MNC sells subsidiary

December 19, 1990

MNC Financial Inc. today announced it has agreed to sell Landmark Financial Services Inc., its consumer finance subsidiary, to Commercial Credit Inc. for about $370 million.

MNC Financial is the parent company of Maryland National Bank.

MNC Financial said it expects to close the transaction in early January 1991. The transaction would permit MNC Financial to reduce its debt by about $374 million, the company says.

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