INDIANAPOLIS -- Merchants National Corp. said Friday it has restructured its senior management team, in preparation for its upcoming merger with National City Corp. of Cleveland.
James W. Magee, the president of Merchants' Indianapolis-based main subsidiary, Merchants National Bank & Trust Co., is leaving that position, effective immediately 'to pursue personal interests.'
He also has resigned as a member of the respective boards of the bank and its parent.
James D. Massey, president of Merchants National and chairman of the board of Merchants National Bank & Trust, will assume Magee's duties as president of the bank -- but not for long.
Massey plans to retire from these positions when the merger with National City is concluded. That's expected sometime before next June 30.
Otto Frenzel III will continue as chairman of the board of Merchants National.
Merchants National and National City also announced formation of a transition steering committee to assure effective management and oversight of the integration process for the merger of the two banking companies.
The committee will have authority for major integration decisions in the areas of organization, consolidation and communication. The steering committee will report to David A. Daberko, deputy chairman of National City. Members of the steering committee will be announced in the near future.
The combination of the two is expected to produce an entity that will be a major regional lender in the Midwest, with a strong presence in both Ohio and neighboring Indiana.