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MERCHANTS REPORTS FIRST QUARTER EARNINGS

 MERCHANTS REPORTS FIRST QUARTER EARNINGS
 INDIANAPOLIS, April 13 /PRNewswire/ -- Merchants National


Corporation (NASDAQ: MCHN) today announced earnings for the period ended March 31, 1992. Net income for the quarter was $13.1 million, or $.87 per share, up 39 percent from $9.4 million, or $.64 per share reported for the first quarter of 1991.
 Nonperforming assets were $129.2 million, down from a peak of $152.8 million at March 31, 1991 and $131.1 million at year-end 1991. The allowance for losses of $83.7 million represented 130.0 percent of nonperforming loans and 2.37 percent of outstanding loans at March 31, 1992, up from 96.2 percent and 2.21 percent at the same time last year.
 Total assets at March 31, 1992 were $5.4 billion, down from $5.6 billion at last year's first quarter end. Loans at March 31, 1992 were $3.5 billion, compared to $3.6 billion a year ago. Deposits were $4.3 billion at both March 31, 1992 and 1991.
 On October 30, 1991, Merchants and National City Corporation (NYSE: NCC) jointly announced the signing of a definitive merger agreement. The Merger Agreement calls for an exchange of 1.12 shares of National City common stock for each share of Merchants National. The merger is expected to be completed in early May 1992, subject to stockholder approval.
 Merchants National Corporation, an Indiana multibank holding company headquartered in Indianapolis, has a network of 17 subsidiary banks with 138 banking locations serving the banking and financial needs of customers in Indiana and contiguous states. The Corporation, through its subsidiaries, offers a broad range of commercial, retail and mortgage banking services. Additionally, under a contract with the U.S. Department of Defense, the Corporation's lead bank, Merchants National Bank & Trust Company of Indianapolis, provided retail banking services to military personnel through 166 military banking facilities in Germany, The Netherlands, Greece, the United Kingdom, Iceland, The Philippines Islands, Diego Garcia, the Republic of Korea and the Republic of Panama.
 MERCHANTS NATIONAL CORPORATION AND SUBSIDIARIES
 Financial Highlights
 (Dollars in thousands)
 1992 1991
 First Quarter
 Net Interest Income $48,544 $46,923
 Net Income 13,089 9,399
 Dividends 4,568 4,409
 Per Share
 Net Income $.87 $.64
 Dividends .30 .30
 Market Stock Price
 High 46.38 19.25
 Low 38.38 12.75
 At March 31
 Total Assets $5,431,517 $5,638,575
 Loans 3,529,965 3,616,427
 Deposits 4,249,248 4,254,508
 Shareholders' Equity 348,040 342,011
 Per Share
 Shareholders' Equity 22.80 23.27
 Market Stock Price 45.00 18.50
 Year-to-Date Daily Averages
 Total Assets $ 5,554,347 $ 5,636,709
 Loans 3,577,517 3,601,525
 Deposits 4,234,253 4,214,581
 Shareholders' Equity $ 339,043 $ 339,674
 Average Shares Outstanding 15,074,692 14,697,854
 MERCHANTS NATIONAL CORPORATION
 Consolidated Balance Sheets
 (Dollars in thousands)
 3/31/92 12/31/91 3/31/91
 Assets
 Cash and Due from Banks $ 447,359 $ 538,285 $325,923
 Money Market Instruments 247,684 263,481 266,391
 Investment Securities 726,295 721,683 770,714
 Loans 3,529,965 3,662,060 3,616,427
 Allowance for Credit Losses (83,714) (84,700) (80,001)
 Premises and Equipment 70,864 74,230 77,867
 Accrued Interest 38,162 42,761 47,359
 Military Banking Assets 281,190 386,850 423,748
 Other Assets 173,712 201,612 190,147
 Total Assets $5,431,517 $5,806,262$5,638,575
 Liabilities and Shareholders' Equity
 Deposits:
 Noninterest-bearing $ 858,503 $ 929,300 $755,049
 Interest-bearing 3,074,199 3,161,724 3,094,375
 Interest-bearing over $100 316,546 313,838 405,084
 Total Deposits 4,249,248 4,404,862 4,254,508
 Borrowed Funds 382,721 510,566 476,205
 Accrued Interest 17,478 18,189 23,012
 Military Banking Liabilities 281,190 386,850 423,748
 Other Liabilities 57,980 62,351 48,108
 Long-term Debt 94,860 94,864 70,983
 Total Liabilities 5,083,477 5,477,682 5,296,564
 Shareholders' Equity
 Common Stock 25,494 24,743 24,545
 Capital Surplus 112,563 102,618 99,915
 Retained Earnings 239,761 231,240 248,041
 Less: Shares Acquired by ESOP Trust (29,778) (30,021) (30,490)
 Total Shareholders' Equity 348,040 328,580 342,011
 Total Liabilities and
 Shareholders' Equity $5,431,517 $5,806,262$5,638,575
 MERCHANTS NATIONAL CORPORATION
 Consolidated Statements of Income
 (Dollars in thousands)
 Three Months Ended March 31 1992 1991
 Interest Income:
 Money Market Instruments $ 3,045 $ 3,947
 Investment Securities:
 Taxable 10,031 13,157
 Nontaxable 2,705 3,529
 Loans:
 Taxable 79,715 91,240
 Nontaxable 1,306 1,552
 Total Interest Income 96,802 113,425
 Interest Expense:
 Deposits 41,642 56,852
 Borrowed Funds 4,340 7,888
 Long-term Debt 2,276 1,762
 Total Interest Expense 48,258 66,502
 Net Interest Income 48,544 46,923
 Provision for Credit Losses 8,247 10,250
 Net Interest Income After
 Provision 40,297 36,673
 Other Operating Income
 Trust and Investment Advisory Fees 4,255 3,994
 Service Charges on Deposits 6,717 6,201
 Other Customer Fees 7,146 6,124
 Securities Gains (Losses) (18) 1,176
 Trading Gains 293 211
 Other Income 7,646 5,790
 Total Other Operating Income 26,039 23,496
 Other Operating Expenses
 Salaries and Employee Benefits 26,955 25,105
 Net Occupancy Expense 4,125 3,479
 Equipment Expense 4,344 4,267
 FDIC Assessment Premiums 2,485 2,041
 Net Cost of Other Real Estate 1,249 2,056
 Other Expense 10,906 10,972
 Total Other Operating Expenses 50,064 47,920
 Income Before Income Tax 16,272 12,249
 Income Taxes 3,183 2,850
 Net Income $ 13,089 $ 9,399
 Earnings Per Share $.87 $.64
 Dividends Per Share $.30 $.30
 -0- 4/13/92 R
 /CONTACT: Kenneth C. Carr (media), 317-267-6200; or David J. Lebedeff (investors), 317-267-3701; both of Merchants National Corporation/
 (MCHN) CO: Merchants National Corporation ST: Indiana IN: FIN SU: ERN


KK -- CL002 -- 7686 04/13/92 11:07 EDT
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