LOS ANGELES -- First Interstate Bancorp will redeem all 4.1 million outstanding shares of its adjustable-rate cumulative preferred stock, series B, on Oct. 1. The redemption price will be $50 a share.

The company said the dividend of 75 cents a share for the quarter ending Sept. 30 will be paid in the usual manner on Oct. 15. Beginning Oct. 1, dividends will cease to accrue on the shares.

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