Landmark to sell two banks to settle debt. (Landmark Financial Group Inc., Mercantile Bank of Fort Worth, Landmark Bank Mid-Cities)

Landmark to sell two banks to settle debt

Fort Worth-based Landmark Financial Group Inc. is peddling two of its four banks as part of an agreement to restructure a $6.4 million debt owed to Irving-based Texas Independent Bank.

The move would reduce the assets in Landmark's banks by one third, dropping them to $147.3 million from $232.4 million.

Terms of the agreement call for Landmark to sell Mercantile Bank of Fort Worth and Landmark Bank Mid-Cities by Sept. 30, according to filings with the Securities and Exchange Commission this month.

Should the sales be completed as called for in the agreement, the debt with Texas Independent would be …