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MICHIGAN NATIONAL EXPANDS MERCHANT CREDIT CARD PROCESSING PORTFOLIO

 MICHIGAN NATIONAL EXPANDS MERCHANT CREDIT CARD PROCESSING PORTFOLIO
 LANSING, Mich., July 28 /PRNewswire/ -- Michigan National Bank announced that it has acquired the $300 million merchant credit card processing portfolio of Central Fidelity Bank of Richmond, Va. The agreement became effective on July 1, 1992.
 Under the agreement between the parties, Michigan National Bank will assume all merchant transaction processing responsibilities. Both Central Fidelity Bank and Michigan National Bank will conduct continuing joint marketing efforts.
 "An important feature of our agreement with Michigan National Bank is that we retain a revenue stream for our marketing and sales efforts, although we're relieved of the processing chores related to the portfolio," said Jane Sorah, corporate executive officer at Central Fidelity Bank. "Michigan National Bank will essentially operate in the background, allowing us to preserve our strong ties with our existing customers."
 "This agreement satisfies the strategic objectives of both parties," commented David Lind, senior vice president of Michigan National Bank. "It allows Michigan National Bank to continue to expand its merchant credit card processing portfolio and Central Fidelity Bank to retain its present client base."
 Michigan National Bank, currently the 15th-largest acquiring processor in the United States, expects the acquisition to add 9 percent to its processing volume.
 Michigan National Corporation (NASDAQ-NMS: MNCO) is a diversified financial services corporation with total assets of $10.6 billion. It is a bank holding company and a savings and loan holding company.
 Michigan National Corporation's principal subsidiary, Michigan National Bank, has approximately 190 branches throughout Michigan. Michigan National Corporation has its headquarters in Farmington Hills, Mich.
 -0- 7/28/92
 /CONTACT: Ariadne Magoulias of Michigan National Corporation, 313-473-3428; or David Lind of Michigan National Bank, 517-886-7571/
 (MNCO) CO: Michigan National Corporation; Michigan National Bank; Central
 Fidelity Bank ST: Michigan, Virginia IN: FIN SU: TNM


SB-KK -- DE012 -- 4057 07/28/92 11:37 EDT
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Publication:PR Newswire
Date:Jul 28, 1992
Words:307
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