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<PAGE> 1
bailey/sec11K.mis
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------
FORM 11-K
----------------
(Mark One)
(X) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (FEE REQURIED)
For the fiscal year ended December 31, 1993
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from to
---------- ----------
Commission File Number 1-10074
----------------
Full title of the plan and the address of the plan, if different from that of
the issuer named below:
THE NATIONAL CITY SAVINGS AND
INVESTMENT PLAN NO. 2 AND TRUST
Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
NATIONAL CITY CORPORATION
1900 EAST NINTH STREET
CLEVELAND, OHIO 44114
<PAGE> 2
bailey/sec 11K.mis
REQUIRED INFORMATION
Audited financial statements and schedules for the Plan prepared in accordance
with the financial reporting requirements of the Employee Retirement Income
Security Act of 1974, as amended, are filed herewith in lieu of an audited
statement of financial condition and statement of income and changes in plan
equity.
Financial Statements and Exhibits
- - ---------------------------------
A. The following financial statements and schedules are filed as part of this
annual report and appear immediately after the signature page hereof:
1. Statement of Net Assets - December 31, 1993 and 1992
2. Statement of Income, Expenses and Changes in Net Assets - Years Ended
December 31, 1993 and 1992
3. Notes to Financial Statements
4. Schedule of Assets Held for Investment Purposes
5. Item 30d - Schedule of Reportable Transactions
B. The following exhibit is filed as part of this annual report:
Exhibit No. 24 ... Consent of Independent Auditors
<PAGE> 3
bailey/sec 11K.mis
SIGNATURES
----------
Pursuant to the requirements of The Securities Exchange Act of 1934, the
Administrative Committee has duly caused this annual report to be signed by the
undersigned thereunto duly authorized.
THE NATIONAL CITY SAVINGS AND
INVESTMENT PLAN NO. 2 AND TRUST
Date: June 28, 1994 By: Karl A. Johns
-----------------------------
Karl A. Johns
Secretary to, and Member of,
The National City Savings and
Investment Plan No. 2
Administrative Committee
<PAGE> 4
bailey/sec 11.Kmis
FINANCIAL STATEMENTS
FOR
ANNUAL REPORT ON FORM 11-K
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1993
THE NATIONAL CITY
SAVINGS AND INVESTMENT PLAN NO. 2 AND TRUST
CLEVELAND, OHIO
<PAGE> 5
Audited Financial Statements
THE NATIONAL CITY SAVINGS AND
INVESTMENT PLAN NO. 2 AND TRUST
December 31, 1993 and 1992
<PAGE> 6
Report of Independent Auditors
Administrative Committee of The
National City Savings and
Investment Plan No. 2 and Trust
Cleveland, Ohio
We have audited the accompanying statements of net assets of The National City
Savings and Investment Plan No. 2 and Trust as of December 31, 1993 and 1992,
and the related statements of income, expenses and changes in net assets for
the years then ended. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets of The National City Savings and
Investment Plan No. 2 and Trust at December 31, 1993 and 1992, and the related
income, expenses and changes in net assets for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedules of assets
held for investment purposes as of December 31, 1993 and reportable transactions
for the year ended December 31, 1993 are presented for purposes of complying
with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974, and is
not a required part of the financial statements. The supplemental schedules
have been subjected to the auditing procedures applied in our audit of the 1993
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the 1993 financial statements taken as a whole.
