CLEVELAND - National City Corp. said its board has authorized the purchase, in the open market or otherwise, of up to 5 million of its issued and outstanding common shares.

The company said the board also authorized the purchase of up to 4 million depositary shares of its 8% cumulative convertible preferred stock.

National City said all common shares purchased will be held as Treasury shares for reissue in connection with its stock option plans and for general corporate purposes.

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.