CLEVELAND -- National City Corp. will complete its merger with First Kentucky National Corp. Friday, giving National City $20 billion in assets and more than 400 offices in Ohio, Kenucky and Indiana, National City said Thursday.
In announcing the close of the merger, National City Chairman Edward B. Brandon said A. Stevens Miles, chairman of First Kentucky National, was elected president and a director of National City.
Miles, 58, will remain in Louisville.
'The merger with First Kentucky National strengthens our competitive position in Ohio and Kentucky while providing us with additional talent and diversified businesses to achieve our long-term profit objectives,' Brandon said. 'This combination also provides opportunities for cross-marketing many of the specialized services offered by each organization.
First Kentucky National shareholders will receive 0.8825 shares of National City stock for each share of First Kentucky National stock they held. National City is issuing approximately 20 million shares of stock, bringing the total number of shares outstanding to more than 60 million.
National City's principal banking subsidiaries include National City Bank, Cleveland; BancOhio National Bank, Columbus; and First National Bank of Louisville. Other banks include National City Bank, Akron; First National Bank, Dayton; Commerce National Bank, Lexington; and Ohio Citizen Bank, Toledo.