FARMINGTON HILLS, Mich. - Michigan National Corp.'s Texas subsidiary said it had agreed to acquire the outstanding stock of three Houston-area banks.

The three are Peoples National Bank-Pasadena, Peoples Bank-Houston, and Community Bank-Friendswood.

Lockwood National Bank agreed to pay about $17 million, $4.1 million more than their expected equity base. The three banks' assets totaled $117 million and their deposits $104 million on June 30.

The acquisitions are expected to be completed in the first quarter. They would bring the Michigan company's Texas assets to $600 million.

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