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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) May 19, 1997
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NATIONAL PROCESSING, INC.
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(Exact name of registrant as specified in its charter)
Ohio 1-11905 61-1303983
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(State or Other Jurisdiction (Commission IRS Employer
of Incorporation) File Number) Identification No.)
One Oxmoor Place, 101 Bullitt Lane, Suite 450, Louisville, Kentucky 40222
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (502) 326-7000
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1231 Durrett Lane, Louisville, Kentucky
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5 Other Events
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On May 13, 1997 the Registrant issued a Press Release announcing that
shareholders at the annual meeting elected four directors two two-year terms
and approved the selection of Ernst & Young LLP as National Processing's
independent auditors.
Subsequent to the annual meeting, National Processing's board of
directors elected Robert G. Siefers, a director since 1996, its chairman. Mr.
Siefers is executive vice president and chief financial officer of National
City Corporation, a Cleveland, Ohio-based financial services company that is
National Processing's majority shareholder.
Reference is made to the News Release, dated May 13, 1997, a copy
of which is filed as Exhibit 99.1 to this Current Report on Form 8-K and is
incorporated herein by reference.
Item 7 Financial Statements, Pro Forma Financial Information and Exhibits
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a) Financial Statements of business acquired:
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None.
b) Pro forma financial information:
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None.
c) Exhibits:
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99.1 News Release, dated May 13, 1997 incorporated herein by
reference.
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Signatures
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Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this Report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated: May 19, 1997
By: /s/ David P. Lewis
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David P. Lewis
Attorney
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EXHIBIT 99.1
[NPC LOGO]
Consultants in Transaction Technology
FOR MORE INFORMATION CONTACT:
Thomas A. Richlovsky
Senior Vice President
(216) 575-2126
PRESS RELEASE
FOR IMMEDIATE RELEASE
NATIONAL PROCESSING, INC. SHAREHOLDERS ELECT FOUR DIRECTORS,
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APPROVE INDEPENDENT AUDITORS
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CLEVELAND-- May 13, 1997--National Processing, Inc. (NYSE:NAP)
shareholders at their annual meeting today in Cleveland, elected four directors
to two-year terms and approved the selection of Ernst & Young LLP as the
company's independent auditors.
Subsequent to the annual meeting, National Processing's board of
directors elected Robert G. Siefers, a director since 1996, as its chairman.
Mr. Siefers is executive vice president and chief financial officer of National
City Corporation, a Cleveland, Ohio-based financial services company that is
National Processing's majority shareholder.
At the annual meeting of shareholders, National Processing president
and chief executive officer, Robert Showalter, discussed plans to reduce costs
while protecting and building the company's revenue base.
"We have already identified ten million dollars' worth of annualized
savings from initiatives to reduce overhead costs," he said. "Just over a week
ago we announced the signing of a five-year contract renewal with one of our
largest customers, Target Stores. Significantly, the new contract includes
additional business we did not have before," Mr. Showalter added.
(more)
One Oxmoor Place
101 Bullitt Lane, Suite 450 Telephone 502 326.7000
Louisville, KY 40222 Facsimile 502 326.7100
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NATIONAL PROCESSING PROFILE
National Processing is a provider of transaction processing services
and customized processing solutions. Deploying technology and applications
software, the Company provides products and value-added services, which include
processing of card and check transactions for merchants, outsourcing of
administrative financial functions, and ticket processing and settlement for
providers of travel-related services. National Processing is 85% owned by
National City Corporation (NYSE:NCC), a $50 billion banking and financial
services company based in Cleveland, Ohio.
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