Acting to boost its prospects for being acquired, Butterfield Savings & Loan Assn. has sold its Santa Ana headquarters building and 5.5 acres of adjacent property for $22.8 million to PacTel Properties, an Irvine real estate subsidiary of Pacific Telesis.
Butterfield also is close to selling its Wendy's restaurant franchise and is negotiating with three separate parties for the possible sale of its chain of Love's barbecue restaurants, said Anne Bacon, the S&L's executive vice president and chief executive officer.
A sale of Wendy's could come as early as next month, she said. She did not name the prospective buyer.
State and federal regulators declared Butterfield insolvent last Aug. 7 and took it over, appointing the Federal Savings and Loan Insurance Corp. as receiver. FSLIC hired Downey S&L in Costa Mesa to manage Butterfield. Bacon is a senior vice president at Downey.
The sale of the headquarters property--a key move toward restructuring Butterfield--netted the S&L $22.4 million, $20 million of it in a one-year note, Bacon said. The S&L leased back two floors in the building, one floor for two years and the main floor for five years with renewable options on each floor.