Bidders Line Up for Mercury S&L; Sale
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Federal regulators are preparing to sell Mercury Savings & Loan Assn., and sources said Monday that at least four potential bidders are reviewing the books of the $2-billion institution.
Industry sources said the suitors include Security Pacific National Bank of Los Angeles, Great Western Financial Corp. of Beverly Hills, American Savings Bank of Irvine and Santa Monica-based First Federal Savings Bank of California.
Anthony Scalzi, western regional director of the Resolution Trust Corp., the federal agency overseeing the sale of goverment-run S&Ls;, would not identify the potential bidders but said several major California banks and S&Ls; are actively considering purchasing Mercury. “We hope to have a deal done before the end of September,” he said.
With its 24 branches and loyal customer base, Mercury would make a good addition to many major institutions’ networks of offices, said financial institutions consultant Edward Carpenter.
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