KOKOMO, Ind. - Central Indiana Bancorp said its shareholders approved the thrift's acquisition by National City Corp.

Nearly 80% of the shares voted were in favor of the transaction. The merger was to be effective Jan. 1.

The terms of the transaction call for Central Indiana shareholders to receive 1.08 shares of National City common stock, or about 1.8 million shares in total.

Central Indiana's thrift subsidiary, First Federal Savings Bank of Kokomo, has five branch offices operating in Howard County and Miami County. It will eventually be combined with National City's National City Bank, Indiana, unit.

Central Indiana Bancorp is a $243 million-asset thrift holding company based in Kokomo, Ind.

National City Corp. is a $31 billion bank holding company based in Cleveland, Ohio.

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