LOS ANGELES- California Federal Bank has completed the sale of its Florida and Georgia branch network to NationsBank Corp. for $160 million.
The California-based thrift said its southeast division, consisting of 43 branches in Florida and one in Georgia, had deposits of about $3.9 billion.
California Federal's tangible equity is expected to increase by $135 million, and the bank expects a $35 million gain on the sale in the third quarter.
Smith Barney Shearson Inc. acted as financial adviser in the transaction.
