CLEVELAND -- One of Cleveland's largest employers, National City Bank, is reportedly for sale.

The Wall Street Journal reports that National City is in talks with several possible buyers, NewsChannel5 reported.

The bank has struggled over the last year with the collapse of the mortgage market.

One of the major issues that can force a bank to sell is stock issues.

Shares of National City stock have plunged over 85 percent so far this year. Last year, National City stock was $38. Earlier this week, it closed at just over $2.

National City is the largest bank in Ohio with nearly 8,000 employees.

National City said it would not comment on rumors and speculation, and therefore, would not comment on the possible sale of the bank.

Officials said over the past several months they have aggressively reshaped their business by reducing their exposure to the mortgage markets.

Here is a statement from National City:

National City does not comment on rumors or speculation. We will however, reiterate the facts: National City is a strong, stable, and well capitalized company that is just as focused as ever to providing our customers with the industry-leading products and services that have long differentiated us in the market.

Rumors and speculation have no impact on our operations. And our retail banking, commercial banking and wealth management operations continue to serve their customers as they always have, adding new customer relationships and expanding existing relationships every day.

With respect to recent stock price volatility, we believe the performance of our stock reflects the extraordinary current turmoil in the financial markets and overlooks the fundamental strengths of National City. These include a Tier 1 capital ratio that is on average approximately 25 percent higher than other regional and national banks, and ample liquidity. Our funding is supported by a large, stable and diversified pool of core deposits from our growing customer base of nearly 4 million households.

Kristen Baird Adams
Senior Vice President
Corporate Communications
National City Corporation