SAN DIEGO — Financial services giant Primerica has increased its ownership stake in San Diego-based Home Federal Savings & Loan to 8.36%, according to documents filed with federal regulators. The Greenwich, Conn., company previously owned slightly more than 5% of Home Federal's 21 million outstanding common shares.
In filings with the Federal Home Loan Bank Board, Primerica, formerly known as American Can Co., said it acquired the additional stock for investment purposes. The diversified financial company and its various subsidiaries have held stock since 1985 in Home Federal, which with assets of $12.8 billion, is the 11th-largest S&L in the country.
Primerica officials on Thursday declined to comment on the company's plans beyond a statement submitted to federal regulators Tuesday that it will re-examine its investment, "and depending on market conditions and other factors, may purchase or sell shares."
Analysts noted that although Primerica has acquired stakes in various companies and has transformed itself from a manufacturing business into a financial services concern, it has not, under Chairman Gerald Tsai, launched any unfriendly takeovers.