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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
December 15, 2000
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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 34-111088
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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 15, 2000, National City Corporation issued a press release
announcing that it will be closing its 69 Lone Zone retail stores in the U.S.,
exiting the wholesale loan origination business of its Pittsburgh-based Altegra
subsidiary, and exiting the automobile leasing business as a part of a
realignment of the consumer finance business. As a result of an ongoing review
of the business portfolio, "it became clear to us that the Lone Zone and the
wholesale loan origination business, along with our auto leasing business did
not measure up to our model for profitability and growth. Our non-prime
mortgage business will now be concentrated in our First Franklin subsidiary,"
said David A. Daberko, chairman and chief executive officer of National City
Corporation. In conjunction with the foregoing actions, the company expects to
record pre-tax charges in the range of $43 to $46 million in the fourth quarter
for severance costs and asset writedowns including lease residual values and
goodwill. Approximately 200 staff will be affected by the realignment.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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a) FINANCIAL STATEMENTS OF BUSINESS ACQUIRED: None
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b) PRO FORMA FINANCIAL INFORMATION: None.
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c) EXHIBITS: 99.1
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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: December 15, 2000 By: /s/ Carlton E. Langer
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Carlton E. Langer
Vice President
and Assistant Secretary
