National City Corp. on Friday named the executive team that will lead its Greater Cincinnati region when Nat City completes its purchase of Provident Financial Group this summer.
The $112 billion-asset company said in a press release that it had named T. Michael Price, the executive vice president for small-business banking at its headquarters in Cleveland, as the region’s chief executive.
Robert Hoverson, Provident’s president and CEO since May 1998, is retiring, the release said.
Michael McCuen, who headed National City’s corporate banking group, will be the region’s president and in charge of wholesale banking in that market.
Christopher Carey, Provident’s chief financial officer, will also leave when the deal closes, Mr. Price said in a telephone interview Friday.
Only two Provident executives made the team.
Vincent Rinaldi, its executive vice president of equipment leasing and financing and residential mortgage operations, will lead National City Commercial Capital, which will combine the two companies’ leasing businesses. Amin Akbar, responsible for overseeing Provident’s compliance with banking regulations, will now manage the Greater Cincinnati region’s community development activities as a senior vice president.
In an interview, Mr. Price said he would “spend the next few weeks talking to employees regarding their job status.” He would not talk about layoffs until workers are informed. But he said that most would be asked to stay through the first quarter and that displaced employees could explore opportunities elsewhere at National City.
A company spokeswoman said more information on consolidation would be released this week.
National City announced its $2.1 billion stock deal for Provident in February.
The purchase would fill National City’s last gap in Ohio, adding 65 branches and 480 automated teller machines there and in northern Kentucky. It is expected to close by July 1 and would be National City’s second acquisition this year. The company entered the St. Louis market with its purchase of Allegiant Bancorp in April for $475 million.
In integrating Allegiant, National City retained its CEO and president, Shaun Hayes, to lead the Missouri market. Two other Allegiant executives, Paul Glarner and James Schaller, are now responsible for investment in real estate and retail banking, respectively.
In addition to being the CEO, Mr. Price, who has worked with National City for 17 years, starting as a teller, would be directly responsible for consumer and small-business banking. He joined Provident in April as an executive vice president in preparation for the takeover.
Brian Cullina, previously the senior vice president for structured finance, was named executive vice president and chief credit officer. He will be responsible for credit administration for wholesale banking and leasing, with authority to make decisions on loans up to $25 million.
National City plans to open 12 to 15 branches in Cincinnati over the next three years and to make $10 million in charitable investments, Mr. Price said. When the deal was announced the company said it hoped to achieve $115 million in cost savings over the next two years.
