BANKING & FINANCE - Aug. 11, 1993
From Times Staff and Wire Reports
First Interstate Bancorp. to Take Restructuring Charge: The company will take the $52-million charge on its 1994 first-quarter earnings because of severance and other costs relating to its $340-million acquisition of San Diego Financial Corp., parent of San Diego Trust & Savings Bank. The parent of First Interstate Bank of California, which announced Monday that it was buying San Diego County’s biggest independent bank, declined to estimate how many of San Diego Trust’s 1,500 employees will lose their jobs. First Interstate plans to merge its 15 San Diego County branches with San Diego Trust’s 50-plus offices.
