Printer Friendly

SHAREHOLDERS OF MERCHANTS NATIONAL CORPORATION APPROVE MERGER WITH NATIONAL CITY CORPORATION

 SHAREHOLDERS OF MERCHANTS NATIONAL CORPORATION
 APPROVE MERGER WITH NATIONAL CITY CORPORATION
 INDIANAPOLIS, April 21 /PRNewswire/ -- Shareholders of Merchants National Corporation (NASDAQ: MCHN), an Indianapolis-based bank holding company today approved the proposed merger with National City Corporation (NYSE: NCC).
 The merger agreement calls for an exchanged of 1.12 shares of National City common stock for each share of Merchants National.
 The approval of the proposed merger, announced on Oct. 30, 1991, will be voted on by National City stockholders at the company's annual meeting in Cleveland on April 27, 1992. The two companies expect to complete the merger in early May.
 At its regularly scheduled board meeting, immediately following the annual meeting, the board of directors of Merchants National Bank elected Vincent A. DiGirolamo president and CEO of the Indianapolis- based bank to be effective at completion of the merger. DiGirolamo replaced James D. Massey, who announced his intention to retire earlier this year. Massey will continue as a member of the board of directors. Otto N. Frenzel III will continue as chairman.
 Also at the meeting, the board of directors elected Debra S. Easterday senior vice president and chief counsel of Merchants Bank to be effective at the completion of the merger. Easterday succeeds David L. Zoeller, who has accepted the position of senior vice president, secretary and general counsel of National City Corporation. Profiles of DiGirolamo and Easterday follow.
 Separately, the board of directors of Merchants National Corporation today declared a $.30 per share quarterly dividend, payable May 22, 1992 to shareholders of record May 1, 1992.
 Merchants has paid continuous annual dividends since 1867.
 Merchants National Corporation, an Indiana multibank holding company headquartered in Indianapolis, has a network of seventeen 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, provides retail banking services to military personnel through 166 military banking facilities in Germany, The Netherlands, Greece, the United Kingdom, Iceland, The Philippine Islands, Diego Garcia, the Republic of Korea, and the Republic of Panama.
 Profile of Vincent A. DiGirolamo
 Vincent A. DiGirolamo has been president and chief executive officer of National City Bank, Akron, since 1984. Prior to 1984 he served as senior vice president and deputy group head of retail banking.
 DiGirolamo joined National City Bank, Akron, in 1960 as a collector in the installment loan department. He became vice president and manager of consumer credit in 1969 and senior vice president of loans in 1976. He became executive vice president in 1978, then president of the Akron area in 1981. At that time, he was also named senior vice president, northeast regional executive, and head of the northeast Ohio corporate banking division.
 DiGirolamo received his B.S. degree in commerce from Ohio University in 1959 and graduated from the Stonier Graduate School of Banking in 1973. He also attended the Graduate Commercial Lending School Program from the University of Oklahoma in 1978.
 DiGirolamo serves as chairman of the board of directors for the Akron City Hospital, director and president of the board of trustees of Walsh Jesuit High School, and director for the Boy Scouts of America. He serves as a trustee for the Akron Regional Development Board, Akron Symphony Orchestra, The Beacon Journal Fund, Blossom Music Center, Ohio Ballet, The University of Akron Foundation, and Hiram College. He is also a member of the Consumer Bankers Association.
 Profile of Debra S. Easterday
 Debra S. Easterday joined Merchants in 1985 as an assistant vice president and associate counsel. As such, she is responsible for legal issues associated with retail banking particularly in the consumer lending and compliance areas. She has also been involved with Merchants Corporation's mergers and acquisitions.
 Before joining Merchants, Easterday was an associate with the law firm Ice, Miller, Donalio and Ryan.
 She is a director of the Indiana Parent Information Network, Inc., secretary of the Boone County Republican Central Committee, and a member of the Indiana State Special Education Program Review Team.
 Easterday received a B.A. in Economics from Hillsdale College and a J.D. from Indiana University School of Law in Indianapolis.
 She is married to Thomas V. Easterday and is the mother of two children, Anne and Matthew.
 -0- 4/21/92
 /CONTACT: Kenneth Carr, media, 317-267-6200 or David J. Lebedeff, investors, 317-267-3701, both of Merchants National Corporation/
 (MCHN NCC) CO: Merchants National Corporation; National City Corporation ST: Indiana; Ohio IN: FIN SU: TNM DIV


LC -- CL021 -- 0771 04/21/92 14:45 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 21, 1992
Words:784
Previous Article:MICHCON OFFERS PRECAUTIONARY STEPS TO GUARD AGAINST UTILITY IMPOSTORS
Next Article:SYLVANIA LIGHTING, RALPH'S SUPERMARKETS AND FIVE LOCAL UTILITIES JOIN FORCES TO HELP CONSUMERS SAVE ON NEW ENERGY-SAVING LIGHTING


Related Articles
MERCHANTS RESTRUCTURES TOP MANAGEMENT
TRANSITION COORDINATOR OF MERCHANTS NATIONAL CORPORATION MERGER NAMED; DIGIROLAMO AND MASSEY TO CO-CHAIR MERGER INTEGRATION STEERING COMMITTEE
FEDERAL RESERVE APPROVES NATIONAL CITY CORPORATION'S APPLICATION TO ACQUIRE MERCHANTS NATIONAL CORPORATION
-- REPEATING AS REQUESTED -- FEDERAL RESERVE APPROVES NATIONAL CITY CORPORATION'S APPLICATION TO ACQUIRE MERCHANTS NATIONAL CORPORATION
FARMERS AND MERCHANTS BANK OF KEYSER, W.VA., APPROVES AFFILIATION WITH F&M NATIONAL CORPORATION
MERCHANTS REPORTS FIRST QUARTER EARNINGS
MERCHANTS REPORTS FIRST QUARTER EARNINGS
NATIONAL CITY STOCKHOLDERS APPROVE MERCHANTS NATIONAL MERGER; CHAIRMAN REPORTS PROGRESS IN KEY STRATEGIES FOR FUTURE
NATIONAL CITY CORPORATION COMPLETES MERGER WITH MERCHANTS NATIONAL CORPORATION
Damen Shareholders Approve Merger with MidCity Financial.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters