Standard Pacific Gets OK for Sale of Thrift Subsidiary
After trying for nearly two years to sell its inactive thrift subsidiary, home builder Standard Pacific Corp. appears to have finally found a buyer for Newport Beach-based Standard Pacific Savings.
The thrift’s sale to Houston-based American General Corp. has been approved by the Office of Thrift Supervision and is expected to close by June 30. Terms were not disclosed.
American General plans to rename the thrift American General Bank and move its headquarters to Midvale, Utah. American General, a financial services company with more than $100 billion in assets, specializes in retirement products, life insurance and consumer loans.
Standard Pacific originally bought the thrift to make home loans to its home buyers, but regulators frowned on the idea. In 1997, Standard Pacific put the thrift up for sale.
Two previous attempts to sell it fell through. Officials at Standard Pacific could not be reached Thursday.
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