Manufacturers Hanover plans to sell a unit.
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New York-based Manufacturers Hanover, the nation’s fourth-largest bank holding company, agreed to sell the stock in its wholly owned mortgage banking subsidiary to Fireman’s Fund Insurance for $260 million in cash. Manufacturers Hanover and Fireman’s Fund Corp., the parent of the insurance company, said in a news release that they had signed a definitive agreement for the sale of Manufacturers Hanover Mortgage Corp. The sale is expected to be completed during the second quarter.
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