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NORTHERN TRUST FILES FOR $70 MILLION OF CUMULATIVE CONVERTIBLE PREFERRED STOCK

                   NORTHERN TRUST FILES FOR $70 MILLION
                OF CUMULATIVE CONVERTIBLE PREFERRED STOCK
    CHICAGO, Nov. 5 /PRNewswire/ -- Northern Trust Corp. (NASDAQ: NTRS) announced today that it has filed with the Securities and Exchange Commission a registration statement relating to a proposed public offering of up to 1,400,000 depositary shares, each representing one-twentieth of a share of Series E cumulative preferred stock having a stated value of $1,000 per share.  Each depositary share represents a proportionate stated value of $50.  Goldman, Sachs & Co. and Merrill Lynch & Co. will manage the offering.
    Net proceeds of the contemplated offering will be applied toward the previously announced acquisition of substantially all of the trust assets of Trust Services of America, Inc., a subsidiary of California National Bank, F.S.B., which is subject to various conditions including regulatory approval.  The offering is planned for shortly before completion of the acquisition, which is expected to occur by or soon after year end.  In the unlikely event the acquisition is not completed, or if the proceeds exceed the acquisition price, the net proceeds will be used for general corporate purposes.
    Northern Trust is a bank holding company whose principal asset is the outstanding capital stock of the Northern Trust Company in Chicago.
    A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.  These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
    A prospectus, when available, may be obtained from Goldman, Sachs & Co., 85 Broad St., New York, N.Y., 10004 or Merrill, Lynch, Pierce, Fenner & Smith, Inc., World Financial Center, New York, N.Y., 10281.
    -0-         11/5/91
    /CONTACT: Dianne Avgerinos of Northern Trust, 312-444-4281/
    (NTRS) CO:  Northern Trust Corp. ST:  Illinois IN:  FIN SU:  OFR SM -- NY071 -- 1381 11/05/91 16:01 EST
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Publication:PR Newswire
Date:Nov 5, 1991
Words:368
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