National City Corp. shares rose 62.5 cents to $65.75 Monday on news that it plans to buy back up to 20 million, or nearly one-tenth, of its outstanding shares.

"We can say to the Street we have excess capital and are acting upon it," said Julie I. Sabroff, investor relations vice president at the $53 billion-asset Cleveland banking company.

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.