BANKING & FINANCE - Sept. 10, 1991
From Times Staff and Wire Reports
CalFed to Sell Trust Unit: The Los Angeles-based thrift, parent of California Federal Bank, agreed to sell its Trust Services of America for about $65 million to Chicago-based Northern Trust. CalFed expects to post a $20-million gain after the sale is completed. It also expects to receive a $6-million dividend from the unit before the sale is completed. Assets of Trust Services, one of the largest trust companies in the state, include $6 billion in personal trust and employee benefit assets. CalFed, which is trying to boost its capital in the wake of commercial real estate losses, has been busy selling various units over the past two years.
