National Processing Inc. has closed a $25 million sale of its freight services and corporate payables business lines to Investment Services International Co., a privately held merchant banking firm in Washington, D.C.
A loss on the sale was included in a charge taken by National Processing in the first quarter.
National Processing has also agreed to sell its merchant check services business and is exploring the sale or liquidation of its remittance processing business.
The company is a leading provider of transaction processing services and customized processing solutions. About 89% of its stock is owned by National City Corp. of Cleveland.