Itt Financial Corp

Businessland Inc. won a reprieve Thursday from a major creditor that agreed to temporarily waive finance contracts to let the computer retailer continue stocking stores and avoid possible bankruptcy. "The financing will enable Businessland to continue to ship products to customers without interruption," San Jose-based Businessland said in a news release announcing the inventory financing agreement. The pact with ITT Financial Corp. will let Businessland continue buying Apple Computer Inc.

ITT Corp. said Friday that it has sold the remaining assets of its finance subsidiary, including the large ITT Federal Bank in Irvine, to a series of buyers for a combined $5.5 billion. The nation's 23rd-largest company said the sale of ITT Financial Corp. in St. Louis and a string of its units completes ITT's restructuring efforts, giving it total cash proceeds of $13 billion. ITT did not disclose the buyers.

ITT Corp. said Friday that it has sold the remaining assets of its finance subsidiary, including the large ITT Federal Bank in Irvine, to a series of buyers for a combined $5.5 billion. The nation's 23rd-largest company said the sale of ITT Financial Corp. in St. Louis and a string of its units completes ITT's restructuring efforts, giving it total cash proceeds of $13 billion. ITT did not disclose the buyers.

Newport Balboa Savings & Loan Assn. in Newport Beach reported Monday that its net income rose 70% in the second quarter and 55.5% in the first six months, as the institution continued its steady growth. Net earnings in the quarter rose to $1.7 million from $1 million in last year's second quarter and increased to $2.8 million in the first six months from $1.8 million. Total assets at the 7-year-old S&L had grown 30% year to year by the end of June, to $293 million from $225.5 million.

Newport Balboa Savings & Loan Assn. of Newport Beach reported net income for 1985 of $4.6 million--its fourth straight year of record earnings and a 53% increase over the previous year's net income of $3 million. The 7-year-old S&L, a wholly owned subsidiary of ITT Financial Corp., posted the hefty profits as it changed over from a mortgage banking operation to an institution with its own loan portfolio, said Fredric J. Forster, president of the S&L.

Businessland Inc. won a reprieve Thursday from a major creditor that agreed to temporarily waive finance contracts to let the computer retailer continue stocking stores and avoid possible bankruptcy. "The financing will enable Businessland to continue to ship products to customers without interruption," San Jose-based Businessland said in a news release announcing the inventory financing agreement. The pact with ITT Financial Corp. will let Businessland continue buying Apple Computer Inc.

The man who guided ITT Federal Bank in Newport Beach through rapid growth to more than $1 billion in assets has been hired as president of Home Savings of America in Irwindale. Fredric J. Forster, 48, will take the reins of the nation's largest savings and loan, with $47 billion in assets, on March 1. He will succeed Charles R. Rinehart, 45, who was promoted to the new position of vice chairman at Home Savings. The move comes at a time when ITT Federal is poised for growth, Forster said.