THE BANK OF SAN DIEGO SIGNS DEFINITIVE AGREEMENT TO SELL NORTH AMERICAN TRUST CO.
SAN DIEGO, Aug. 2 /PRNewswire/ -- BSD Bancorp Inc. (AMEX: BSD), the holding company for The Bank of San Diego, announced today that The Bank of San Diego signed a definitive agreement to sell North American Trust Co. The buyer will not be disclosed until the sale is approved by the State Banking Department of California. The sale will close immediately upon approval, which is expected within 30 to 45 days. Alta Colleges, which had previously bid for North American Trust Co., is not a participant in this transaction. The agreement calls for North American Trust Co., which administers more than $1.4 billion in assets primarily for law firms and medical groups, to be sold for $3.8 million, according to Frank Mercardante, president, chief executive officer and chairman of BSD Bancorp. "As a result of this sale, there will be a capital infusion of approximately $2.2 million to The Bank of San Diego," Mercardante said. "It is the first step toward recapitalizing the bank and buoys our confidence that the bank will meet its obligation to raise capital." The State Banking Department of California has required The Bank of San Diego to raise $6.6 million by Aug. 31, 1993, and an additional $6.9 million by Oct. 31, 1993. Mercardante has stated that substantial progress has been made with potential investor groups with experience in bank recapitalization and the ability to close a transaction quickly. -0- 8/2/93 /CONTACT: Frank Mercardante, president, CEO and chairman of BSD Bancorp Inc., 619-237-5475/ (BSD)
CO: BSD Bancorp Inc.; North American Trust Co.; The Bank of San Diego ST: California IN: FIN SU: TNM
BP-LM -- SD004 -- 8520 08/02/93 16:30 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Aug 2, 1993|
|Previous Article:||FORMER MARYLAND CONGRESSWOMAN BEVERLY B. BYRON ELECTED TO UNC INCORPORATED BOARD OF DIRECTORS|
|Next Article:||CAMERON ASSUMES ROLE OF CHAIRMAN OF U.S. BANK OF OREGON|