FARMINGTON HILLS, Mich. - Michigan National Corp. said it has agreed to sell $85 million in assets and $30 million in liabilities of the corporate and private banking divisions of Independence One Bank of California to Southern California Bank of Anaheim.
Terms were not disclosed.
The bank said the divestiture is part of a broad strategic restructuring to refocus on its core Michigan banking business.
Aside from asset sales, the restructuring, begun last year, includes the repurchase of approximately 14% of shares outstanding and a dividend increase.
The bank said the California sale should not result in a significant gain or loss. The transaction, which is subject to regulatory approval, is expected to close in the second quarter.
Michigan National Corp. has assets of $8.7 billion.