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.

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