Bank Sells Investment Subsidiary

California First Bank has sold its California First Capital Management subsidiary to the La Jolla-based operation’s four principals. William Jeffery III, Edward O. Nay III, Kenneth F. McCain and John R. French will continue to provide investment advice for portfolios of more than $5 million.

The subsidiary provided investment advisory services for about $55 million of California First’s $3.4 billion in client funds. The independent operation will retain those accounts, but California First will retain the California First Capital Management name.