BANKING

BankAmerica Completes Arizona Sale: The parent of Bank of America completed the previously announced sale of its Caliber Bank unit in Arizona to Independent Bancorp of Arizona, which was formed a year ago by former Postmaster General Anthony M. Frank. BankAmerica was forced to divest the 49-branch unit to complete its buyout of Security Pacific Corp. last year. It is believed to be the largest start-up bank in history. In the deal, BankAmerica received a “purchase premium” of just under $16 million, Frank said, and IBA capitalized Caliber with $147.7 million raised from investors, including Peter V. Ueberroth. Caliber’s assets are about $1.7 billion.