CLEVELAND, Sept. 15 /PRNewswire-FirstCall/ -- National City Corporation
(NYSE: NCC) today announced stockholder approval of two proposals related to
the company's previously announced $7 billion capital raise, which closed in
April. Specifically, National City stockholders approved:
-- An increase of the number of authorized shares of common stock from
1,400,000,000 to 5,000,000,000, and
-- The conversion of the Contingent Convertible Perpetual Non-Cumulative
Preferred Stock, Series G, into common stock, the exercise of warrants to
purchase common stock and other potential equity issuances contemplated by
agreements related to the capital raise transactions completed in April.
"We appreciate the support of our stockholders," said National City
Chairman, President and CEO Peter E. Raskind. "With the $7 billion capital
raise earlier this year and the highest Tier 1 capital ratio among large banks
in the U.S., we have the necessary flexibility to address current market
challenges, while continuing to invest in our core businesses to drive future
growth and profitability. Our solid capital position, the continued strength
of our core businesses and the intense focus of our management team on
managing risk and controlling costs position National City for profitable
growth when the credit cycle turns."
During a question-and-answer session with stockholders attending the
meeting, Mr. Raskind noted that National City has no exposure to Lehman
Brothers Holdings Inc., which has filed for Chapter 11 bankruptcy protection.
National City noted further that it has routine derivatives contracts with
Lehman Brothers' broker-dealer subsidiary, representing nominal exposure as of
the close of business Friday, Sept. 12, 2008.
Separately, National City announced that its Board of Directors has
appointed Senior Vice President and Principal Accounting Officer Thomas A.
Richlovsky as interim chief financial officer, effective Sept. 30, 2008. As
previously announced, Jeffrey D. Kelly will retire from that role on that
date, following a 29-year career with National City.
An external search for Kelly's successor is under way, with Richlovsky
serving in the interim role until the position is filled. Richlovsky, who
began his career with National City in 1978, has responsibility for external
financial reporting, investor relations, capital management, taxes and
insurance.
About National City
National City Corporation (NYSE: NCC), headquartered in Cleveland, Ohio,
is one of the nation's largest financial holding companies. The company
operates through an extensive banking network primarily in Ohio, Florida,
Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania and Wisconsin,
and also serves customers in selected markets nationally. Its core businesses
include commercial and retail banking, mortgage financing and servicing,
consumer finance and asset management. For more information about National
City, visit the company's Web site at www.nationalcity.com .
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SOURCE National City Corporation