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                                                                    Exhibit 99.1

FOR MORE INFORMATION CONTACT:

                                  Thomas A. Richlovsky
                                  Senior Vice President & Treasurer
                                  (216) 575-2126

                                  Derek Green
                                  Vice President
                                  Investor Relations
                                  (216) 222-9849

                                  www.national-city.com

                              For Immediate Release

NATIONAL CITY CORPORATION TO TAKE FIRST QUARTER CHARGE FOR TAX EXPOSURE

         CLEVELAND, February 27, 2001--National City Corporation (NYSE: NCC)
today reported that it will record a $40 million charge in the first quarter of
2001 related to tax exposure on interest deductions claimed for corporate owned
life insurance ("COLI"). This charge will reduce reported net income for the
first quarter by approximately $.07 per share. The COLI exposure was previously
disclosed in National City's financial statements and in periodic filings with
the United States Securities and Exchange Commission.

         In late 1999, the Corporation was notified by the Internal Revenue
Service ("IRS") of proposed adjustments relating to its COLI programs for the
Corporation's Federal income tax returns for the years 1990 through 1995. These
proposed adjustments involve the disallowance of certain deductions, which, with
the expected effect on tax returns for years subsequent to 1995, represent an
exposure for tax and interest of approximately $200 million. In the first
quarter of 2000, the Corporation made payments of taxes and interest
attributable to COLI interest deductions for years 1990 through 1995 to avoid
the potential assessment by the IRS of



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any additional above-market rate interest on the contested amount. The payments
to the IRS have been included on the balance sheet in other assets pending the
resolution of this matter.

         In February 2001, management became aware of a trial court decision
against an unrelated corporation concerning a similar issue. Based upon
management's assessment of this decision, coupled with other available
information, the Corporation will record a charge as noted above, which when
combined with previous accruals covers the estimated settlement value of the
exposure. In the event that a satisfactory settlement is not reached in
negotiations with the IRS, an additional charge of up to $40 million may need to
be recorded either later this year or in a subsequent year, pending full
adjudication of the matter. Notwithstanding this action, management does not
agree with the IRS position and will continue to seek refund, either
administratively or through litigation, of all amounts paid plus interest. In
the event the matter is ultimately resolved in favor of the Corporation, it
could have a favorable effect on the Corporation's net income for the period in
which such resolution occurs.

         This release contains forward-looking statements that involve
significant risks and uncertainties. Although management believes the
expectations reflected in such forward-looking statements are reasonable, actual
results may differ materially.

         National City Corporation is an $89 billion financial holding company
headquartered in Cleveland, Ohio. Through its subsidiaries, the company provides
a full range of financial services including investment banking, brokerage,
mutual fund, insurance and traditional banking services to individuals and
businesses. National City has offices in Ohio, Pennsylvania, Indiana, Kentucky,
Illinois and Michigan. National City can be found on the World Wide Web at
http://www.national-city.com.

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