Los Angeles-based First Interstate Bancorp, parent company of First Interstate Bank of Utah, has announced a stock sale in which company stockholders owning fewer than 100 shares of its common stock, par value $2, as of Sept. 6, may sell their shares without commissions or fees.
The selling price will be the weighted average market price obtained for the common stock received by the depositary on the same day. The depositary for the arrangement is First Interstate Bank of California. Selling arrangement materials will be delivered on or about Sept. 12 to stockholders of record on Sept. 6.The company said the selling arrangement is designed to make it economical and convenient for owners of fewer tha 100 shares of common stock to sell their shares without the brokerage commissions and other fees associated with small transactions. The selling arrangement will expire on Oct. 7 at 5 p.m. PST, unless extended.