National City (NCC) Discloses SEC Probe Into Underwriting, Dividends, Regulatory Matters, First Franklin Sale
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National City Corporation (NYSE: NCC) disclsoed in its 10-Q on Friday that on June 30, 2008, it was notified that the Chicago Regional Office of the SEc is conducting an informal investigation of National City Corporation. The SEC has requested that National City provide the SEC with certain documents concerning its loan underwriting experience, dividends, bank regulatory matters and the sale of First Franklin Financial Corporation.
Shares of National City are down 5.8% this AM and down 82% over the last year.
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