Entwistle & Cappucci LLP Files Class Action Lawsuit Against National City Corporation and Officers in Connection with 4.0% Convertible Senior Notes Offering

Pursuant to Section 21(D)(a)(3)(A)(i) of the Securities Exchange Act of 1934 (the "Exchange Act”), Entwistle & Cappucci LLP ("Entwistle & Cappucci”) (http://www.entwistle-law.com), a prominent New York law firm specializing in securities litigation, hereby gives notice that it has filed a class action complaint for violations of the federal securities laws against National City Corporation ("National City” or the "Company”), Peter E. Raskind, David A. Daberko and Jeffrey D. Kelly ("Defendants”) in the United States District Court for the Northern District of Ohio, Eastern Division. The lawsuit is brought on behalf of all persons or entities who purchased National City’s 4.0% Convertible Senior Notes Due 2011 ("4.0% Notes” or "Notes”) from January 23, 2008 through and including September 30, 2008 (the "Class Period”).

The complaint alleges that the Defendants misrepresented to investors the quality of approximately $20 billion of National City’s residential real estate loans and the sufficiency of the Company’s reserves for the known risks of those loans. Such misrepresentations were contained in the Company’s quarterly and annual reports, filings with the Securities and Exchange Commission, as well as the Prospectus Supplement, which was issued to investors in connection with the offering ("Offering”) of the 4.0% Notes on or about January 23, 2008.

As alleged in the complaint, National City engaged in undisclosed reckless lending practices, which consisted of, among other practices, providing inherently high-risk loans to non-creditworthy borrowers with minimal or no documentation of income and little or no collateral on the property. Despite these reckless lending practices, Defendants represented prior to and during the Class Period that the Company’s residential real estate loans were prime quality, conforming loans that were made to borrowers in good credit standing, that National City had a strong capital position and was positioned to absorb probable losses inherent in the Company’s loan portfolio.

As a result of the Company’s imprudent lending practices, National City was ultimately forced to write-off billions of dollars of defaulting residential real estate loans and became the subject of regulatory scrutiny by the Office of the Comptroller of the Currency.

Investors began to learn the truth about National City’s actual lending practices and financial condition on March 14, 2008, when a Bloomberg News article reported that Moody’s had downgraded National City’s rating due to likely mortgage-related losses and noted possible future downgrades. Upon this news, the price of the 4.0% Notes dropped $254.40 per Note, or 26%, from $981.30 per Note on March 13, 2008 to $726.90 per Note on March 18, 2008. Subsequent to that announcement, a July 16, 2008 New York Times article, entitled, "Seeing Bad Loans, Investors Flee From Bank Shares,” noted that despite the Company’s $7 billion capital raise in May 2008 and assurances that its Tier 1 capital ratio ranked among the highest in its class, the Company had lost nearly 90 percent of its value in the last year. Upon this announcement, the price of the 4.0% Notes dropped an additional $164.50 per Note, or 21%, from $800.00 per Note on July 9, 2008 to $635.50 per Note on July 17, 2008. Shortly thereafter, a September 26, 2008 Reuters article, entitled "Wachovia, National City Shares Tumble on Bailout, WaMu,” reported a 40 percent drop in National City’s common stock upon investor concern regarding the Company’s severe mortgage losses as regulators seized Washington Mutual Inc., with analysts characterizing National City as a "mortgage financing company at this point” and "likely either a candidate for FDIC seizure,” or "a candidate for a dilutive capital raise.” Upon this news, the price of the 4.0% Notes dropped an additional $242.50 per Note, or 35%, from $695.00 per Note on September 25, 2008 to $452.50 per Note on September 30, 2008.

As a result of these and other corrective disclosures, the price of the Company’s 4.0% Notes fell a total of $607.70 per Note, or 57%, from the initial Offering price of $1060.20 per Note on January 29, 2008 to $452.50 per Note on September 30, 2008.

Plaintiff seeks to recover damages on behalf of Class members and is represented by the law firm of Entwistle & Cappucci, which has significant experience in both prosecuting and defending complex business, securities and antitrust actions on behalf of individuals, corporations, government entities and other institutions. Entwistle & Cappucci’s attorneys have personally handled numerous private as well as class action cases resulting in highly significant recoveries to defrauded investors. The firm currently serves as Lead Counsel and/or as a member of Plaintiffs’ Executive Committee in many high profile securities class actions currently pending throughout the country. Entwistle & Cappucci’s work in representing financial institutions, venture capital and asset management funds in a variety of complex commercial disputes and transactions, further positions it to bring a unique perspective to the prosecution of complex litigation.

If you purchased National City 4.0% Notes during the Class Period, January 23, 2008 through and including September 30, 2008, you may move the Court to serve as a lead plaintiff no later than February 23, 2009. In order to serve as lead plaintiff, however, you must meet certain legal requirements.

If you wish to discuss this action or have any questions concerning this notice, or your rights or interests with respect to this matter, please contact plaintiff's counsel, Vincent R. Cappucci, Esq. of Entwistle & Cappucci LLP, 280 Park Avenue, 26th Floor West, New York, New York 10017, Telephone: (212) 894-7200.