ERNST & YOUNG
June 24, 1994
-1-
<PAGE> 7
<TABLE>
The National City Savings and Investment Plan No. 2 and Trust
Statement of Net Assets
December 31, 1993
<CAPTION>
Funds
------------------------------------------------------------------------
National
City
Fixed Money Corporation
Equity Income Market Stock
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Cash
Investments (at fair value)--Note A:
NCC Investment Funds for Retirement Trusts:
Equity fund (cost--$644,548) $1,069,490
Fixed Income fund (cost--$569,039) $608,907
Capital Preservation fund (cost--$1,064,886)
NCC funds--Money Market portfolio (cost--$339,666) $339,417
National City Corporation common stock fund
(cost--$1,827,141) $2,487,034
Participant loans
------------------------------------------------------------------------
1,069,490 608,907 339,417 2,487,034
Receivables:
Contributions:
Employers 122,366
Employees 3,417 2,878 1,715 8,883
------------------------------------------------------------------------
3,417 2,878 1,715 131,249
Accrued income 4,674 8,773 901
------------------------------------------------------------------------
TOTAL ASSETS 1,077,581 620,558 342,033 2,618,283
LIABILITIES
Withdraw/transfer payable 4,117 2,212 3,310
------------------------------------------------------------------------
NET ASSETS $1,073,464 $618,346 $342,033 $2,614,973
========================================================================
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------
Capital Participant
Preservation Loan Total
----------------------------------------------
<S> <C> <C> <C>
ASSETS
Cash $ 47 $ 47
Investments (at fair value)--Note A:
NCC Investment Funds for Retirement Trusts:
Equity fund (cost--$644,548) 1,069,490
Fixed Income fund (cost--$569,039) 608,907
Capital Preservation fund (cost--$1,064,886) 1,064,886 1,064,886
NCC funds--Money Market portfolio (cost--$339,666) 249 339,666
National City Corporation common stock fund
(cost--$1,827,141) 2,487,034
Participant loans $ 372,729 372,729
----------------------------------------------
1,065,182 372,729 5,942,759
Receivables:
Contributions:
Employers 122,366
Employees 2,381 19,274
----------- ------------
2,381 141,640
Accrued income 177 14,525
----------------------------------------------
TOTAL ASSETS 1,067,563 372,906 6,098,924
LIABILITIES
Withdraw/transfer payable 9,639
----------------------------------------------
NET ASSETS $1,067,563 $372,906 $6,089,285
==============================================
<FN>
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
-2-
<PAGE> 8
<TABLE>
The National City Savings and Investment Plan No. 2 and Trust
Statement of Net Assets
December 31, 1992
<CAPTION>
Funds
--------------------------------------------------------------
National
City
Fixed Money Corporation
Equity Income Market Stock
--------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments (at fair value)--Note A:
NCC Investment Funds for Retirement Trusts:
Equity fund (cost--$720,247) $1,229,160
Fixed Income fund (cost--$555,863) $583,162
Capital Preservation fund (cost--$1,375,291)
NCC funds--Money Market portfolio (cost--$494,591) 3,193 18,719 $436,657 $ 36,022
National City Corporation common stock (cost--$902,554) 1,656,910
Participant loans
--------------------------------------------------------------
1,232,353 601,881 436,657 1,692,932
Receivables:
Contributions:
Employers 43,272
Employees 5,832 2,060 2,632 6,685
--------------------------------------------------------------
5,832 2,060 2,632 49,957
Accrued income 23 34 1,205 77
--------------------------------------------------------------
5,855 2,094 3,837 50,034
--------------------------------------------------------------
TOTAL ASSETS 1,238,208 603,975 440,494 1,742,966
LIABILITIES
Withdraw/transfer payable
--------------------------------------------------------------
NET ASSETS $1,238,208 $603,975 $440,494 $1,742,966
==============================================================
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------
Capital Participant
Preservation Loan Total
---------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments (at fair value)--Note A:
NCC Investment Funds for Retirement Trusts:
Equity fund (cost--$720,247) $1,229,160
Fixed Income fund (cost--$555,863) 583,162
