SAN DIEGO COUNTY - News from June 1, 1989
Atlanta-based Fuqua Industries on Wednesday completed its previously announced sale of Georgia Federal Bank to First Financial Management Corp. for $242 million.
The savings bank sale cleared the way for La Jolla-based Triton Group, which holds 9.9% of Fuqua’s common stock, to acquire more than 10% of Fuqua’s outstanding shares.
Federal regulators must approve stock sales that involve more than 10% of the outstanding shares of holding companies that own banks.
Triton has agreed to acquire more Fuqua shares held by the family of Fuqua founder and Chairman J. B. Fuqua.
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