National City in $2.1B Provident buy No. 10 U.S. bank to acquire Provident Financial for $40.17 a share, 15% over Friday's closing price. February 17, 2004: 8:51 AM EST NEW YORK (Reuters) - National City Corp., the No. 10 U.S. bank, said Tuesday that it will buy Provident Financial Group Inc. for about $2.1 billion, combining two of Ohio's largest banks. Cleveland-based National City (NCC: Research, Estimates) said shareholders of Cincinnati-based Provident (PFGI: Research, Estimates) will receive 1.135 National City shares for each of their Provident shares. The purchase values Provident at $40.17 per share, about a 15 percent premium over its Friday closing stock price. National City expects the acquisition to close in the second quarter, subject to regulatory and shareholder approval. _ link: http://money.cnn.com/2004/02/17/news/companies/natcity_provident.reut/index.htm Ron.
