National City to Acquire Wayne Bancorp
04 Junio 2004 - 9:02AM
PR Newswire (US)
National City to Acquire Wayne Bancorp Expands Market Presence in
Northern Ohio, Continues Growth Opportunities CLEVELAND, June 4
/PRNewswire-FirstCall/ -- National City Corporation (NYSE:NCC) and
Wayne Bancorp, Inc. (NASDAQ:WNNB) today announced that the two
companies have signed a definitive agreement for National City to
acquire Wayne Bancorp, a bank holding company headquartered in
Wooster, Ohio. Wayne Bancorp operates 26 branches in Wayne, Holmes,
Medina and Stark counties and has $825 million in assets. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030428/NATIONALCITYLOGO )
"This acquisition is part of the National City strategy for growth
in our core banking business," said David A. Daberko, chairman and
chief executive officer of National City Corporation. "Wayne
Bancorp operates in communities that are contiguous to the existing
National City branch network in northern Ohio, one of our strategic
markets. We're looking forward to serving Wayne customers and
growing our business in these new markets." National City is also
expanding its branch network in the Chicago market and entering new
markets through recent acquisitions in St. Louis and Cincinnati.
David Boyle, Wayne Bancorp's president and chief executive officer,
will continue to provide leadership through a new role with
National City as area president of the markets currently served by
Wayne Bancorp. "We are delighted to join forces with National City,
a company that shares our strong commitment to its customers,
employees, stockholders and communities," said Mr. Boyle. "Over the
years, we have enjoyed a positive working relationship with
National City, and now we look forward to offering the company's
outstanding products and services to our customers. For National
City, we provide an attractive market close to its home base, where
there is no overlap of branches." "We see this as a great
opportunity to enhance Wayne Bancorp's current and prospective
customer relationships through our extensive product offerings and
delivery channels," said Philip L. Rice, president and chief
executive officer of National City's Ohio banking subsidiary,
National City Bank. Rice reaffirmed the company's dedication to the
communities served by Wayne Bancorp. "National City and Wayne
Bancorp are two of Ohio's oldest banks - both were founded in 1845.
We share a rich heritage, operating philosophy and values and
believe that building strong communities is an integral part of
doing business successfully. We will remain committed to working
with local community leaders, non-profit organizations and
government officials to make a lasting difference." Wayne Bancorp
currently has a $500,000 community foundation. National City will
match the size of the foundation, bringing the total fund to $1
million. Decisions about the distribution of community foundation
funds will be made by the current members of the Wayne Bancorp
board. Under the terms of the merger agreement, National City is
offering Wayne Bancorp shareholders $28.50 for each share of Wayne
Bancorp, Inc. they own. The acquisition will be a cash transaction,
valued at approximately $180 million. Subject to regulatory and
stockholder approvals, the transaction is expected to close in the
fourth quarter of 2004. About National City National City
Corporation (NYSE:NCC), headquartered in Cleveland, Ohio, is one of
the nation's largest financial holding companies. The company
operates through an extensive banking network primarily in Ohio,
Indiana, Illinois, Kentucky, Michigan, Missouri and Pennsylvania,
and also serves customers in selected markets nationally. Its core
businesses include commercial and retail banking, consumer finance,
asset management, mortgage financing and servicing, and payment
processing. For more information about National City, visit the
company's Web site at NationalCity.com. About Wayne Bancorp Wayne
Bancorp, Inc. (NASDAQ:WNNB) is an $825 million financial services
company. Its bank affiliates -- Savings Bank & Trust and Wayne
County National Bank -- operate 26 banking centers in Wayne,
Medina, Holmes and Stark counties. The Company's non-bank
affiliates, including MidOhio Data, Inc., which performs proof and
data processing operations, and Chippewa Valley Title Agency, Inc.,
a wholly-owned subsidiary of WCNB, are both located in Wayne
County, while Access Financial Corp., a consumer finance company,
is located in Stark county. For more information, visit SBT's Web
site at svgsbank.com and WCNB's website at wcnb.com.
http://www.newscom.com/cgi-bin/prnh/20030428/NATIONALCITYLOGO
http://photoarchive.ap.org/ DATASOURCE: National City Corporation
CONTACT: Amber Garwood, Media Relations, +1-216-222-8202, or , or
Betsy Figgie, Investor Relations, +1-216-222-9849, or , both of
National City Corporation Web site: http://www.nationalcity.com/
http://svgsbank.com/ http://wcnb.com/
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