First Interstate Bancorp Sells Unit: The Los...
From Times Staff and Wire Reports
First Interstate Bancorp Sells Unit: The Los Angeles-based banking company said it has agreed to sell its consumer lending unit NOVA Financial Services to a subsidiary of Transamerica Corp. for about $108 million in cash. The deal with Transamerica Finance Group Inc. will result in a pretax gain of more than $90 million. First Interstate, which said in March that it would sell NOVA to concentrate on consumer banking, said the transaction is expected to close in July, subject to regulatory approval.
