BANKING & FINANCE - Feb. 23, 1994
From Times Staff and Wire Reports
CalFed to Sell 44 Branches: California Federal Bank signed a definitive agreement to sell its 43 Florida branches and one Georgia office to NationsBank Corp. for about $160 million, or 4.10% of the branches’ $4 billion in deposits. The all-cash sale, which has been approved by the boards of directors of both banks but which is subject to regulatory approval, should close in the third quarter of 1994. CalFed had previously announced its intention to sell the branches as part of its “hold and fix” recapitalization strategy. NationsBank said the purchase will boost its Florida deposits to more than $19 billion and its offices to 402.
