INTERSTATE (I) SPENT 3.5 MLN ON TAKEOVER BID
First Interstate Bank Corp spent
about 3.5 mln dlrs on its attempted takeover of BankAmerica
Corp, First Interstate Chairman Joseph Pinola said.
    In response to a shareholder's question following the
company's annual meeting, Pinola also said that figure could
ultimately be lower depending on the outcome of negotiations
with the firm's insurers.
    Pinola explained that the company's insurance rates went up
"substantially" after last year's attempt to acquire BankAmerica
Corp.
    In February, First Interstate withdrew its 3.20 bln dlr bid
for BankAmerica and said it was no longer interested in the
acquisition because of BankAmerica's divestitures.
    During the takeover battle, BankAmerica sold its Italian
banking operations and its profitable Charles Schwab and Co
discount brokerage firm.
 Reuter
