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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
F O R M 8 - K / A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
July 3, 1996
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(Date of Report)
National City Corporation
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(Exact Name of Registrant as Specified in its Charter)
Delaware 1-10074 34-1111088
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation File Number) Identification No.)
1900 East Ninth Street, Cleveland, Ohio 44114
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(Address of Principal Executive Offices) (Zip Code)
216-575-2000
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(Registrant's telephone number, including area code)
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Item 5. Other Events
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On July 1, 1996, National City Corporation ("National City") issued a
Press Release announcing that the Registrant has increased its quarterly cash
dividend on its common stock for the second time during 1996. The new quarterly
dividend of $.375 per share, up from $.36 per share previously, will be payable
August 1, 1996 to stockholders of record on July 12, 1996. The new dividend
indicates an annual rate of $1.50 per share, up from $1.44 previously and 15.4%
higher than the $1.30 per share paid in 1995.
National City also announced that in two weeks it will announce second
quarter results, which will include National City Bank of Pennsylvania
(formerly known as Integra Financial Corporation ("Integra")) for the first
time. Earnings are anticipated to be up one or two cents from the $.79 per
share reported in the first quarter, the eleventh consecutive quarterly
increase in originally reported earnings per share.
National City anticipates exceeding analyst's 1996 estimates by about
five cents per share which means National City should also do better than the
consensus forecast for National City as it stood prior to the Integra merger
announcement. The consensus estimate of National City's 1996 earnings as
reported by FIRST CALL on June 25 was $3.19 per share fully diluted and prior
to the Integra announcement was $3.23 per share. National City completed the
acquisition of Integra on May 3, 1996.
The projected earnings for the second quarter and 1996 fiscal year are
forward-looking statements. National City's actual performance and operating
and financial results may differ from the projections as a result of a variety
of factors, including but not limited to changes in the economy, competition,
and the execution of internal business plans.
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 Press Release dated July 1, 1996 incorporated herein by
reference.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934,
National City has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: July 1, 1996 By /s/ Carlton E. Langer
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Vice President
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Exhibit 99.1
NATIONAL CITY NATIONAL CITY CORPORATION
Corporation Post Office Box 5756
Cleveland, OH 44101-0756
NEWS RELEASE
FOR MORE INFORMATION CONTACT:
Janis E. Lyons
Vice President, Investor Relations
(216) 575-3329
Julie I. Sabroff
Assistant Vice President, Investor Relations
(216) 575-2467
FOR IMMEDIATE RELEASE
NATIONAL CITY CORPORATION INCREASES COMMON STOCK DIVIDEND;
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REAFFIRMS POSITIVE OUTLOOK FOR 1996 EARNINGS
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CLEVELAND, OH -- July 1, 1996 -- National City Corporation (NYSE:NCC) today
announced an increase in the quarterly cash dividend on its common stock. It is
the second time the dividend has been raised in 1996.
The new quarterly dividend of $.375 per share, up from $.36 per share
previously, will be payable August 1, 1996 to stockholders of record on July
12, 1996. The new dividend indicates an annual rate of $1.50 per share, up from
$1.44 previously and 15.4% higher than the $1.30 per share paid in 1995.
"It appears we are on track to exceed analysts' 1996 estimates by about
five cents per share," said David A. Daberko, National City chairman and chief
executive officer. "This means that we should also do better than the consensus
forecast for National City as it stood prior to the Integra merger
announcement."
-more-
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The consensus estimate of National City's 1996 earnings as reported by
FIRST CALL on June 25 was $3.19 per share fully diluted and prior to the
Integra announcement was $3.23 per share. National City completed the
acquisition of Pittsburgh-based Integra Financial Corporation on May 3, 1996.
"The dividend increase reflects National City's positive earnings trend
and outlook," said Daberko. "Credit quality is sound, and both revenues and
expenses are tracking with our business plan."
Daberko said he expects the second quarter acquisition of Integra
Financial Corporation to be accretive to earnings per share by the end of the
year. He further stated, "The second quarter results will include one-time,
merger-related charges consistent with original projections. These will be
fully offset by one-time gains from venture capital and equity security
investments. With the merger integration complete, we are totally focused on
realizing opportunities in the western Pennsylvania market. Cost savings and
revenue growth are equal to or ahead of planned levels."
Daberko added: "In two weeks we will announce National City's second
quarter results, which will include Integra for the first time. Earnings should
be up one or two cents from the $.79 per share reported in the first quarter,
the eleventh consecutive quarterly increase in originally reported earnings per
share."
The projected earnings for the second quarter and 1996 fiscal year are
forward-looking statements. National City's actual performance and operating
and financial results may differ from the projections as a result of a variety
of factors, including but not limited to changes in the economy, competition,
and the execution of internal business plans.
-more-
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National City Corporation is a $50 billion diversified financial services
company based in Cleveland, Ohio. National City operates banks and other
financial services subsidiaries principally in Ohio, Kentucky, Indiana and
western Pennsylvania.
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