ST. LOUIS -- Magna Group Inc. said it has signed a definitive agreement to sell substantially all the assets of Landmark Commercial Corp., its asset-based lending subsidiary, to Norwest Business Credit Inc.

Magna Group, a multibank company with $3.7 billion in assets, said it is selling loans with $24.4 million in outstanding balances on funding commitments of up to $36.5 million.

The transaction is scheduled to close on Aug. 31. Magna said Norwest would retain the officers and staff of Landmark Commercial in St. Louis.

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