by Calculated Risk on 4/21/2008 09:54:00 AM

From the WSJ: National City to Raise $7 Billion; Bank Cuts Dividend, Posts a Loss

National City Corp. will raise $7 billion in capital, slashed its dividend to 1 cent a share and reported a first-quarter net loss.
...
The latest quarter included $1.4 billion in loan-loss provisions, partially offset by $772 million in gains related to Visa Inc.'s initial public offering. ...

Net charge-offs, loans it doesn't think are collectable, tripled to 1.88% of total average loans, while nonperforming assets surged to 1.95% from 0.8%.

The new capital was raised at $5 per share, only 40% off the closing price on Friday.