Correction: Fitch Affs Marshall & Ilsley, Upgr National City Bancorp Due To Acquisition.Business Editors (In a release dated 8/1, Fitch fitch: see polecat. inaccurately listed National City Bancorp's long-term/senior, individual, and support ratings as `BBB', `B', and `5', respectively) NEW YORK--(BUSINESS WIRE)--Aug. 8, 2001 Following the completion of Marshall & Ilsley Corporation's (MI) acquisition of National City Bancorp, (NCBM NCBM National Conference of Black Mayors, Inc. (since 1974; East Point, Georgia) ), Fitch has upgraded the short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. rating of NCBM to match that of MI. The short- term rating pertains to NCBM's commercial paper outstanding. NCBM's commercial paper program will be cancelled upon maturity of current outstandings. Further, Fitch has upgraded various ratings for NCBM's subsidiary bank, National City Bank-Minneapolis, to match those assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. to MI's other bank subsidiaries. The bank will be merged into a subsidiary of MI on Nov. 1, 2001. At that time Fitch will cancel all ratings that do not pertain to pertain to verb relate to, concern, refer to, regard, be part of, belong to, apply to, bear on, befit, be relevant to, be appropriate to, appertain to a specific obligation of the bank. The rating action removes all of NCBM's ratings from Rating Watch Positive. A complete list of ratings is provided at the end of this release. NCBM, which operates primarily as a business bank, has $1.2 billion in assets and two offices in Minneapolis. Additionally, NCBM owns a commercial finance company, Diversified diversified (di·verˑ·s Business Credit, Inc. (DBCI DBCI Decibel (referenced to circularly polarized isotropic radiator) DBCI Disseminated Bacterial or Candidal Infection DBCI Dagupan Bus Company, Inc. ), which specializes in providing loans to small and middle market businesses, and also has $2 billion in trust assets. This business mix enhances MI's position in the attractive market of metropolitan Minneapolis, a natural extension from its Wisconsin origins. NCBM, a generally well-managed company, will offer a book of loans composed mainly of smaller to mid-sized business and a correspondent banking Correspondent banking is an account that is established by a domestic banking institution on behalf of a foreign bank for the purpose of handling various financial transactions related to the foreign bank. Correspondent banking allows foreign banks to conduct business in the U.S. business that will complement MI's. MI also expects to grow DBCI's business throughout its larger franchise. Marshall & Ilsley Corporation --Long-term/senior 'A+'; --Short-term 'F1+'; --Individual 'A/B'; --Support '5'. M&I Marshall & Ilsley Bank --Long-term deposits 'AA-'; --Long-term/senior 'A+'; --Short-term 'F1+'; --Short-term deposits 'F1+'; --Individual 'A/B'; --Support '5'. National City Bancorp --Long-term/senior 'BBB' withdrawn; --Short-term to 'F1+' from 'F2'; --Individual 'B' withdrawn; --Support '5' withdrawn. National City Bank-Minneapolis --Long-term deposits to 'AA-' from 'BBB'; --Long-term/senior to 'A+' from 'BBB'; --Short-term to 'F1+' from 'F2'; --Short-term deposits to 'F1+' from 'F2'; --Individual to 'A/B' from 'B'; --Support '5'. |
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