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October 04, 1994|From Times Staff and Wire Reports

Michigan National to Sell Mission Viejo Thrift: The bank holding company, giving up its idea for a financial services network in Southern California, said it will seek a buyer for Independence One Bank of California. Michigan National Corp., which has shed its other out-of-state holdings, said it already has potential buyers both in state and out of state for its savings and loan subsidiary and expects to reach an agreement with one of them by early next year. Independence One, with $645.7 million in assets, is the former Beverly Hills Savings & Loan, one of California's first major thrifts to fail. Michigan National acquired the S&L at the end of 1988 with federal assistance that included a government note to pay the company $811.5 million over 10 years. The note was paid off Friday.

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