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 shareholders question following the companys annual meeting Pinola also said that figure could ultimately be lower depending on the outcome of negotiations with the firms insurers. Pinola explained that the companys insurance rates went up substantially after last years 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 BankAmericas divestitures. During the takeover battle BankAmerica sold its Italian banking operations and its profitable Charles Schwab and Co discount brokerage firm.
INTERSTATE (I) SPENT 3.5 MLN ON TAKEOVER BID