SAN DIEGO — Imperial Corp. of America's Kansas-based American Savings subsidiary has agreed to sell its 16 branches to Columbia Savings of Emporia, Kan., Imperial said Wednesday. Terms of the deal, which would end Imperial's 25-year presence in Kansas, were not announced.
American Savings, which also operates four Silver State Savings branch offices in Colorado, reported earnings of $2.1 million in 1986 and of $500,000 for the first quarter of 1987. The company has assets of nearly $750 million.
Imperial, which has assets of $9.8 billion,
reported a $19-million net profit for the first quarter ended March 31.
The branch sale is part of Imperial's plan to become a unitary savings and loan company--i.e., one that owns only one thrift, spokesman Tim Larrick said. Unitary holding companies "have greater business flexibility and less regulatory constraint" than do multiple S & L holding companies, Larrick said.
Imperial Corp. is also the parent company of Imperial Savings Assn. of San Diego and of Silver State Savings of Colorado, which will be merged into Imperial Savings after American Savings is sold to Columbia.