Imperial Financial Group Inc

Imperial Bancorp said it has received Internal Revenue Service approval to spin off part of its entertainment and specialty-lending businesses to shareholders in a tax-free transaction. Imperial Bancorp, the Los Angeles-based parent of Imperial Bank, said the distribution will take place once financing and other regulatory approvals are secured. The new company, Imperial Financial Group Inc.

Imperial Bancorp said it has received Internal Revenue Service approval to spin off part of its entertainment and specialty-lending businesses to shareholders in a tax-free transaction. Imperial Bancorp, the Los Angeles-based parent of Imperial Bank, said the distribution will take place once financing and other regulatory approvals are secured. The new company, Imperial Financial Group Inc.

* Los Angeles-based Imperial Bancorp said it got Internal Revenue Service approval to spin off part of its entertainment and specialty-lending businesses to shareholders in a tax-free transaction. The new company, Imperial Financial Group Inc., would include the Lewis Horowitz Organization, which lends to independent film makers; the bank's small-business finance unit; Imperial Trust Co., which manages about $8 billion in assets; and Imperial's 24% stake in Imperial Credit Industries Inc.