January 27, 2004 |
Prudential, Britain's largest insurer, hired Lehman Bros. Holdings Inc. to sell for as much as $400 million a California bank it bought five years ago, people familiar with the situation said Monday. Jackson Federal Bank, based in Brea, had $1.7 billion of assets as of Sept. 30, according to federal regulators. In the last four years, 26 U.S. banks of similar size have sold for an average of 0.18 times total assets, according to Bloomberg data. That would value Jackson at $306 million.