National City Corp. said Tuesday that its board had authorized the repurchase of up to 30 million shares, or $2.7 billion worth, of the company's common stock.

There are about 330 million common shares currently outstanding, according to National City.

All shares repurchased will be held for reissue in connection with the company's dividend reinvestment and stock option plans, and for general corporate purposes, National City said.

National City has $83 billion of assets and operations in Ohio, Michigan, Pennsylvania, Kentucky, Indiana, and Illinois.

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