First Interstate Bank of California lowered its...

First Interstate Bank of California lowered its interest rate on regular (passbook) savings accounts to 5% from 5.5% effective Sept. 1 . . . Sakowitz Inc., a Houston retailer that filed for Chapter 11 bankruptcy protection a year ago, said it will submit a draft of its reorganization plan to unsecured creditors by late February and complete a list of business goals by Jan. 31.