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B of A to sell finance unit
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March 7, 1997: 5:53 p.m. ET
BankAmerica puts Security Pacific Financial up for sale
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SAN FRANCISCO - BankAmerica Corp. announced plans Friday to put its Security Pacific Financial Services (SPFS) consumer-finance unit up for sale for an unspecified sum.
"As part of our ongoing capital-management strategy, we are looking at all business units," Michael O'Neill, BankAmerica's chief financial officer, said in a statement. "We believe the network and book of business that (SPFS) has developed will be valuable to a number of potential acquirers."
BankAmerica did not say how much it hoped to receive for SPFS, saying only that the bank had hired Bear Stearns & Co. to serve as adviser for the sale.
BankAmerica acquired SPFS -- one of the nation's largest traditional consumer-finance companies -- in its 1992 merger with Security Pacific Corp.
SPFS provides home equity and other loans secured by real estate, as well as unsecured installment loans and sales financing through retail merchants.
SPFS has loan assets of about $1.4 billion, excluding its executive and professional business unit, which BankAmerica does not plan to sell.
SPFS operates an independent network of 300 offices in 33 states.
San Francisco-based BankAmerica said it hopes to conclude the sale in 1997's second half.
From staff and wire reports.
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