RTC Sells Former Headquarters of Pacific Savings Bank

Federal regulators have completed the sale of the stylish former headquarters of the defunct Pacific Savings Bank to a Los Angeles businessman for $10.75 million.

Nickolas N. Shammas, who owns seven automobile dealerships and more than four dozen properties in downtown Los Angeles and in Orange County, acquired the property Wednesday with a $3-million down payment and financing from the Resolution Trust Corp., the federal agency that manages and liquidates failed savings and loans.

The deal marked the first time the agency’s West Coast office, located in the former Pacific Savings building, has provided financing to a buyer.