National Intergroup May Sell 1st Nationwide Stake

National Intergroup Inc. said Monday that it is negotiating to sell its 81% ownership in First Nationwide Financial Corp., one of the nation’s biggest savings and loan holding companies.

The revelation followed unusually heavy, up-and-down trading in First Nationwide’s stock, which closed at $27.75, up $1.375, on a volume of 48,000 shares on the New York Stock Exchange.

About 10,000 shares normally change hands in a single trading day.

Pittsburgh-based National Intergroup, whose principal subsidiary is National Steel, confirmed in a statement that sale talks are under way with a possible buyer, which it did not identify. Company officials could not be reached for further comment.

First Nationwide Chairman Anthony Frank wouldn’t identify the potential buyer either, but he noted that there are “some serious discussions going on. But I don’t know the when, or even if,” the sale will go through.

A sale would be part of National Intergroup’s strategy to restructure its assets following the collapse in April of its planned merger with Bergen Brunswig Corp., a Los Angeles-based drug distribution company.

National Steel bought First Nationwide five years ago for about $249 million as an entree into the financial-services field. It then sold a 19% share to the public in 1982.

First Nationwide’s principal subsidiary is First Nationwide Savings, the nation’s ninth-largest S&L; with $9.5 billion in assets.

Based in San Francisco, First Nationwide earned $18.6 million in the second quarter, the best three-month period in its history, and appears headed for record annual earnings as well, a company spokesman said. The S&L; has 180 branch offices, including 97 in California, 34 in Florida, 30 in New York and 19 in Hawaii.