Consumer Portfolio’s Talks to Buy S&L; End
Consumer Portfolio Services Inc. said Thursday that discussions over its proposed acquisition of the savings and loan unit of Standard Pacific Corp. have been terminated.
Officials from both companies would not comment on the reasons for calling off discussions about the possible deal involving Standard Pacific Savings, based in Newport Beach.
Irvine-based Consumer Portfolio still wants to buy a financial institution so it can issue credit cards to its customers, said Michael J. Campbell, the company’s senior vice president of corporate development and investor relations. Consumer Portfolio buys and sells installment sales contracts for automobile dealers.
Andrew Parnes, vice president of finance for Standard Pacific Corp., said the home builder is still seeking a buyer for the savings and loan.
Earlier this year, a bid by First Alliance Corp. in Irvine to buy Standard Pacific for up to $11 million failed after federal regulators did not approve the planned purchase.