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SAN DIEGO FINANCIAL CORP. SHAREHOLDERS APPROVE MERGER WITH FIRST INTERSTATE BANCORP

 SAN DIEGO, Jan. 7 /PRNewswire/ -- Shareholders of San Diego Financial Corp. (SDFC), the holding company for San Diego Trust & Savings Bank, at a Special Shareholders' Meeting today approved the proposed Agreement and Plan of Merger by and between SDFC and First Interstate Bancorp. The merger was approved by a vote of 422,395 shares 98.5 percent in favor, 6,003 shares 1.4 percent against, and 300 shares .07 percent abstaining. A total of 428,698 shares, representing 95.3 percent of the outstanding shares, were represented by proxy or in person at the Special Meeting. The proposed merger was announced Aug. 9, 1993.
 Regulatory approval of the merger is expected, and the merger is expected to be consummated on or before March 31, 1994.
 Founded in 1889 by Joseph W. Sefton Sr., San Diego Trust & Savings Bank is the oldest and largest locally owned bank in San Diego. Assets as of Sept. 30, 1993, totaled $1.99 billion. San Diego Trust operates 52 branches in San Diego County and one in southern Riverside County as well as a network of approximately 250 automated teller machines.
 First Interstate Bank of California, into which San Diego Trust & Savings Bank will be merged, is the third-largest bank in the state and, with headquarters in Los Angeles, the largest based in Southern California. With 338 branches statewide and $20 billion in assets, it is the principal subsidiary of First Interstate Bancorp, the 14th largest banking company in the United States.
 -0- 1/7/94
 /CONTACT: Jackie Hill, 619-557-2379/


CO: San Diego Financial Corp.; San Diego Trust & Savings Bank;
 First Interstate Bancorp; First Interstate Bank of California ST: California IN: FIN SU: TNM


JM-LS -- SD003 -- 0323 01/07/94 18:40 EST
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Publication:PR Newswire
Date:Jan 7, 1994
Words:289
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