Pacific LifeCorp, a subsidiary of Newport Beach-based Pacific Mutual Holding Co., has sold its subsidiary College Savings Bank to a syndicate of investors.
Terms were not disclosed.
College Savings Bank is a charter bank in Princeton, N.J.
The bank provides investment options, such as certificates of deposit programs. It had about $569 million in assets as of Dec. 2011.
Pacific LifeCorp kept no ownership or commercial interest in the bank.
The company and its parent, Pacific Mutual, both have filed with the Federal Reserve Bank to be deregistered as savings and loan holding companies.
Pacific Mutual is one of the largest private companies in Orange County, with about $5.8 billion in 2010 revenue. It employs about 1,950 people here.
Pacific Mutual also is the parent company of Pacific Life Insurance Co., through which it provides life insurance, annuities and mutual funds.
