1
Exhibit 99.1
NPC
Consultants in Transaction Technology
FOR MORE INFORMATION CONTACT:
DAN SHINGLER
NATIONAL CITY CORPORATION
(216) 575-2441
NATIONAL PROCESSING CLOSES SALES OF REMITTANCE PROCESSING
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AND CHECK SERVICES BUSINESS LINES
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LOUISVILLE, KY., JUNE 1 -- National Processing, Inc. (NYSE: NAP)
announced today that its subsidiary, National Processing Company, has closed on
the previously announced sales of its Remittance Processing and Check Services
business units.
The Remittance Processing unit has been sold to First Tennessee Bank,
National Association, a subsidiary of First Tennessee National Corporation
(Nasdaq:FTEN), in a transaction valued at approximately $6 million. In a
separate transaction valued at approximately $38 million, NPC Check Services,
Inc., a wholly owned subsidiary of National Processing Company, has been sold to
International Payment Services, Inc., an affiliate of GTCR Golder Rauner, LLC.
National Processing included in its first quarter 1999 results a charge to
reflect the actual and estimated costs to divest certain business lines,
including Remittance Processing and Check Services.
Robert E. Showalter, president and chief executive officer of National
Processing, said these two sales conclude the previously announced divestiture
of four business units, permitting the company to focus on its core business
lines of merchant credit card processing, imaging and travel-related businesses.
The other two business units, Freight Services and Corporate Payables, were sold
earlier this year.
National Processing is a leading provider of transaction processing
services and customized processing solutions. Approximately 88 percent of the
company is owned by National City Corporation (NYSE:NCC).
One Oxmoor Place
101 Bullitt Lane, Suite 450 Telephone 502 326.7000
Louisville, KY 40222 Facsimile 502 326.7100