Great American to Sell Unit: Great American...
From Times Staff and Wire Service Reports
Great American to Sell Unit: Great American Bank of San Diego said it plans to sell its highly profitable real estate development subsidiary in an effort to meet stringent new capital requirements imposed by last summer’s S&L; rescue bill, The S&L;’s real estate assets at the end of 1988 had a book value of $377.4 million and included about 1.7 million square feet and 350 acres of completed office, industrial and retail properties. Also being sold are residential developments totaling 4,181 lots and housing units, as well as 1,300 apartment units.
