Valley Federal Savings & Loan in Van Nuys said it is selling its data services division to FIserv of Milwaukee for more than $10 million. The bank had used the division to prepare customers' monthly statements.
The 50 employees who worked in the bank's data division will stay here and become FIserv employees within the next few weeks, a Valley Federal spokesman said. After the sale, FIserv will prepare customers' monthly statements.
Valley Federal, the San Fernando Valley's largest financial institution, said the sale is part of an effort to trim overhead.