Imperial Bancorp plans to sell its 24% stake in the struggling finance company Imperial Credit Industries to Leucadia National Corp. for $9.25 a share, or about $26 million.

The deal, which is pending due diligence by Leucadia, would also give Imperial a 20% share of any gains if Leucadia buys all of Imperial Credit or sells its stake in 24 months. The transaction is scheduled to close in the first quarter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.