Standard Pacific Sells S&L; Unit at $8.6 Million
<i> Dow Jones</i>
Costa Mesa home builder Standard Pacific Corp. said it has completed the sale of its savings and loan unit to American General Corp. for $8.6 million.
Standard Pacific said it will resume offering mortgages to its home buyers through a joint venture between its Family Lending Services unit and Norwest Bank.
American General said it will rename the savings and loan American General Bank FSB. William Hawkins, currently president of American General Financial Center, was named the new unit’s president.
Houston-based American General provides insurance, retirement services and consumer loans.
