Big Bank Merger Proposed: National City Corp....
From Times Staff and Wire Reports
Big Bank Merger Proposed: National City Corp. said it has made an $870-million stock-swap offer for Ameritrust Corp. The merger of the two Cleveland institutions would create the 17th-largest U.S. bank holding company. National City Chairman Edward Brandon said he hoped to keep the merger friendly. But his investment banker, Merrill Lynch & Co., said other options, including a hostile takeover, are under consideration. National City proposed swapping two-thirds of a share of National City common for each share of Ameritrust common.
