CLEVELAND, May 8 /PRNewswire-FirstCall/ -- National City Corporation
(NYSE: NCC) today announced the appointment of Corsair Capital LLC Vice
Chairman Richard E. Thornburgh to its Board of Directors. The company
previously announced its intention to appoint Mr. Thornburgh to the board on
April 21, 2008, in conjunction with its $7 billion capital raise, which
included $785 million of private equity capital from Corsair Capital. Corsair
is a highly regarded private equity firm with a successful track record of
global long-term investing in the financial services industry, particularly
the banking sector. Mr. Thornburgh will initially serve on the Compensation
and Organization and Risk and Public Policy committees.
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"We are pleased to welcome Dick to our board and look forward to his
contributions," said National City Chairman, President and CEO Peter E.
Raskind. "His extensive experience in the banking industry and strong
background in risk management will be very valuable as we continue to address
challenging market conditions."
Mr. Thornburgh is currently a member of the Board of Directors and the
Risk Committee of Credit Suisse Group, chairs the Risk Committee and serves on
the Board of NewStar Financial, Inc., chairs the Audit Committee and serves on
the Risk Committee of Sparta Insurance Company. He also served as a Director
of Dollar General Corporation prior to its recent sale to KKR.
Prior to joining Corsair Capital in 2006, Mr. Thornburgh was Executive
Vice Chairman of Credit Suisse First Boston ("CSFB"), now operating under the
name of Credit Suisse. He has over 30 years' experience in the global banking
and financial services sector, and held a number of senior leadership
positions at Credit Suisse Group.
Mr. Thornburgh began his investment banking career with The First Boston
Corporation, a predecessor firm of CSFB, in 1976. He spent 20 years in the
investment banking department specializing in financial institutions. During
that period, he also ran the Los Angeles office in the late 1980s and was the
first global head of the financial institutions group for CSFB. He was an
advisor on many of the landmark M&A transactions that took place during the
consolidation of the U.S. regional banking industry in the 1980s and early
1990s. He spearheaded CSFB's mandate to advise on the privatization of the
Mexican banking industry, the recapitalization of the California thrift
industry, and served as advisor to the governments of Sweden, New Zealand,
South Australia, Mexico and Australia in the early 1990s.
During the following 10 years, he served on the Executive Board of Credit
Suisse Group and his executive responsibilities included: Chief Financial and
Administrative Officer of CSFB, Chief Financial Officer of Credit Suisse
Group, Vice Chairman of the Executive Board of CSFB, and Chief Risk Officer of
Credit Suisse Group.
Mr. Thornburgh is a former member of the Financial Services Roundtable and
the International Institute of Finance. He served on the Executive Committee
of the Securities Industry Association ("SIA") for six years and was Chairman
of the SIA in 2004.
Mr. Thornburgh received a BBA, cum laude from the University of Cincinnati
and a MBA from the Harvard Business School.
About National City
National City Corporation (NYSE: NCC), headquartered in Cleveland, Ohio,
is one of the nation's largest financial holding companies. The company
operates through an extensive banking network primarily in Ohio, Florida,
Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania and Wisconsin,
and also serves customers in selected markets nationally. Its core businesses
include commercial and retail banking, mortgage financing and servicing,
consumer finance and asset management. For more information about National
City, visit the company's Web site at www.nationalcity.com.
SOURCE National City Corporation