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Fifth Third stock drops; National City issues statement
The failure Friday of a national mortgage bank took its toll on regional bank stocks Monday, with Fifth Third Bancorp's shares down more than 10 percent before heading back up, and National City Corp. seeking to head off rumors after its stock fell 27 percent.
The market punished bank stocks Monday on worries about their financial stability. Regulators took over Pasadena, Calif.-based mortgage lender IndyMac Bancorp Inc. (NYSE: IMB) on Friday, making it the third-largest bank failure in U.S. history.