NEW YORK (AP) - Commercial bank stocks rallied Tuesday morning, pulled
higher in part by shares of National City Corp., even as the broader markets
slipped.
In a press release Tuesday morning, National City confirmed recent media
reports that it has entered into "memoranda of understanding" with the Treasury
Department's Office of the Comptroller of the Currency and the Federal Reserve
Bank of Cleveland.
The agreements address issues of capital, risk asset quality and liquidity
management, the company said.
Here's how some shares of commercial banks are trading:
National City Corp., up 36 cents, or 8.1 percent, to $4.83.
Wachovia Corp., up 53 cents, or 2.8 percent, to $19.42.
First Horizon National Corp., up 30 cents, or 3.4 percent, to $9.18.
Zions Bancorp., up 37 cents to $38.
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