Bank Sells Shares of Pac Rim Holding

Pac Rim Holding Corp. said that 602,000 of its common shares, owned by First Interstate Bank, were sold in private-placement to a group of investors for $1.505 million, or $2.50 per share.

The shares, acquired by First Interstate through a loan foreclosure, were sold to a group including a company run by Richard Pickup of Newport Beach, who controls about 10% of the outstanding shares of Pac Rim. Other purchasers of the shares included Pac Rim directors Dennis Aigner, Dennis Harwood and Carl Strunk.

Based in Woodland Hills, Pac Rim Holding owns Pacific Rim Assurance Co., a workers’ compensation insurance company.