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* National City Corp. said that it agreed to buy mortgage lender First Franklin Financial Cos. from Bank of America Corp. for an undisclosed amount of cash to expand its residential mortgage business. San Jose-based First Franklin’s management and staff, including more than 5,000 brokers, would remain in place when the acquisition closes, which is expected this year.
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* Mylan Laboratories Inc. warned that its fiscal first-quarter earnings would fall below analysts’ estimates of 33 cents a share because of lower-than-expected sales and higher operating costs. Officials of the generic drug maker couldn’t be reached for comment on the announcement, made after the markets closed.
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