National City Sees First-Quarter Charge for Tax Exposure

National City

(NCC)

said earnings will drop 7 cents a share after a $40 million charge in the first quarter.

The bank and financial services holding company hasn't issued guidance for the first quarter, but 14 analysts polled by

First Call/Thomson Financial

have pegged earnings at 54 cents a share. The company expects to release earnings on April 20. National City earned 53 cents in the year-ago period.

The charge is related to tax exposure on interest deductions claimed for corporate-owned life insurance.

National City, which is based in Cleveland, was unchanged at $27 in recent trading on the

New York Stock Exchange

.