BANKING

S&L; Sale Possible: Independence One Bank of California is a savings and loan that its owner has long yearned to convert into a bank. Instead, the owner may peddle the Mission Viejo institution.

Michigan National Corp., which received government aid to buy the failed Beverly Hills Savings & Loan on the last day of 1988, has hired an investment bank to help it make some financial decisions.

Keefe, Bruyette & Woods Inc. will “review an array of financial matters” and will “look into all aspects of the company,” including a possible sale of the thrift, said Michigan National spokeswoman Ariadne Magoulias.

But she quickly added a caveat:

“Independence One Bank of California is doing an excellent job, and we have no plans at this time to consider a sale, but we are constantly looking at our options.”

Edward H. Sondker, Independence One’s president, said the decision is one for the holding company to make after it evaluates reports from Keefe Bruyette.

“In today’s environment, you can never predict what can happen,” Sondker said. “But for the immediate future, no firm decision has been made one way or the other.”

Independence One, with $750 million in loans and other assets, has seen the number of its mortgage fundings drop significantly this year as the boom in home refinancings died with recent rises in interest rates.

Michigan National, based in a Detroit suburb, could be looking at a sale of the thrift as a way to improve what some analysts see as a lagging performance. It has already agreed to sell its two Texas banks in a deal that is expected to give it a net gain of $65 million.

With $10 billion in assets, Michigan National has also been under some pressure by investors to sell itself to the highest bidder. But its chairman, Robert J. Mylod, told shareholders at its annual meeting in April that directors unanimously agreed to keep the banking company independent.