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BUSINESS
August 11, 1993 | From Times Staff and Wire Reports
First Interstate Bancorp. to Take Restructuring Charge: The company will take the $52-million charge on its 1994 first-quarter earnings because of severance and other costs relating to its $340-million acquisition of San Diego Financial Corp., parent of San Diego Trust & Savings Bank.
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BUSINESS
November 20, 1993 | From Times Staff and Wire Reports
First Interstate Sees Cutbacks: First Interstate Bank of California, a unit of First Interstate Bancorp, said it expects to eliminate between 700 and 900 full-time equivalent positions over the next six to nine months in anticipation of its merger with San Diego Trust & Savings Bank. After approval of the merger, which is expected March 1, 16 First Interstate Bank and San Diego Trust branches would be consolidated into eight offices.
BUSINESS
August 10, 1993 | CHRIS KRAUL, TIMES STAFF WRITER
In a deal that illustrates the accelerating consolidation in California's banking industry, First Interstate Bancorp said Monday that it will acquire the parent company of San Diego Trust & Savings Bank in a stock swap valued at $340 million. The acquisition of San Diego Financial Corp. will quadruple First Interstate's presence in a county where it has been badly outgunned by Wells Fargo and Bank of America. The deal is expected to be final by year's end.
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