CalFed signs deal to sell life insurance subsidiary.CalFed signs deal to sell life insurance subsidiary Sale means provision for $40 million loss next quarter California Federal Bank's holding company, CalFed Inc., has signed a definitive agreement to sell its annuity and life insurance subsidiary to an Indiana financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company. CalFed will sell the Los Angeles-based subsidiary, Beneficial Standard Life Insurance Co., to Conseco Inc. of Carmel, Ind. for some $140.2 million, as part of a continuing effort to concentrate the company's focus on core businesses. "The work that we've been doing in restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). the company has been directed at not only making ourselves more efficient but in reducing the businesses we have to those that align with our basic consumer banking business," James Hurley James Hurley (played by James Marshall) is a fictional character on the 1990-1991 primetime ABC series Twin Peaks. He is the nephew of Big Ed and Nadine Hurley, and lives with them, due to his parents' problems. , spokesman, said last week. The sale, pending regulatory approval and other conditions, is expected to close in several months, Hurley Hurley has become the English version of at least three distinct original Irish names: the Ó hUirthile, part of the Dál gCais tribal group, based in Clare and North Tipperary; the Ó Muirthile, based around Kilbritain in west Cork; and the OhIarlatha, from the district of said. As a result of the sale, CalFed will establish a provision for loss of approximately $40 million in third-quarter financial disclosures, said the company, with the loss attributable to the lower accounting valuation of the subsidiary when accounted for separately from CalFed and because of the establishment of reserves to buy back certain of Beneficial Standard's real estate assets under the agreement, Hurley said. The sale fits a pattern of jettisoning marginally profitable and noncore businesses which began last year: * In August 1989, California Federal sold its $125 million credit card portfolio. * In October, the company arranged a two-year phase-out of its residential real estate development subsidiary, California Communities Inc. and sold its 50 percent interest in the Wilshire Courtyard office complex. * In December a subsidiary of California Federal Bank California Federal Bank, often abbreviated to "Cal Fed", was a savings and loan bank in California. It existed from 1926 until 2002, when its parent company Golden State Bancorp was acquired by Citigroup, resulting in the bank being merged into Citibank. sold seven Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, commercial real estate properties to CF Income Partners L.P., and granted the buyer an option to acquire 19 other properties. * The same month the company sold its 438,000-square-foot former headquarters building in the Miracle Mile Miracle Mile can refer to the following places:
* In February, CalFed sold Anglo American Insurance Co. Ltd., its London- based property-casualty insurance subsidiary. * In April, Beneficial Standard Life sold a direct response insurance business which had been produced by its affiliate Direct Marketing Corporation of America. * In June, California Federal Bank sold its self-directed retirement plan business. The sale will also raise capital to help the thrift thrift: see leadwort. meet tightening capital reserve standards mandated by last year's S&L rescue bill. |
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