CLEVELAND -- National City Corporation today announced that James J. LeKachman has been named executive vice president responsible for its liquidating portfolios, the assets that remain from businesses that National City has exited.
LeKachman, who will report to National City Chairman, president and CEO Peter E. Raskind, will have day-to-day responsibility for management of the company's $20 billion in liquidating portfolios. His efforts will include enhancing and expanding the team devoted to that effort, and helping to drive the review and execution of appropriate asset disposition opportunities.
"Effectively managing these liquidating portfolios is critical to our long-term success. The addition of Jim to our team reinforces our commitment to minimizing their loss content," said Raskind.
"With the highest Tier 1 capital ratio among large banks in the United States, we are building on the strength of our core businesses and positioning our company for growth as the credit cycle turns. Jim's efforts will be an important driver of our success."
National City's liquidating portfolios include non-prime loans that remain following the sale of First Franklin, broker-originated National Home Equity portfolios, the construction loans formerly originated by National City Mortgage, mortgages related to other non-continuing origination channels, and indirect automotive and recreation finance assets.
The appointment of LeKachman exemplifies the strength of National City's management team. Other recent appointments include former Citigroup Group Executive Richard Michel as vice chairman and head of corporate banking; Daniel J. Frate as vice chairman and head of retail banking and Dale Roskom as chief risk officer. Roskom had previously served as chief risk officer for Barclaycard UK, the consumer lending arm of Barclays PLC. Additionally, National City is currently conducting a search for a new chief financial officer.
