Advertisement

The owner of the San Diego Chargers...

The owner of the San Diego Chargers football team agreed to buy Fortune Financial Group Inc. and its Fortune Savings Bank for what is expected to be $35-a-share cash, or about $193 million, the company said. The letter of intent signed by Fortune and Alex G. Spanos of Stockton, Calif., eclipses an earlier offer by Tampa investor Paul A. Bilzerian. Spanos and Bilzerian reportedly worked together earlier this year on Bilzerian’s $1.06-billion buyout of the Singer Co. Fortune Savings Bank operates 47 banking offices primarily on Florida’s gulf coast, with assets of $3.1 billion.


Advertisement