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Sept. 1, 1999

CIVC Partners Sells First Franklin Financial Companies, Inc. to National City Corporation

CIVC Partners, a private equity investment affiliate of Bank of America Corporation (NYSE: BAC), announced today that it has sold San Jose, CA based First Franklin Financial Companies, Inc. to National City Corporation (NYSE: NCC) in an all cash transaction. First Franklin is a national originator of non-agency residential mortgage loans. Terms of the transaction were not disclosed.

“Our relationship with CIVC Partners over the past three years has been tremendous for First Franklin. CIVC shared our vision of the changes taking place in the mortgage industry and helped us capitalize on the opportunity to reposition the company as a leading non-agency mortgage originator,” said William D. Dallas, chairman and chief executive officer of First Franklin. “With the value that has been created in the franchise, it is time for CIVC to realize liquidity on their equity stake. They have worked closely with me and my management team to ensure that the sale is to a partner who will continue to support the growth of this franchise. We are excited about building a future with National City.”

First Franklin originates residential mortgage loans through a nationwide network of mortgage brokers. The company utilizes a proprietary risk-based pricing process that allows it to be highly responsive to its broker network. In the first half of 1999, the company originated $1.8 billion of mortgage loans and projects full year 1999 originations in excess of $4 billion.

“Non-agency production has more than doubled each year since we acquired First Franklin. The management team has done a great job executing the strategy. As a result, the value of the company has increased significantly in under three years,” said Daniel G. Helle, CIVC Partners.

CIVC Partners manages a $500 million private equity fund whose sole limited partner is Bank of America. CIVC Partners, with 30 years of experience in private equity investing, provides growth capital to middle market companies with a focus on business services, financial services, media and communications, and industrial growth.

National City Corporation is an $84 billion bank holding company based in Cleveland, Ohio. The company offers 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 the states of Ohio, Pennsylvania, Michigan, Indiana, Kentucky and Illinois. National City can be found on the world wide web at www.national-city.com.

Press Contact

Patty Walker
CIVC Partners, LP
191 North Wacker Drive
Suite 1100
Chicago, Illinois 60606
Telephone: 312 873 7300
pwalker@civc.com

 
 
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