BankAmerica to Solicit Bids on Manufactured Housing Finance Business

Business Wire, Oct 15, 1997

SAN FRANCISCO--(BUSINESS WIRE)--Oct. 15, 1997--BankAmerica Corporation today announced its intention to solicit bids to purchase its manufactured housing finance business, BankAmerica Housing Services.

The business became a part of BankAmerica in its 1992 acquisition of Security Pacific Corporation and operates its own network of 45 offices in 31 states across the United States. BankAmerica Housing Services currently maintains a portfolio of loans exceeding $9 billion and originated $3 billion of loans in 1996.

"This has been a good business for us but one that we think might be even more valuable to another institution," said Michael O'Neill, BankAmerica's Chief Financial Officer. "We think there will be considerable interest in this business from financial institutions which may want to grow it aggressively."

BankAmerica Housing Services is the second largest manufactured housing lender in the United States. It has about 1,300 employees and is headquartered in San Diego. BankAmerica said it hopes to conclude a transaction in the first half of 1998 and has retained Goldman, Sachs & Co. to assist with the sales process.

CONTACT: BankAmerica Corporation

John Keane, 415/622-2773

or

Mike Zampa, 415/622-4524