Advertisement

Coast Plans to Sell 27 of Its Branches

The Los Angeles thrift put more than a fifth of its branches on the market and has retained the Goldman, Sachs & Co. investment banking firm to look for bids.

Coast Financial, parent of Coast Federal Bank, said the 27 offices are in San Diego and the Central Valley and have $1.2 billion in deposits.

A sale would leave Coast with 93 branches in California and $9.7 billion in assets.

Chief Executive Ray Martin said Coast does not have to sell the branches but would like to so that it can bolster its capital, or cushion against losses, to comply with federal standards that take effect in 1994.

Advertisement


Advertisement