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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
October 27, 1998
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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 October 27, 1998 the Registrant issued a News Release that the Board
of Directors of National City Corporation (NYSE:NCC) had authorized, at its
October 26 meeting the repurchase of up to 30 million shares of National City's
issued and outstanding common stock, subject to a purchase limit of $2.7
billion. There are approximately 330 million common shares currently
outstanding. All shares 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 either in
the open market or in privately negotiated transactions in accordance with
applicable regulations of the Securities and Exchange Commission.
Reference is made to the News Release, dated October 27, 1998, 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: None
b) PRO FORMA FINANCIAL INFORMATION: None.
c) EXHIBITS:
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99.1 News Release, dated October 27, 1998 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: October 27, 1998 By /s/ Carlton E. Langer
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Carlton E. Langer
Assistant General Counsel
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Exhibit 99.1
NATIONAL CITY (R) NATIONAL CITY CORPORATION
P.O. Box 5756
Cleveland, OH 44101-0756
News Release
FOR INFORMATION CONTACT:
Thomas A. Richlovsky
Senior Vice President and Treasurer
(216) 575-2126
Julie I. Sabroff
Vice President, Investor Relations
(216) 575-2467
For Immediate Release
NATIONAL CITY ANNOUNCES SHARE REPURCHASE PROGRAM
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CLEVELAND, Ohio -- October 27,1998 --National City Corporation
(NYSE:NCC) announced that its Board of Directors had authorized, at its October
26 meeting, the repurchase of up to 30 million shares of National City's issued
and outstanding common stock, subject to a purchase limit of $2.7 billion. There
are approximately 330 million common shares currently outstanding. All shares
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 either in the open market or in
privately negotiated transactions in accordance with applicable regulations of
the Securities and Exchange Commission.
Commenting on the action, David A. Daberko, Chairman and CEO, stated:
"As we look toward 1999, we see the potential for acceleration of earnings
driven by the successful implementation of critical business initiatives. This
earnings growth will add to an already-strong capital base, so it makes sense to
return some of this capital to stockholders by repurchasing the stock. In our
view, National City is an exceptionally attractive investment."
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At September 30, 1998, National City's equity-to-assets ratio was 8.75%,
well above the estimated median of 7.95% for the nation's 50 largest banks.
National City Corporation is an $83 billion diversified financial
services company headquartered in Cleveland, Ohio. National City operates banks
and other financial services subsidiaries principally in Ohio, Michigan,
Pennsylvania, Kentucky, Indiana and Illinois. National City can be found on the
World Wide Web at www.national-city.com.
This press release contains forward-looking statements regarding
National City's 1999 financial outlook that are subject to risks and
uncertainties which could cause actual results to differ materially. Such risks
and uncertainties include the Corporation's ability to execute its business
plans, general economic conditions, and other risks detailed from time to time
in reports filed with the Securities and Exchange Commission.
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