||For Immediate Release|
Pacific LifeCorp Completes Sale of College Savings Bank
Newport Beach, CA (January 31, 2012) - Pacific LifeCorp announced today that it has completed the sale of its subsidiary College Savings Bank, a New Jersey-chartered savings bank, to a syndicate of investors. Pacific LifeCorp did not retain any ongoing ownership or commercial interest in the bank. Terms of the transaction were not released.
In conjunction with this transaction, Pacific LifeCorp and its parent company, Pacific Mutual Holding Company, have both formally filed with the Federal Reserve Bank to complete deregistration as Savings and Loan Holding Companies.
About Pacific LifeCorp and Pacific Life
Pacific LifeCorp is an intermediate stock holding company and is a wholly-owned subsidiary of Pacific Mutual Holding Company. It is also the parent company of Pacific Life Insurance Company. Offering insurance since 1868, Pacific Life provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit Pacific Life online at www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of May 2011 is compiled by Pacific Life using the 2011 FORTUNE 500® list.