CLEVELAND, Jan. 9 /PRNewswire-FirstCall/ -- National City Corporation announces the promotion of Edward S. Pentecost as president, chief executive officer and chairman of National City Equity Partners, a private equity and mezzanine investment fund with approximately $1 billion of assets under management.
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"Ed brings a wealth of experience and expertise to his expanded role as leader of National City Equity Partners," said James R. Bell III, executive vice president of risk management for National City Corporation. "We are confident that we will continue the successful growth of our principal investing business with Ed's leadership."
Pentecost joined National City Equity Partners in 2000 and became president beginning in 2005. He succeeds William H. Schecter as chairman of National City Equity Partners, who will continue as a senior vice president of and advisor to National City Corporation. Schecter will remain on the National City Equity Partners board of directors and several boards of National City portfolio companies, as well as several boards of various other private equity funds.
Prior to joining National City Equity Partners, Pentecost worked in the investment banking divisions of McDonald Investments, Inc. and NatCity Investments, Inc., where he was focused on structuring and placing senior and subordinated debt instruments in the private and public markets, and investment banking and principal investing at National City Merchant Banking. He joined National City in 1989.
Pentecost received a B.A. in economics and management from Albion College and an MBA from the Weatherhead School of Management at Case Western Reserve University. He serves on the board of directors of National City Equity Partners, Penske Transportation Components, LLC, BFG Supply, LLC, Home Decor Holdings, Inc. and Royal Baths Manufacturing Company. Pentecost is a member of the Advisory Committee of Long Point Capital, Inc., a New York-based private equity fund with approximately $300 million of omitted capital, and is a past president and a current board member of United Cerebral Palsy of Greater Cleveland.
About National City
National City Corporation , 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, Illinois, Indiana, Kentucky, Michigan, Missouri and Pennsylvania, 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 http://www.nationalcity.com/.
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