Imperial Bank Subsidiary to Buy CoastFed’s Credit Arm
Imperial Credit Industries Inc., a subsidiary of Imperial Bank, said Tuesday that it will purchase a Los Angeles business credit company, CoastFed Business Credit Corp. Terms of the deal were not disclosed.
CoastFed, a subsidiary of Coast Federal Bank, will remain in Los Angeles, said H. Wayne Snavely, chairman and chief executive of Imperial Credit. He said he expects few staff changes. CoastFed Business Credit, which has $300 million in committed lines of credit to borrowers, will operate as a division of Southern Pacific Thrift & Loan Assn., an Imperial Credit subsidiary.
The sale will allow Coast, one of the nation’s largest thrift institutions, to concentrate on retail banking, said Ray Martin, Coast chairman and chief executive.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
