National City Completes Acquisition of Provident

National City Completes Acquisition of Provident
Adds Cincinnati to Growing Network in Midwest 


CINCINNATI, July 1  /PRNewswire-FirstCall/ -- National City Corporation
(NYSE:NCC) today announced that it has completed its acquisition of Provident
Financial Group, Inc. (NASDAQ:PFGI).  Following conversion of its business
systems to the National City platform, Provident Bank will be merged into
National City Bank and building signage will change in early 2005.

(Logo:  http://www.newscom.com/cgi-bin/prnh/20030428/NATIONALCITYLOGO )

"Over the past several months, representatives from both companies have
designed the process for integrating our two organizations and helping us
achieve our vision to become a premier banking force in metropolitan
Cincinnati," said David A. Daberko, chairman and chief executive officer of
National City.  "Our plans for growth in this region don't stop at merging our
two organizations. We intend to add more branches and locate the headquarters
for our national leasing business in Cincinnati. These plans will benefit our
customers and provide exciting opportunities for current employees."

National City acquired Provident to enter the Cincinnati market and expand
operations in Dayton as part of its strategy for continued growth.  The
acquisition adds 65 branches in southwestern Ohio and northern Kentucky to
National City's network of 1,146 retail offices located throughout the Midwest.
 The acquisition fills in a geographic gap in the company's Ohio operations and
solidifies its presence throughout the state, making National City the #1 bank
in Ohio.

"We're excited about National City and Provident teaming up," Daberko said.
"Provident's history of dedication to excellence in customer service is a
perfect fit with the National City culture. We're looking forward to bringing
National City's wide range of products and services to Provident customers. 
From small business banking to mortgages, brokerage services, annuity and
mutual fund products, we can offer Cincinnati-area customers more choice and
more convenience."

As previously announced, the new National City executive management team for
the Cincinnati region will be:

   -- T. Michael Price, Chief Executive Officer
   -- Michael P. McCuen, President
   -- Vincent D. Rinaldi, President, National City Commercial Capital Corp.
   -- Brian J. Cullina, Executive Vice President and Chief Credit Officer
   -- Amin Akbar, Senior Vice President, Community Development



National City has also established a charitable fund of $10 million to
demonstrate the company's commitment to the metropolitan Cincinnati community.
The local management team will be responsible for managing the distribution of
this fund, responding to community issues and supporting needs in the areas of
health and human services, arts and culture, education, and civic and community
affairs.

As a result of the acquisition, Provident Financial Group, Inc. shareholders
will receive 1.135 shares of National City common stock for each share of
Provident common stock in a tax-free exchange.  Based on the recent market
price for National City common stock, the transaction has a total indicated
value of approximately $2.1 billion.

In addition to the Provident merger, National City has added the St. Louis
market to its growing Midwestern presence with the acquisition of Allegiant
Bancorp, which closed on April 9.  The company also continues to expand into
the Chicagoland market, extending its commitment to providing superior
financial services at the highest levels of service quality throughout the
Midwest.

National City is also preparing 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.
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, Illinois, Indiana,
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. 

http://www.newscom.com/cgi-bin/prnh/20030428/NATIONALCITYLOGO

http://photoarchive.ap.org/

DATASOURCE: National City Corporation



CONTACT:  Amber Garwood of National City Corporation, [phone], or

 



Web site:  http://www.nationalcity.com/ 

Copyright