Capital Preservation fund (cost--$1,375,291) $1,375,291 1,375,291
NCC funds--Money Market portfolio (cost--$494,591) 494,591
National City Corporation common stock (cost--$902,554) 1,656,910
Participant loans $224,884 224,884
---------------------------------------------
1,375,291 224,884 5,563,998
Receivables:
Contributions:
Employers 43,272
Employees 1,189 18,398
----------- ------------
1,189 61,670
Accrued income 40 248 1,627
---------------------------------------------
1,229 248 63,297
---------------------------------------------
TOTAL ASSETS 1,376,520 225,132 5,627,295
LIABILITIES
Withdraw/transfer payable 2,353 2,353
---------------------------------------------
NET ASSETS $1,374,167 $222,132 $5,624,942
=============================================
<FN>
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
-3-
<PAGE> 9
<TABLE>
The National City Savings and Investment Plan No. 2 and Trust
Statement of Income, Expenses and Changes in Net Assets
Year Ended December 31, 1993
<CAPTION>
Funds
-----------------------------------------------------------------
National
City
Fixed Money Corporation
Equity Income Market Stock
------------------------------------------------------------------
<S> <C> <C> <C> <C>
ADDITIONS
Investment income:
NCC Investment Funds for Retirement Trusts and NCC funds $ 19,708 $ 32,823 $ 10,267
Dividends on National City Corporation common stock $ 41,726
Interest
-------------------------------------------------------------
19,708 32,823 10,267 41,726
Contributions:
Employers 436,946
Employees 91,520 63,272 48,704 188,152
-------------------------------------------------------------
91,520 63,272 48,704 625,098
DEDUCTIONS
Withdrawal and termination payments to participants 69,789 56,945 45,425 26,503
NET REALIZED APPRECIATION AND UNREALIZED DEPRECIATION
Proceeds from sale of investments 281,658 240,812 152,564 1,088,927
Cost of investments 207,710 232,144 152,564 1,075,638
-------------------------------------------------------------
NET REALIZED APPRECIATION 73,948 8,668 0 13,289
Unrealized (depreciation) appreciation of investments:
Beginning of year 508,913 27,299 754,356
End of year 424,942 39,868 659,893
---------------------------------- ----------
NET UNREALIZED (DEPRECIATION) APPRECIATION (83,971) 12,569 (94,463)
TRANSFERS BETWEEN FUNDS AND PLANS
Transfers between funds (136,916) (25,691) (61,036) 122,642
Net transfers (to)/from The National City Savings and Investment
Plan and Trust (59,244) (20,325) (50,971) 190,218
-------------------------------------------------------------
(196,160) (46,016) (112,007) 312,860
-------------------------------------------------------------
CHANGE IN NET ASSETS (164,744) 14,371 (98,461) 872,007
Net assets at beginning of year 1,238,208 603,975 440,494 1,742,966
-------------------------------------------------------------
NET ASSETS AT END OF YEAR 1,073,464 618,346 $ 342,033 $2,614,973
=============================================================
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------
Capital Participant
Preservation Loan Total
----------------------------------------------
<S> <C> <C> <C>
ADDITIONS
Investment income:
NCC Investment Funds for Retirement Trusts and NCC funds $ 54,799 $ 117,597
Dividends on National City Corporation common stock 41,726
Interest $ 14,401 14,401
----------------------------------------------
54,799 14,401 173,724
Contributions:
Employers 436,946
Employees 58,334 449,982
--------------- -------------
58,334 886,928
DEDUCTIONS
Withdrawal and termination payments to participants 108,718 307,380
NET REALIZED APPRECIATION AND UNREALIZED DEPRECIATION
Proceeds from sale of investments 169,393 1,933,354
Cost of investments 169,393 1,837,449
--------------- -------------
NET REALIZED APPRECIATION 0 95,905
Unrealized (depreciation) appreciation of investments:
Beginning of year 1,290,568
End of year 1,124,703
--------------- -------------
NET UNREALIZED (DEPRECIATION) APPRECIATION (165,865)
TRANSFERS BETWEEN FUNDS AND PLANS
Transfers between funds (32,372) 133,373 0
Net transfers (to)/from The National City Savings and Investment
Plan and Trust (278,647) (218,969)
----------------------------------------------
(311,019) 133,373 (218,969)
----------------------------------------------
CHANGE IN NET ASSETS (306,604) 147,774 464,343
