P.M. BRIEFING : Hard-Pressed First Interstate to Sell 3 Banks in New Mexico
Financially pressed First Interstate Bancorp will sell three of its New Mexico banks to United New Mexico Financial Corp., officials for the Los Angeles-based bank holding company said today.
First Interstate, hammered in recent months by huge losses at its Texas and Arizona subsidiaries, will sell First Interstate Bank of Albuquerque, First Interstate Bank of Roswell and First Interstate Bank of Lea County, First Interstate Vice President Ken Preston said.
Terms of the deal were not announced. The three banks have combined assets of $777 million.
“All I can do right now is verify that the sale will be taking place,” Preston said.
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