When Richmond, Va.-based Signet Banking Corp. agreed this week to be bought by First Union Corp. for a lofty 3.5 times book value, it made a bank in Cleveland very happy.

National City Corp. holds more than a million shares of Signet stock.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.