National City shares drop 43%

STAFF/WIRE REPORTS

CLEVELAND — Shares of regional bank National City Corp. have dropped sharply and the stocks of other regional banks have fallen following the sudden weekend sale of the Bear Stearns investment bank.

Already trying to cope with exposure to troubled credit markets, shares of Cleveland-based National City dropped 43 percent, to $7.52 Monday. The stock already was at a multiyear low.

Several other regional banks also are having a down day Monday, but not as bad as National City. Shares of Columbus, Ohio-based Huntington Bancshares were down 11 percent to $10.22.

There has been speculation that National City is for sale. National City spokeswoman Kristen Baird Adams says the company made no announcement Monday that could account for the downturn. She says it could be a reaction to the Bear Stearns news.

In the Mahoning Valley, United Community Financial Corp. dropped 16 cents, or 3 percent, to $5.73.

The Youngstown-based company is the parent of Home Savings and Loan Co. Warren-based First Place Financial Corp., the parent of First Place Bank, dropped 19 cents, or 2 percent, to $12.50.