MIAMI - CSF Holdings Inc. of Miami said its subsidiary, Citizens Federal Bank, has completed the sale of its four Virginia banking offices and deposits to a unit of First Virginia Banks Inc.
The Virginia offices, all in Richmond, had $200 million of deposits, which were transferred to First Virginia Bank-Colonial. CSF said it recorded a pretax gain of $12 million.
The $4.5 billion-asset CSF, which signed a definitive agreement July 4 to be acquired by NationsBank Corp. for $516 million in cash, also has signed a contract to sell four California offices to First Nationwide Bank. The Florida company would be left with 40 offices, all in its home state.