Bank Sale to Benefit Charity
July 10, 2006 | Read Time: 1 minute
Herbert M. Sandler and Marion O. Sandler recently made a gift of $814.7-million to a charity whose name they did not disclose, part of the $1.3-billion in stock they donated to charity in June, reports Bloomberg News.
The Sandlers’ savings and loan company, Golden West, in Oakland, Calif., is being acquired by Wachovia for $24.6-billion, and the recent gift was reported in a filing with the Securities and Exchange Commission.
The gift came in the form of 11.03 million shares last week, and 6.4 million shares on June 13. The couple has previously announced that they plan to donate their money to charity before they die.
Bernard Osher, a philanthropist who is also a member of the Golden West board, gave about $470-million in stock to charities in late June, Bloomberg reports. The article did not say where the donations went.
