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National City to Acquire Wayne Bancorp for $180M
CLEVELAND -- National City Corp. today announced it will pay $180 million in cash to acquire the stock of Wayne Bancorp Inc., a bank holding company that operates 26 branches in Wayne, Holmes, Medina and Stark counties in Ohio and has $825 million in assets.Wayne Bancorp's bank affiliates -- Savings Bank & Trust and Wayne County National Bank -- operate 26 banking centers in Wayne, Medina, Holmes and Stark counties. The company's non-bank affiliates, include MidOhio Data Inc., which performs proof and data processing operations; Chippewa Valley Title Agency Inc.; and Access Financial Corp., a consumer finance company. "This acquisition is part of the National City strategy for growth in our core banking business," said David A. Daberko, National City chairman and chief executive officer. "Wayne Bancorp operates in communities that are contiguous to the existing National City branch network in northern Ohio, one of our strategic markets."David Boyle, Wayne Bancorp's president and chief executive officer, will serve as National City's area president in the markets served by Wayne Bancorp, Daberko said. Wayne Bancorp has a $500,000 community foundation that Boyle said National City will match, bringing the total amount of the fund to $1 million. Decisions about the distribution of community foundation funds will be made by the current members of the Wayne Bancorp board, he added.Under the terms of the merger agreement, National City is offering Wayne Bancorp shareholders $28.50 for each share of Wayne Bancorp. The acquisition will be a cash transaction, valued at approximately $180 million. Subject to regulatory and stockholder approvals, the transaction is expected to close in the fourth quarter of 2004.National City operates an extensive banking network in Ohio, Indiana, Illinois, Kentucky, Michigan, Missouri and Pennsylvania, and also serves customers in selected markets nationally. Its core businesses include commercial and retail banking, consumer finance, asset management, mortgage financing and servicing, and payment processing. Visit National City Bank at www.nationalcity.com"