Prudential Assurance Co Ltd

The Sherman Oaks Fashion Square has been acquired by a British insurance company that plans to hone the mall's upscale image to cash in on the relatively healthy high-end segment of the otherwise anemic retailing market. Prudential Assurance Co. Ltd. had been in discussions to purchase the shopping center for about a year and completed the acquisition last month for $120 million.

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.

The Sherman Oaks Fashion Square has been acquired by a British insurance company that plans to hone the mall's upscale image to cash in on the relatively healthy high-end segment of the otherwise anemic retailing market. Prudential Assurance Co. Ltd. had been in discussions to purchase the shopping center for about a year and completed the acquisition last month for $120 million.

The Sherman Oaks Fashion Square has been acquired by a British insurance company that plans to hone the mall's upscale image to cash in on the relatively healthy high-end segment of the otherwise anemic retailing market. Prudential Assurance Co. Ltd. had been in discussions to purchase the shopping center for about a year and completed the acquisition last month for $120 million.

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.

The Sherman Oaks Fashion Square has been acquired by a British insurance company that plans to hone the mall's upscale image to cash in on the relatively healthy high-end segment of the otherwise anemic retailing market. Prudential Assurance Co. Ltd. had been in discussions to purchase the shopping center for about a year and completed the acquisition last month for $120 million.