Net assets at beginning of year 1,374,167 225,132 5,624,942
----------------------------------------------
NET ASSETS AT END OF YEAR $1,067,563 $372,906 $6,089,285
==============================================
<FN>
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
-4-
<PAGE> 10
<TABLE>
The National City Savings and Investment Plan No. 2 and Trust
Statement of Income, Expenses and Changes in Net Assets
Year Ended December 31, 1992
<CAPTION>
Funds
-----------------------------------------------------------
National
City
Fixed Money Corporation
Equity Income Market Stock
----------------------------------------------------------
<S> <C> <C> <C> <C>
ADDITIONS
Assets transferred from:
The National City Savings and Investment Plan and Trust $1,192,497 $513,315 $453,443 $1,259,301
Investment income:
NCC Investment Funds for Retirement Trusts and NCC funds 28,694 40,111 16,013 1,201
Dividends on National City Corporation common stock 59,895
Interest
---------------------------------------------------------
28,694 40,111 16,013 61,096
Contributions:
Employers 38,681 24,415 22,091 205,612
Employees 96,264 58,387 52,427 130,741
---------------------------------------------------------
134,945 82,802 74,518 336,353
DEDUCTIONS
Withdrawal and termination payments to participants 83,273 47,330 39,633 370,079
NET REALIZED AND UNREALIZED APPRECIATION
Proceeds from sale of investments 4,410,739 383,585 250,639 3,608,744
Cost of investments 4,401,421 383,105 250,639 3,570,300
---------------------------------------------------------
NET REALIZED APPRECIATION 9,318 480 0 38,444
Unrealized appreciation of investments:
Beginning of year
Unrealized appreciation on assets transferred 473,098 25,156 366,803
End of year 508,913 27,299 754,356
------------------------- ----------
NET UNREALIZED APPRECIATION 35,815 2,143 387,553
------------------------- ---------
45,133 2,623 425,997
TRANSFERS BETWEEN FUNDS (79,788) 12,454 (63,847) 30,298
---------------------------------------------------------
CHANGE IN NET ASSETS 1,238,208 603,975 440,494 1,742,966
Net assets at beginning of year 0 0 0 0
---------------------------------------------------------
NET ASSETS AT END OF YEAR $1,238,208 $603,975 $440,494 $1,742,966
=========================================================
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------
Capital Participant
Preservation Loan Total
---------------------------------------------
<S> <C> <C> <C>
ADDITIONS
Assets transferred from:
The National City Savings and Investment Plan and Trust $1,340,543 $108,271 $4,867,370
Investment income:
NCC Investment Funds for Retirement Trusts and NCC funds 85,516 171,535
Dividends on National City Corporation common stock 59,895
Interest 2,948 11,772 14,720
------------------------------------------
88,464 11,772 246,150
Contributions:
Employers 21,265 312,064
Employees 56,109 393,928
---------- ----------
77,374 705,992
DEDUCTIONS
Withdrawal and termination payments to participants 128,008 668,323
NET REALIZED AND UNREALIZED APPRECIATION
Proceeds from sale of investments 669,826 9,323,533
Cost of investments 669,826 9,275,291
---------- ----------
NET REALIZED APPRECIATION 0 48,242
Unrealized appreciation of investments:
Beginning of year
Unrealized appreciation on assets transferred 865,057
End of year 1,290,568
----------
NET UNREALIZED APPRECIATION 425,511
----------
473,753
TRANSFERS BETWEEN FUNDS (4,206) 105,089 0
------------------------------------------
CHANGE IN NET ASSETS 1,374,167 225,132 5,624,942
Net assets at beginning of year 0 0 0
------------------------------------------
NET ASSETS AT END OF YEAR $1,374,167 $225,132 $5,624,942
==========================================
<FN>
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
-5-
<PAGE> 11
The National City Savings and Investment Plan No. 2 and Trust
Notes to Financial Statements
December 31, 1993
A. SIGNIFICANT ACCOUNTING POLICIES
The accounting records of The National City Savings and Investment Plan No. 2
and Trust (the "Plan") are maintained on the accrual basis. The Plan was
established January 1, 1992 and participants from the National City Processing
Company were transferred into the Plan from the National City Savings and
Investment Plan and Trustee (see Note B).
