David A. Daberko, chairman and chief executive of National City Corp., acknowledged Wednesday that his $85 billion-asset banking company has made some missteps, but said the stock market has strongly overreacted. And he asserted that the Cleveland-based company will continue to produce double-digit earnings growth.
National City's stock was clobbered after it said on Nov. 16 that it would miss analysts' fourth-quarter earnings estimates. The consensus estimate had been 59 cents a share, while the company said it would be 2 cents to 5 cents lower. Since then, the value of National City shares has plummeted more than 23%, compared with a 14.4% decline in American Banker's index of the 50 largest banks.