April 22, 2008
On April 21, it was announced that National City Corporation’s Board of Directors approved the raising of $7 billion of additional equity capital that is expected to strengthen the company's financial backbone as it continues to concentrate on its core banking business. As reported in the April 21 Wall Street Journal, the capital raise includes $985 million of private equity capital from Corsair Capital, with the remaining $6.015 billion balance provided by other investors, some of which were advised by Willkie. Based in Cleveland, Ohio, National City Corporation is one of the nation's largest financial holding companies, with core businesses that include commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. Willkie attorneys who advised on the capital raise included partners Steven Gartner, Gregory Astrachan, Mark Cognetti, Christopher Peters, and Robert Stebbins; and associates Christian Ercole, Mark Getachew and Mark Vandehaar.
