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0- 5/15/95 /CONTACT: Marc Belsky of Michigan National, 810-473-4264/ CO: Michigan National Corporation; Independence One Bank of California ST: Michigan, California IN: FIN SU: AM -- DE037 -- 6053 05/15/95 15:45 EDT
Noninterest expense for 1996 includes the expenses associated with the two corporate banking offices and two branches added during the second half of 1995 as a result of the acquisition from Independence One Bank of California, FSB.
0- 5/15/95 /CONTACT: Jeff Misakian, 818-500-2824, or John Allebrand, 818-409-4017, both of Glendale Federal Bank/ (GLN) CO: Glendale Federal Bank; Independence One Bank of California ST: California IN: FIN SU: TNM TM-JB -- LA063 -- 6097 05/15/95 16:20 EDT
20 /PRNewswire/ -- Michigan National Corporation (Nasdaq-NNM: MNCO) today announced that it has signed a definitive agreement to sell substantially all of the assets (approximately $85 million) and liabilities (approximately $30 million) of its Corporate and Private Banking divisions of Independence One Bank of California, F.
In January, the company announced that its banking subsidiary, Southern California Bank, had agreed to purchase most of the Corporate and Private Banking Division of Independence One Bank of California, F.
Our recently announced agreement to buy the $205 million of retail deposits of Independence One Bank of California, and the aggressive marketing efforts that have played a key role in adding approximately $500 million to our California deposit base during the second half of calendar 1994, are examples of the opportunities we see for growth of the deposit side of the business.
Hartwig, president and chief executive officer, stated: ``First-quarter earnings reflect several special items, including interest expense related to funding the previously announced acquisition from Independence One Bank of California F.
Our recent signing of an agreement to buy the $205 million of retail deposits of Independence One Bank of California and the aggressive marketing and sales efforts that have played a key role in adding about $500 million to our California deposit base in recent months are examples of the steps we are taking to enhance our position in California.