National City Corp.'s board has authorized the repurchase of as many as five million common shares, subject to a purchase limit of $275 million.

The Cleveland-based bank said said the shares will be repurchased on the open market and will be held as treasury shares and for general corporate purposes.

As of Sept. 30, National City had about 222.6 million common shares outstanding.

Separately, Ambanc Holding Co., Amsterdam, N.Y., said it intends to repurchase up to 10% or 488,002 of its outstanding shares in the next 12 months.

Ambanc, the parent of Amsterdam Savings Bank, said the extent and timing of the repurchase program would depend on market conditions and that shares that are repurchased would be held as treasury shares.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.