NAB Asset Corp. Calls Off Acquisition

NAB Asset Corp., an Irvine financial services company, said Thursday it has rescinded its acquisition of Stanwich Holdings Inc. and Stanwich Financial Services Corp. after learning that it would not receive certain economic and tax benefits from the deal. NAB acquired Stanwich in March for $934,000.

NAB Asset said ownership of the companies will revert to the former owners.

NAB also reported first quarter net income of $256,000, or 5 cents a share, contrasted with a net loss of $222,000, or 4 cents a share, for the like period last year, which included the results of the discontinued retail automotive sales operation. Total assets rose 13% to $145.5 million from $129.1 million.