BANKING

Banking Firm Sends Out Bid Data: Taking a key step toward its long-awaited sale, First American Bankshares Inc. has sent bidding information to prospective buyers. The Federal Reserve Board ordered the sale of the Washington-based company more than a year ago after discovering that it had been illegally acquired by Bank of Credit & Commerce International, which was subsequently implicated in a massive fraud. First American’s three largest subsidiaries, in Washington, Virginia and Maryland, hold $4.9 billion in assets and will probably be sold together, said Paul Adams, an executive vice president. Bid packages were sent to 25 or 30 possible investors, Adams said. Deadline for bids is Sept. 18. The Fed has set a deadline of next July for completion of the sale.