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National City Completes Acquisition of Provident
CLEVELAND -- National City Corp. has completed its acquisition of Provident Financial Group Inc., officials announced today. Following conversion of its business systems to the National City platform, Provident Bank will be merged into National City Bank and building signage will change in early 2005.As a result of the acquisition, Provident Financial Group shareholders will receive 1.135 shares of National City common stock for each share of Provident common stock in a tax-free exchange. Based on the recent market price for National City common stock, the transaction has a total value of $2.1 billion."Over the past several months, representatives from both companies have designed the process for integrating our two organizations and helping us achieve our vision to become a premier banking force in metropolitan Cincinnati," said David A. Daberko, chairman and chief executive officer of National City. "Our plans for growth in this region don't stop at merging our two organizations. We intend to add more branches and locate the headquarters for our national leasing business in Cincinnati. These plans will benefit our customers and provide exciting opportunities for current employees."National City acquired Provident to enter the Cincinnati market and expand operations in Dayton. The acquisition adds 65 branches in southwestern Ohio and northern Kentucky to National City's network of 1,146 retail offices located throughout the Midwest. The acquisition fills in a geographic gap in the company's Ohio operations and solidifies its presence throughout Ohio, Daberko said.The new National City executive management team for the Cincinnati region will be T. Michael Price, chief executive officer; Michael P. McCuen, president; Vincent D. Rinaldi, president, National City Commercial Capital Corp.; Brian J. Cullina, executive vice president and chief credit officer; and Amin Akbar, senior vice president, community development.To demonstrate the company's commitment to the Cincinnati community, National City has established a $10 million charitable fund. The local management team will be responsible for managing the distribution of this fund, responding to community issues and supporting needs in the areas of health and human services, arts and culture, education, and civic and community affairs, Daberko said.In addition to the Provident merger, National City recently moved into the St. Louis with the acquisition of Allegiant Bancorp. The company also continues to expand into the greater Chicago market.National City is also preparing to acquire Wayne Bancorp, a bank holding company headquartered in Wooster, Ohio. Wayne Bancorp operates 26 branches in Wayne, Holmes, Medina and Stark counties and has $825 million in assets. Subject to regulatory and stockholder approvals, the transaction is expected to close in the fourth quarter of 2004.Visit National City Corp.: www.nationalcity.com"