First Interstate sells its finance unit.

First Interstate in·ter·state
adj.
Involving, existing between, or connecting two or more states.

n.
One of a system of highways extending between the major cities of the 48 contiguous United States.

Noun 1. sells its finance unit

First Interstate Bancorp First Interstate Bancorp was a bank based in the United States that was taken over in 1996 by Wells Fargo. It was headquartered in Los Angeles.

The name has continued to be used in the banking world by used after the merger by First Interstate Bank who had been using the has completed the previously announced sale of its consumer finance unit, Nova 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. , to Transamerica Finance Group Inc. for $111.9 million cash.

First Interstate had announced in March that it planned to sell Nova, the nation's third-largest independent finance company, as part of its strategy to focus on consumer banking and middle market lending. It said June 8 that it would sell Nova to Transamerica Finance Group, a unit of Transamerica Corp.

First Interstate expects to realize a pretax pre·tax
adj.
Existing before tax deductions: pretax income.

pretax adj [profit] → vor (Abzug der) Steuern  gain in excess of $90 million from the sale.

Nova, of San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , makes loans through 71 offices in California, Colorado and Hawaii. It had $430 million in financial receivables as of March 31.

First Interstate, a holding company with banks operating in 21 states, has been moving to sell non-core assets to improve its financial performance, which was hit hard by real estate losses in Arizona and Texas last year.

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Title Annotation:	First Interstate Bancorp; Nova Financial Services
Publication:	Los Angeles Business Journal
Date:	Jul 23, 1990
Words:	161
Previous Article:	Eastern converts to state-chartered bank. (Eastern International Bank)
Next Article:	Cushman & Wakefield finds an entree into overseas markets: London's Healey & Baker.
Topics:	Banking industry Mergers, acquisitions and divestments

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