NATIONAL CITY CORPORATION'S SUBSIDIARY, NATIONAL PROCESSING COMPANY, INC., TO MERGE WITH B&L CONSULTANTS, INC.
NATIONAL CITY CORPORATION'S SUBSIDIARY, NATIONAL PROCESSING COMPANY, INC., TO MERGE WITH B&L CONSULTANTS, INC. CLEVELAND, Jan. 13 /PRNewswire/ -- National City Corporation (NYSE: NCC) announced today that its subsidiary, National Processing Company, Inc. (NPC) has reached a definitive agreement to acquire B&L Consultants, Inc. (dba Barry & Lloyd). The merger is subject to regulatory approval. The acquisition of Barry & Lloyd is part of NPC's strategy to move aggressively into the accounts payable arena. This move expands NPC's product offerings that were initiated earlier this year with the acquisition of Consolidated Data-Tech, Inc. Barry & Lloyd offers a specialized freight payment accounts payable product, which is marketed to the transportation departments of major corporations. Barry & Lloyd is headquartered in Norwood, Mass. with offices in Norwood, Ft. Myers and San Mateo and Rancho Cucamonga, Calif. Barry & Lloyd processes more than 10 million transactions per year for approximately 350 clients generating approximately $8 million in revenues. The services provided to clients are customized to reflect the unique needs of major corporations. These services include Electronic Data Interchange (EDI), pre-audit, funds disbursement, customer service as well as multiple client information reporting capabilities. Details of the transaction were not disclosed. National Processing Company is a wholly owned subsidiary of National City Corporation, a $24 billion financial services holding company headquartered in Cleveland. -0- 1/13/92 /CONTACT: Mary H. Griffith, 216-575-2728, or David R. Zook, 502-364-2914, both of National City Bank/ (NCC) CO: National City Bank ST: Ohio IN: FIN SU: TNM
CG -- CL012 -- 9102 01/13/92 12:41 EST
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|Date:||Jan 13, 1992|
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