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MAGNA SIGNS DEFINITIVE AGREEMENT TO SELL ASSET-BASED LENDING PORTFOLIO

 MAGNA SIGNS DEFINITIVE AGREEMENT
 TO SELL ASSET-BASED LENDING PORTFOLIO
 ST. LOUIS, Aug. 20 /PRNewswire/ -- Magna Group Inc. (NASDAQ: MAGI), a St. Louis-based multibank holding company, has signed a definitive agreement to sell for cash substantially all of the assets of Landmark Commercial Corporation, its asset-based lending subsidiary, to Norwest Business Credit Inc. The assets consist primarily of loans which currently have $24.4 million in outstanding balances, under funding commitments of up to $36.5 million. The transaction is scheduled to close on Aug. 31, 1992. Norwest will employ all of the officers and staff of Landmark Commercial Corp. in operating their St. Louis office.
 William S. Badgley, chairman of the board and chief executive officer of Magna, stated, "The sale of the asset-based lending portfolio is consistent with our strategic retail focus, which includes consumer banking and traditional lending to small-to-midsized businesses. At the time that we acquired Landmark Bancshares Corp., we stated that we did not plan to pursue asset-based lending. We are pleased that there will be continuity for our customers and employees and are confident that Norwest can provide excellent service through their new local office."
 Norwest Business Credit, Inc. is a wholly owned subsidiary of Norwest Bank Minnesota, N.A.
 Magna Group, a $3.7 billion multibank holding company, operates 86 community banking locations in Illinois and Missouri and is the third-largest bank holding company based in St. Louis. Within the St. Louis metropolitan area, Magna has 62 offices with approximately $2.8 billion in assets. Magna also operates 13 community banking locations in Central Illinois and 11 in Southern Illinois. Magna's 11 locations in Southern Missouri and Kansas City, Missouri are reported as net assets held for sale.
 -0- 8/20/92 R
 /CONTACT: Paul Gerson of Magna Group, 314-963-2508, or Mary E. Scholz, 314-963-2545/
 (MAGI) CO: Magna Group; Norwest Bank Minnesota ST: Missouri IN: FIN SU:


RM -- SF005 -- 1910 08/20/92 17:00 EDT
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Publication:PR Newswire
Date:Aug 20, 1992
Words:322
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