The fair value of participation units owned by the Plan in several funds of the
National City Bank Investment Funds for Retirement Trusts ("NCB Funds") and the
Money Market Portfolio of the NCC Funds ("NCC Funds") are based on quoted red
emption values on the last business day of the Plan year. Income from these
funds is distributed monthly to the Plan as earned.
Contributions made to the Equity, Fixed Income, Capital Preservation and
National City Corporation Stock Funds may be temporarily invested in the NCC
Funds Money Market Portfolio.
The following are significant accounting policies for the NCC Investment Funds
for Retirement Trusts:
INVESTMENT VALUATION
Investments are carried at their market value. Securities
traded on a national securities exchange are valued at the
last reported sales price on the last business day of the
year and securities traded in the over-the-counter market
and listed securities for which no sale was reported on
that date are valued at fair value as determined by the
Trustee based on reported bid prices. Discount securities
are valued at cost which approximates market value. Temporary
investments are valued at market which approximates cost. Real estate
mortgage loans are valued at current trading rates. The investments in
investment contracts in the Capital Preservation Fund are valued by the
Trustee at their fair values, which, in each case since the
commencement of that Fund, has been equal, with respect to each
investment contract, to the maturity value of the contract, adjusted
appropriately for redemptions.
-6-
<PAGE> 12
The National City Savings and Investment Plan No. 2 and Trust
Notes to Financial Statements--Continued
A. SIGNIFICANT ACCOUNTING POLICIES--CONTINUED
INVESTMENT TRANSACTIONS
Purchases and sales are accounted for on the trade date.
Cost of securities sold is determined by the average cost
method.
INCOME RECOGNITION
Interest income is reported as earned. Dividend income is
recorded on the ex-dividend date. Bond premiums are not
amortized. Bond discounts are not accreted into income.
INCOME DISTRIBUTION
Net investment income is distributed quarterly to
participants as earned. The discount accreted on discount
securities is distributed to participants as investment
income is reinvested monthly in additional participant
units.
FEDERAL INCOME TAXES
The Funds are exempt from Federal income taxes and,
therefore, no Federal income tax provision is required.
The Capital Preservation Fund's investments in insurance company deposit
administration contracts are valued at contract value. Contract value
represents contributions made under the contract, plus interest at the contract
rate, less funds used to purchase annuities and pay administrative expenses.
National City Corporation common stock is valued at the last reported sales
price on the last business day of the year. Dividend income is recorded on the
ex-dividend date.
Assets held in the National City Corporation Stock Fund (stock fund) consisted
of shares of National City Corporation common stock and units of NCC
funds--Money Market portfolio. In 1993, the Plan formed the National City
Corporation Common Stock Fund (common stock fund) by transferring assets from
the stock fund to the common stock fund in exchange for units. Unit s were
determined by dividing the sum of the market value of National City Corporation
common stock and NCC funds--Money Market portfolio by the number of National
City Corporation shares outstanding. Units were proportionally allocated to
the participants. This transaction had no affect on the market value of net
assets.
-7-
<PAGE> 13
The National City Savings and Investment Plan No. 2 and Trust
Notes to Financial Statements--Continued
A. SIGNIFICANT ACCOUNTING POLICIES--CONTINUED
The unrealized appreciation and depreciation of investments is the difference
between fair value and the cost of investments.
The realized gain or loss on investments is the difference between the proceeds
received and the average cost of investments sold.
B. PLAN DESCRIPTION
Effective January 1, 1992, certain assets were transferred from the National
City Savings and Investment Plan and Trust and to the Plan. The Plan accounts
for the assets of non-exempt employees of the National City Processing Company.
The Plan is a defined contribution plan for all employees, other than law
enforcement officers hired to perform off duty services and student interns,
who are employed by an subsidiary of National City Corporation which has
adopted the Plan ("employers"). All administrative expenses of the Plan
are paid by the employers.
