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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
F O R M 8 - K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
December 17, 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 December 16, 1996, National City Corporation ("National City")
issued a Press Release announcing that the Registrant has increased its
quarterly cash dividend on its common stock. The new quarterly dividend of $.41
per share, up from $.375 per share previously, will be payable February 1, 1997
to stockholders of record on January 10, 1997. The new dividend indicates an
annual rate of $1.64 per share, up from $1.50 previously and 11.6% higher than
the $1.47 per share paid in 1996.
National City also announced that its Board of Directors has authorized
the purchase, in the open market or otherwise, of up to five milion shares of
its issued and outstanding common stock, subject to a total purchase limit of
$275 million.
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 December 16, 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: December 17, 1996 By /s/ David L. Zoeller
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Senior Vice President, General Counsel and
Secretary
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EXHIBIT 99.1
NATIONAL CITY National City Corporation
CORPORATION Post Office Box 5756
Cleveland, OH 44101-0756
FOR MORE INFORMATION CONTACT:
NEWS RELEASE
Thomas A. Richlovsky
Senior Vice President and Treasurer
(216) 575-2126
Julie I. Sabroff
Assistant Vice President, Investor Relations
(216) 575-2467
For Immediate Release
NATIONAL CITY INCREASES DIVIDEND AND ANNOUNCES STOCK REPURCHASE
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CLEVELAND, Ohio--December 16, 1996--The Board of Directors of National City
Corporation (NYSE:NCC) today approved an increase in the quarterly cash
dividend, and also authorized the repurchase of up to five million shares of
common stock.
The new quarterly dividend of $.41 per share, up from $.375 per share
previously, will be payable February 1, 1997, to stockholders of record on
January 10, 1997. The new dividend indicates an annual rate of $1.64 per share,
up from $1.50 previously and 11.6% higher than the $1.47 per share paid in 1996.
The dividend was last increased in July 1996, and has been increased
semi-annually since 1993.
The share repurchase authorization will enable the Corporation to acquire,
in the open market or otherwise, up to five million shares of its issued and
outstanding common stock, subject to a purchase limit of $275 million. All
shares so repurchased will be held as Treasury shares for reissue in connection
with the Corporation's dividend reinvestment and stock option plans, and for
general corporate purposes. The shares will be acquired in accordance with
applicable regulations of the Securities and Exchange Commission.
(more)
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Commenting on these actions, David A. Daberko, chairman and chief executive
officer, stated, "We have undertaken a thorough review of the capital
requirements of our businesses in conjunction with our 1997 financial plan. We
see continued strong earnings which result in capital generation in excess of
expected balance sheet reinvestment requirements. The dividend increase reflects
the positive earnings outlook, and the share repurchase program enables National
City to provide for expected common share issuance requirements over the next
year. Following these actions, National City will remain one of the most
strongly capitalized companies in the industry."
National City is a $50 billion diversified financial services company
headquartered in Cleveland, Ohio. National City operates banks and other
financial services subsidiaries primarily in Ohio, Kentucky, Indiana, and
Pennsylvania.
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