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NATIONAL CITY CORPORATION ANNOUNCES TWO-FOR-ONE STOCK SPLIT AND INCREASES COMMON STOCK DIVIDEND

 CLEVELAND, July 1 /PRNewswire/ -- National City Corporation (NYSE: NCC) today announced a two-for-one stock split and an in crease in the quarterly cash dividend on its common stock, marking the second time the dividend has been increased this year.
 Reflecting the stock split, the new quarterly dividend is $.27 per share (equivalent to $.54 on the pre-split shares), up from $.26 per share ($.52 pre-split) in the previous quarter. The two-for-one stock split, in the form of a 100 percent stock dividend, will be payable to stockholders of record at the close of business July 12, 1993. Certificates reflecting the stock dividend will be distributed as soon as practicable after July 12, 1993. The cash dividend will be payable Aug. 1, 1993, to stockholders of record at the close of business July 12, 1993. The new quarterly cash dividend indicates an annual rate of $1.08 per share, up from $1.04 per share previously and $.94 in 1992.
 "Both of these actions reflect our confidence in current earnings levels, the outlook for the future and our ability to internally generate additional capital," said Edward B. Brandon, National City's chairman and chief executive officer. "We are pleased to deliver to stockholders a tangible return on investment while maintaining one of the strongest capital positions in the industry," he added.
 A dividend on the corporation's preferred stock was also declared. The dividend of $1.00 per depositary share, representing a one-fifth interest in a share of the 8 percent Cumulative Convertible Preferred Stock, is payable August 1, 1993, to stockholders of record at the close of business July 12, 1993. The annual preferred dividend rate is $4.00 per depositary share.
 National City Corporation is a $28 billion diversified financial services company headquartered in Cleveland. National City operates banks and other financial services subsidiaries principally in Ohio, Kentucky and Indiana.
 -0- 7/1/93
 /CONTACT: Janis E. Lyons (analysts), vice president, investor relations, 216-575-3329, or Mary H. Griffith (media), senior vice president, marketing communications, 216-575-2728; both of National City Corporation/
 (NCC)


CO: National City Corporation ST: Ohio IN: FIN SU: DIV

BM -- CL004 -- 7594 07/01/93 09:58 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
Words:359
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