TFC Holdings Inc. said it is willing to pay $1,000 per share for about 31,000 shares, or about 51 percent, of privately-held Finance Enterprises Ltd., according to an Oct. 23 letter to Finance Enterprises' shareholders.

Finance Enterprises issued a statement saying, "The board of directors of the company has been, and is continuing to, analyze the proposal described in those letters in accordance with its fiduciary duties."

TFC officials could not be reached for immediate response.

TFC is the parent of Alhambra, Calif.-based TomatoBank, which operates five branches in the Los Angeles area and lists about $350 million in assets. The bank, which was founded six years ago by Los Angeles physician Stephen Liu, previously was known as InterBusiness Bank but changed its name in August.

Finance Factors was founded in 1952 by several prominent local Chinese families and has since grown into a $652.7 million in assets lender.