateralized debt obligation (CDO), mortgage, credit, hedge fund, and foreign bank markets. In October 2007, Henry Paulson, the U.S. Secretary of the Treasury, called the bursting housing bubble "the most significant risk to our economy". Any collapse of the U.S. housing bubble has a direct impact not only on home valuations, but mortgage markets, home buil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jim Rohr
James E. Rohr (born October 18, 1948) is former Chairman of PNC Financial Services Group (commonly known as PNC Bank) and former CEO. Rohr served as CEO from May 2000 to April 2013 and as Chairman from May 2001 to April 2014, both times taking over for Tom O'Brien. He is currently chairman of the Carnegie Mellon University Board of Trustees. Early life Rohr was the grandson of an Alsatians (people), Alsatian (then Germany) immigrant to America, a cook in a hotel, who married the hotel's Irish laundress and opened his own restaurant in Cleveland, Ohio. Rohr's father, also a Cleveland restaurateur died when Rohr was still in grade school. Rohr graduated from Cleveland's Saint Ignatius High School (Cleveland), Saint Ignatius High School and from the University of Notre Dame in 1970 with a Bachelor of Arts, B.A. Two years later, in 1972, Rohr earned an MBA degree from Ohio State University. Rohr's wife, Sharon, is from Chagrin Falls. Professional life Prior to becoming Chairman & CEO ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pittsburgh Post-Gazette
The ''Pittsburgh Post-Gazette'', also known simply as the PG, is the largest newspaper serving metropolitan Pittsburgh, Pennsylvania. Descended from the ''Pittsburgh Gazette'', established in 1786 as the first newspaper published west of the Allegheny Mountains, the paper formed under its present title in 1927 from the consolidation of the ''Pittsburgh Gazette Times'' and ''The Pittsburgh Post''. The ''Post-Gazette'' ended daily print publication in 2018 and has cut down to two print editions per week (Sunday and Thursday), going online-only the rest of the week. In the 2010s, the editorial tone of the paper shifted from liberal to conservative, particularly after the editorial pages of the paper were consolidated in 2018 with '' The Blade'' of Toledo, Ohio. After the consolidation, Keith Burris, the pro-Trump editorial page editor of '' The Blade'', directed the editorial pages of both papers. Early history ''Gazette'' The ''Post-Gazette'' began its history as a four-page w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Citizens Financial Group
Citizens Financial Group, Inc. is an American bank headquartered in Providence, Rhode Island, which operates in the states of Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Vermont, Virginia, and Washington, DC. Between 1988 and its 2014 initial public offering, Citizens was a wholly owned subsidiary of The Royal Bank of Scotland Group. The group sold its last 20.9% stake in the company in October 2015. Citizens operates 1,003 branches and 4 wealth centers as of June 22, 2022 and over 3,100 ATMs across 11 states under the Citizens Bank brand. Citizens ranks 17th on the List of largest banks in the United States as of the last day of Q1 2022. History Early history Citizens was established in 1828 as the High Street Bank in Providence, Rhode Island. In 1871, the Rhode Island legislature gave a second charter to establish the Citizens Savings Bank which eventually acquired its parent group to form Ci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Royal Bank Of Scotland
The Royal Bank of Scotland plc (RBS; gd, Banca Rìoghail na h-Alba) is a major retail and commercial bank in Scotland. It is one of the retail banking subsidiaries of NatWest Group, together with NatWest (in England and Wales) and Ulster Bank. The Royal Bank of Scotland has around 700 branches, mainly in Scotland, though there are branches in many larger towns and cities throughout England and Wales. The bank is completely separate from the fellow Edinburgh-based bank, the Bank of Scotland, which pre-dates the Royal Bank by 32 years. The Royal Bank of Scotland was established in 1724 to provide a bank with strong Hanoverian and Whig ties. Following ring-fencing of the Group's core domestic business, the bank became a direct subsidiary of NatWest Holdings in 2019. NatWest Markets comprises the Group's investment banking arm. To give it legal form, the former RBS entity was renamed NatWest Markets in 2018; at the same time Adam and Company (which held a separate PRA banking ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
