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NATIONAL CITY CORPORATION TO JOIN EPS BOARD; LETTER OF INTENT SIGNED FOR EQUITY POSITION

 PHILADELPHIA, Oct. 28 /PRNewswire/ -- National City Corporation (NYSE: NCC) has signed a letter of intent to become an equity partner in Electronic Payment Services, Inc. (EPS), the holding company for Money Access Service (MAC), the largest processor of automated teller machine transactions (ATMs) in the United States, and BUYPASS Corporation, the nation's leading third-party processor of electronic POS transaction processing services.
 David Van Lear, chief executive officer of EPS, made the announcement before 600 customers and vendors attending the 1993 Annual MAC Conference held here.
 Upon completion of the transaction, National City will become the fifth leading regional bank to own an equity position in the company which was formed last year by CoreStates Financial Corp, Banc One Corporation, PNC Bank Corp. and Society Corporation.
 "Since EPS' formation last year, we've expanded the MAC network through strategic alliances with several key institutions in the Midwest," Van Lear said. "National City brings significant new ATM and POS business, and strengthens our position further in the Midwest market."
 National City, which operates in Ohio, Kentucky and Indiana, will strengthen EPS' businesses by bringing 1.2 million cardholders and 900 ATMs into the MAC network in the Midwest. It will also upgrade approximately 40,000 merchant terminals to accept MAC debit cards for purchases.
 According to A. Joseph Parker, senior vice president, National City Bank, Columbus, "National City's participation in the MAC network will provide increased convenience to our customers, and will insure the delivery of future electronic products and services on a timely and cost-effective basis." National City will contribute its wholly owned Money Center network, which will adopt the MAC brand name. National City is also a member of the QUEST and Money Station ATM networks.
 Parker added, "Our equity position in EPS allows National City to benefit from future revenues expected from the growth in debit POS transaction processing and other electronic payment services." National City's equity share in EPS will entitle it to one seat on the board of the Wilmington, Del.-based company.
 National City Corporation is a $30 billion diversified financial services company headquartered in Cleveland. National City operates banks and other financial service subsidiaries principally in Ohio, Kentucky and Indiana.
 MAC is a registered trademark of Money Access Service Inc., a subsidiary of Electronic Payment Services, Inc.
 /delval/
 -0- 10/28/93
 /CONTACT: Ellen Karasik of Earle Palmer Brown, 215-851-9549, for MAC, or Dawn M. Mellon of National City Corporation, 216-575-2169/
 (NCC)


CO: National City Corporation; Electronic Payment Services, Inc. ST: Delaware, Ohio IN: FIN SU:

MK-MJ -- PH039 -- 8100 10/28/93 15:58 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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