NatCity's real estate lending drops off
By JEFF STACKLIN1:40 pm, December 14, 2006
National City Corp. said its residential real estate lending business has dropped off significantly from a year ago.In a mid-quarter statement to the Securities and Exchange Commission, the Cleveland-based banking company said its residential real estate loan portfolio was down 29%, to $23.3 billion as of Nov. 30 from $32.8 billion at the end of November 2005.
Meantime, its commercial loan portfolio climbed more than 8%, to $29.9 billion as of Nov. 30 from $27.6 billion at the end of November 2005. The company noted that its portfolio of loans totaled $92 billion as of Nov. 30, down 12% from $105.3 billion at the end of November 2005.Fourth-quarter credit trends remain stable in the bank’s core commercial and consumer loan portfolios, according to a company statement.
The statement indicates that as of Nov. 30, the bank’s total deposits were $84.4 billion, down slightly from $84.5 billion at the end of November 2005. The statement also noted “a series of residential development and construction loans … totaling $48 million and involving a single developer, were placed in non-accrual status this quarter.”
National City spokeswoman Kelly Wagner Amen said the bank would not reveal the identity of the developer, though she noted the project is in the Mid-Atlantic region of the United States.
National City Corp. said its residential real estate lending business has dropped off significantly from a year ago.In a mid-quarter statement to the Securities and Exchange Commission, the Cleveland-based banking company said its residential real estate loan portfolio was down 29%, to $23.3 billion as of Nov. 30 from $32.8 billion at the end of November 2005.
Meantime, its commercial loan portfolio climbed more than 8%, to $29.9 billion as of Nov. 30 from $27.6 billion at the end of November 2005. The company noted that its portfolio of loans totaled $92 billion as of Nov. 30, down 12% from $105.3 billion at the end of November 2005.Fourth-quarter credit trends remain stable in the bank’s core commercial and consumer loan portfolios, according to a company statement.
The statement indicates that as of Nov. 30, the bank’s total deposits were $84.4 billion, down slightly from $84.5 billion at the end of November 2005. The statement also noted “a series of residential development and construction loans … totaling $48 million and involving a single developer, were placed in non-accrual status this quarter.”
National City spokeswoman Kelly Wagner Amen said the bank would not reveal the identity of the developer, though she noted the project is in the Mid-Atlantic region of the United States.
posted by S. Dreznin at
4:45 PM
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