An eligible employee may become a participant in the Plan on the first day of
any calendar month after he or she has attained age 21 and completed at least
one employment year and 1,000 hours of service. The Plan allows participants
to elect to contribute from 1% to 10% of base compensation. Participant
contributions may be deposited in 5% increments in an Equity Fund, a Fixed
Income Fund, a Money Market Fund, a Capital Preservation Fund or the National
City Corporation Stock Fund.
The employers make monthly matching contributions out of current or accumulated
profits. The employers' monthly matching contribution is equal to 100% of the
participant's contributions up to 3% of the participant's base compensation.
For additional participant contributions, up to 7% of base compensation, the
employers' monthly matching contribution is equal to 50% of the participant's
contribution.
The Plan also provides for a supplemental employer profit sharing matching
contribution if National City Corporation's return on equity equals or exceeds
12% for the year 1993. The supplemental contribution is based on achieved
return on equity, with a maximum supplemental contribution of 50%. For 1993
and 1992, the supplemental employer profit sharing contribution was 25% and 8%,
respectively, based on achieved return on equity of 16.12% and 15.31%.
-8-
<PAGE> 14
The National City Savings and Investment Plan No. 2 and Trust
Notes to Financial Statements--Continued
B. PLAN DESCRIPTION--CONTINUED
Transfer between plan represents participants who have a change in employment
status at National City Corporation or one of its subsidiaries.
All assets of the Plan are recorded in individual participant accounts.
Participants are fully vested as to their contributions and earnings.
Employer matching contributions are unconditionally credited to the accounts of
the participant. To be eligible to share in a supplemental employer profit
sharing contribution, a participant must be an employee on December 31 of that
year or have terminated employment during the year by reason of retirement,
death, or disability. Supplemental employer profit sharing contributions are
unconditionally credited to the accounts of the participant.
Participants are allowed to borrow at a variable interest rate up to 50% of the
value in their vested account balance, with a minimum loan of $500 and a
maximum loan of $50,000. Participants are restricted to only one loan in any
twelve month period and to a maximum of two loans at any one time. The
interest rates on loans was 6.00% and 6.50% at December 31, 1993 and 1992,
respectively.
C. INVESTMENTS AND TRANSACTIONS WITH PARTIES-IN-INTEREST
The following is a summary of shares of common stock of National City
Corporation held by the Plan:
<TABLE>
<S> <C>
BALANCE JANUARY 1, 1992 TRANSFERS 43,074
Purchases 26,620
Sales (2,916)
------
BALANCE DECEMBER 31, 1992 66,778
Purchases 29,967
------
DECEMBER 31, 1993 96,745
======
</TABLE>
The Trust Department of National City Bank is trustee for the assets of the
Plan. National City Bank serves as investment advisor to the investment
portfolios of the NCB Funds and the Plan invests in the NCC Funds--Money Market
Portfolio.
-9-
<PAGE> 15
The National City Savings and Investment Plan No. 2 and Trust
Notes to Financial Statements--Continued
C. INVESTMENTS AND TRANSACTIONS WITH PARTIES-IN-INTEREST--CONTINUED
The following is a summary of the Plan's participant units in the NCB Funds and
NCC Funds:
<TABLE>
<CAPTION>
NCB NCC NCB
NCB Fixed Money Capital
Equity Income Market Preservation
Fund Fund Portfolio Fund
--------------------------------------------------
<S> <C> <C> <C> <C>
BALANCES JANUARY 1, 1992 0 0 0 0
Transfers 8,322 4,303 1,953,010 1,069,721
Purchases 1,535 1,462 7,767,424 305,570
Sales (191) (96) (9,225,843)
--------------------------------------------------
BALANCES DECEMBER 31, 1992 9,666 5,669 494,591 1,375,291
Purchases 277 1,044 1,411,775 144,118
Sales (1,494) (1,015) (1,566,700) (454,523)
--------------------------------------------------
BALANCES DECEMBER 31, 1993 8,449 5,698 339,666 1,064,886
==================================================
</TABLE>
The following is a summary of units of National City Corporation Common Stock
Fund held by the Plan:
<TABLE>
<S> <C>
BALANCE JANUARY 1, 1993 0
Conversion to units 96,654
Purchases 7,063
Sales (2,292)
-------
BALANCE DECEMBER 31, 1993 101,425
=======
</TABLE>
-10-
<PAGE> 16
The National City Savings and Investment Plan No. 2 and Trust
Notes to Financial Statements--Continued
D. INCOME TAX STATUS
The plan has received a favorable determination letter from the Internal
Revenue Service as to the tax qualified status of the Plan. This letter does
not express an opinion as to whether the Plan satisfies the provisions of the
Tax Reform Act of 1986. The Plan Administrator believes that the plan is in
operational compliance with the Internal Revenue Code of 1986 and will remain
qualified and exempt from Federal income taxes.
