It was the St. Francis Bank when I moved my account there, and that lasted a few years. It then became the MidAmerica Bank, following a purchase, and remained that for some three years as I recall. It is now the National City Bank, after one of the smoothest transitions of a business takeover that I've ever seen or experienced. Those folks know how to do a bank take-over!
Now, a few weeks after National City Bank became visible in the Milwaukee area, banking in general has hit a wall. A major investment bank, Bear Stearns, was 'saved' yesterday and will be bought (bailed out) by another or several others at dirt cheap prices in the very near future. The stock market reacted. Amidst all this turmoil is the fact that National City Bank is for sale. Its stock has dropped 20% of its value since January 1st. It has fallen in value by more than 60% in the past year. The credit crunch has taken its toll. It lost some $333 Million in the fourth quarter of 2007 and is expected to report additional losses when it posts its first quarter 2008 results next month.
National City Bank is not alone, and it is not going to fail, but it is a visible reminder locally that these things can and do happen. And just when I thought that I had finally found nirvana in a bank. The local employees have spent nearly the past year training to become National City Bank, learning the new systems and procedures and being taught about the new product array of National City Bank. As stated earlier, I have been impressed with this organization and its products.
I can only hope that whomever ends up owning this bank will be sufficiently wise as to recognize what is working and not be too hasty in changing that for sake of change. That happened, frankly, when MidAmerica took over St. Francis and it amounted to a net loss for the customer. Unfortunately, it is not often that the buyer thinks it bought something better than what it has built for itself.
