CLEVELAND -- National City Corp. said it executed a definitive agreement to acquire Central Indiana Bancorp of Kokomo, Ind., for about $48 million in stock.

National City is to exchange 1.08 of its shares for each of Central Indiana's, giving the latter an indicated value of $28.50. The merger is subject to regulatory approval and Central Indiana shareholder approval. The $243 million-asset Central Indiana subsidiary, First Federal Savings Bank of Kokomo, would become a unit of National City Corp., pending its consolidation with National City Bank, Indiana.

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