The matching contributions to the Plan by the employer are tax deductible.
Participants' salary reduction contributions will not be subject to Federal
income taxes in the year contributed but will be subject to applicable Social
Security taxes. in general, participant withdrawals will be subject to Federal
income taxes are ordinary rates. Also, a portion of the withdrawal may be
subject to an additional 10% tax if certain criteria are met.
-11-
<PAGE> 17
The National City Savings and Investment Plan No. 2 and Trust
Schedule of Assets Held for Investment Purposes
December 31, 1993
<TABLE>
<CAPTION>
Description of Investment Including
Identity of Issue, Borrower Maturity Date, Rate of Interest
or Similar Party Collateral, Par or Maturity Value Cost Fair Value
- - ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NCC Investment Funds for
Retirement Trusts:
Equity Fund* 8,449 units $ 694,548 $ 1,069,490
Fixed Income Fund* 5,698 units 569,039 608,907
Capital Preservation Fund* 1,064,886 units 1,064,886 1,064,886
NCC Funds--Money Market
Portfolio* 339,666 units 339,666 339,666
National City Corporation
Common Stock Fund* 101,425 units 1,827,141 2,487,034
Loans receivable from Various maturity dates 372,729 372,729
participants* and rates of interest
<FN>
*Indicates party-in-interest to the Plan.
</TABLE>
<PAGE> 18
<TABLE>
The National City Savings and Investment Plan No. 2 and Trust
Item 30d--Schedule of Reportable Transactions
Year Ended December 31, 1993
<CAPTION>
Total Number
of Transactions
Identity of ------------------ Purchase Selling
Party Involved Description of Asset Purchases Sales Price Price
- - -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Category (iii)--series of transactions in excess of 5% of plan assets
National City Bank NCC Investment Funds for Retirement
Trusts--Capital Preservation Fund* 10 $ 462,047
National City Bank NCC funds--Money Market portfolio* 229 $1,411,775
National City Bank NCC funds--Money Market portfolio* 409 1,566,700
</TABLE>
<TABLE>
<CAPTION>
Current
Value of
Asset on Net
Identity of Cost of Transaction Gain
Party Involved Description of Asset Assets Date (Loss)
- - --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Category (iii)--series of transactions in excess of 5% of plan assets
National City Bank NCC Investment Funds for Retirement
Trusts--Capital Preservation Fund* $ 462,047 $ 462,047 $0
National City Bank NCC funds--Money Market portfolio* 1,411,775 1,411,775 0
National City Bank NCC funds--Money Market portfolio* 1,566,700 1,566,700 0
<FN>
*Indicates party-in-interest to the the Plan
</TABLE>
There were no category (i), (ii) or (iv) reportable transactions during 1993.
-13-
<PAGE> 1
Exhibit (24)
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-45363) pertaining to The National City Savings and Investment
Plan No. 2 and Trust of National City Corporation of our report dated June 24,
1994 with respect to the financial statements and schedules of The National
City Savings and Investment Plan No. 2 and Trust included in this Annual Report
(Form 11-K) for the year ended December 31, 1993.
ERNST & YOUNG
Cleveland, Ohio
June 24, 1994
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