P.M. BRIEFING : Bank of New England Sells Unit
From Times Wire Services
BOSTON —
The struggling Bank of New England agreed to sell McCullagh Leasing Inc., its vehicle fleet leasing subsidiary, to GE Capital, a subsidiary of General Electric Co., for an undisclosed amount, the companies said today.
The deal for McCullagh, based in Roseville, Mich., is expected to be closed in February.
Bank of New England bought the leasing company in 1987, and a spokeswoman said the company had about $5 million in net income in 1989.
The bank, whipsawed by bad real estate loans and the region’s faltering economy, is in the process of shrinking the number of branches it owns and previously said it is considering selling all or part of its business.
