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SAN DIEGO INDUSTRY NOTES

September 15, 1987|GREG JOHNSON

Imperial Corp. of America, which last week sold a Colorado-based savings and loan subsidiary for an undisclosed amount, said Monday it plans to sell its mortgage banking subsidiary to an unidentified buyer by the end of the year.

Imperial declined to discuss the potential purchaser or the proposed sale price, but a spokeswoman said the transaction should be completed by the end of the year.

The proposed sale of ICA Mortgage Corp. was described by Imperial as the second phase of a strategic move to restructure the company's retail banking and residential lending businesses.

That restructuring "further strengthens our ability to diversify and respond quickly to changing market conditions," according to Imperial President Kenneth J. Thygerson.

The sale of the mortgage banking subsidiary will help Imperial focus on "the wholesale purchase and securitization of loans and other assets for sale in the capital markets," Thygerson said.

San Diego-based Imperial Corp., the parent company of Imperial Savings, has $10.1 billion in assets. Last week Imperial announced the sale of its four-office Silver State Savings & Loan subsidiary to Columbia Savings of Englewood, Colo., for an undisclosed price.

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