Two midwestern banks agreed to small merger transactions on Friday. Michigan National Corp. signed a deal to sell a Texas bank and Keycorp agreed to buy an Ohio thrift.

Farmington Hills-based Michigan National said it would sell First State Bank and Trust Co., a $262 million-asset unit in Port Lavaca, Tex., for rougly $28 million in cash, or 130% of yearend book value. The buyer is $1.7 billion-asset International Bank of Commerce, Laredo.

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