National City Corp. announced several moves Monday and disclosed what it called a "nominal exposure" to fallout from Lehman Brothers Holding's bankruptcy filing.
The Cleveland banking company said it has "routine derivatives contracts" with Lehman Brothers' broker-dealer subsidiary. In an e-mail a Nat City spokeswoman said it has no exposure to the Lehman parent company.
The company also named Thomas A. Richlovsky, its principal accounting officer, to the additional role of interim chief financial officer. And it said that shareholders had approved two proposals related to a previously announced $7 billion capital plan. Mr. Richlovsky, 57, is a 29-year veteran of Nat City. He will take the CFO role Sept. 30 when Jeffrey D. Kelly, 55, retires. The company had announced in July Mr. Kelly's plan to retire. On Monday the Nat City spokeswoman said the company is continuing an external search for a permanent CFO.
The company said its shareholders approved an increase in the number of authorized shares of common stock, among other things. Nat City, which has been battered by the mortgage crisis, raised $7 billion in April from an investor group led by Corsair Capital LLC.